Phoenix 2012 Real Estate Review

A Look  Back at 2012 for Phoenix Real Estate

The year in review of 2012 for homeowners was an encouraging one to be sure. 2011 was essentially a flat line, and there has not been any appreciation in home prices since 2005. Therefore, the 12 – 29% increase experienced in nearly all Phoenix metropolitan cities in 2012 was the perfect present indeed! If you’re interested in why prices finally made a U-turn and the chances of a repeat performance, feel free to read on.

 Foreclosures, Lender-Owned, Short Sales and Distressed Property in Phoenix

At one time bank owned properties accounted for over 50% of the sales, and when you added in short sales, distressed sales (foreclosures+short sales) were over 75% of the sales in many areas. That trend has been reversed and it is easy to see why when  you look at the number of homes receiving a Notice of Trustee Sale which is the mechanism advising the homeowner that the home is in foreclosure.  The graph above shows the number of Notices by quarter by year for Maricopa county.  Currently we’re approaching levels that were experienced prior to the bubble. The bottom line is with fewer homes going into foreclosure, the fewer bank-owned homes going up for sale.  And because Arizona practices non-judicial foreclosure the shadow inventory is minimal.

The  effect of this decrease of homes going into foreclosure can be seen in the

 

 

 

composition of the sales for the last 10 years.  The above graph shows the sales by month and the type of sales for the greater Phoenix area; normal in dark  blue, short sales in light blue and foreclosure (REO) in brown.  From 2008 through early 2011, foreclosures(brown bars) were a significant portion and normal sales fell significantly.  We also see that normal sales(dark blue) have increased since 2012 as prices have risen.  Short sales have not reduced as quickly as the foreclosures but will as prices rise and economic conditions improve.

Home Value Increases in Phoenix

As I mentioned nearly all Phoenix areas have seen increases in the sales prices and $/square foot of homes sold.  To the left is  a graph for Gilbert showing the average price per square foot for the last three years.  At the beginning of the year the average price/sq.ft. for homes sold was $89.  At the end of 2012, it has risen to $106/sq.ft., a 19% increase.

For the city of Queen Creek, we notice that prices on a per square foot basis started at around $58 and ended at approx. $78/sq.ft. reflecting a 34% gain for 2012.   This was one of the areas that was hardest hit during the decrease in home prices.

Remember these are averages and will vary depending on the house condition, location, age, size, amenities, upgrades and other variables.

If you’re interested in knowing the value of your home, please click on the following link, What is my home worth?

Inventory – Balancing Supply and Demand

In 2009 – 2010 Gilbert listings ranged between 1,400 – 1,900, during 2012 they were in the 350 – 600 listing range and ended 2012 at approximately 540.  This pattern is similar in many other cities.

In the beginning of 2010, Chandler  listings were approximately 1,200.  At the end of 2012, they were 440. This reduction in inventory of available listings has been the driving force in appreciating home values.

The best way to evaluate both supply and demand is to look at the supply of inventory.  The graph to the  left shows the months supply of inventory for various Phoenix area cities.  When the inventory goes up, this indicates that more houses are available on the market compared to the available demand.  A six month supply of inventory is considered normal.  Therefore, the graph shows that there is still robust demand for available homes as they come on the market.    It is still common for a property to receive multiple offers if it is priced appropriately.

 What is in store in 2013 for Phoenix real estate?

The inventory graph also gives us an indication of what is in store for 2013.  As prices rise, fewer homes will be under water and more traditional sales will come on the market at prices than typical short sales and foreclosures.  Some buyers may decide not to buy as prices rise and the supply will seek a more  balanced level between supply and demand. Again 6 months inventory supply is considered normal.   As you can see, each city is at a different stage in returning to balanced supply and demand.  I believe prices will continue to rise in 2013, but not at the rate we’ve experienced in 2012.  My guesstimate is about half the appreciation rate that we’ve seen in 2013.

If you’re interested in receiving home listings as they come on the market, click on Receive Listings Automatically, or if you’re interested in the market value of your home, go to What is my home worth?

Related Posts:

Distressed sales for 2012 compared to 2011

Who really loses on a foreclosure – the bank? Thing again!

In search of happily ever after with a short sale

Helpful Searches:

Gilbert Home Search

Mesa Homes  for Sale

Queen Creek Home Search

$674,900 :: 1236 W EDGEWATER Drive, Gilbert AZ, 85233

Property Photo

Mls Icon

5 beds, 3.5 baths
Home size: 4,242 sq ft
Lot Size: 9,148 sq ft
Added: 02/22/19, Last Updated: 09/21/19
Property Type: Single Family
MLS Number: 5887260
Community: CATALINA BAY AT THE ISLANDS UNIT 4
Tract: CATALINA BAY AT THE ISLANDS UNIT 4
The price of this listing was last reduced on 8/8/2019 by 2%
Status: Active


New Paint through the entire house! Seller is also providing a One Year Ultimate Warranty on the home and pool. Pre-purchased and will be transferred to the new owner! This home sits at the center of all five ''fingers'' that make up Lake 2! It's on the most coveted/primary lot on the water. This Beautiful, Resort-Style Living Home has views from every window. 4200 sq ft, 5 bedrooms and a built-out office/man cave with a separate entrance. The 3 car garage has fresh epoxy floors. The master closet is built-out with sophisticated shelving. Most ceilings boast crown molding. You name it - this house offers it!

Listed with Realty ONE Group


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$640,000 :: 2020 E CATAMARAN Drive, Gilbert AZ, 85234

Property Photo

Mls Icon

5 beds, 3 baths
Home size: 3,018 sq ft
Lot Size: 10,455 sq ft
Added: 06/27/19, Last Updated: 09/20/19
Property Type: Single Family
MLS Number: 5945535
Community: REGATTA AT VAL VISTA LAKES AMD LOT 1-108
Tract: REGATTA AT VAL VISTA LAKES AMD LOT 1-108
The price of this listing was last reduced on 9/1/2019 by 1%
Status: Active


Back on Market!! Beautifully updated Val Vista Lakes waterfront home in the gated Regatta community. This 5 bedroom, 3 full bath home on a cul-de sac street offers a gorgeous interior, updated throughout in 2017. Vaulted ceilings, wood look tile & spacious layout greets you as you walk in the front door. Living rm. features a fireplace & lots of natural light. Dining room w/ French doors to enjoy the additional private patio. Kitchen is open to the family rm, white cabinetry, granite counters, b-fast bar, lg walk-in pantry, stainless appliances & lake views! Mstr bedroom conveniently located downstairs w/ separate entrance to patio. Mstr bath has all the right finishes w/ a freestanding tub, walk-in shower & dual sink vanity. Second bedroom downstairs w/ full bath, could be used as den/

Listed with DPR Realty LLC


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$360,000 :: 540 W CANDLEWOOD Lane, Gilbert AZ, 85233

Property Photo

Mls Icon

4 beds, 2 baths
Home size: 1,832 sq ft
Lot Size: 7,406 sq ft
Added: 09/20/19, Last Updated: 09/20/19
Property Type: Single Family
MLS Number: 5980964
Community: PARCEL 4 OF LAGO ESTANCIA LOT 1-30 TR A-C
Tract: PARCEL 4 OF LAGO ESTANCIA LOT 1-30 TR A-C
Status: Active


Timing is everything especially when it comes to this beautiful and remodeled lakefront home in the heart of Gilbert! This 4 bed & 2 bath home with just under 1,900 sqft. will not disappoint. Open kitchen features refinished cabinets, granite countertops, and stainless steel appliances. Master bath has been completely remodeled with an upgraded shower including a sleek & modern glass enclosure, soaking tub, & custom tile work. Relax in your backyard and take a soak in your oversized hot tub/spa while overlooking the breathtaking views of the lake behind you. Want to adventure out? Take walk or a short bike ride to all the amenities and restaurants that downtown Gilbert has to offer. Home has new AC, water heater, & newer roof. Energy efficient home w/solar panels & mirrored tinted windows.

Listed with HomeSmart


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$654,900 :: 2036 E Clipper Lane, Gilbert AZ, 85234

Property Photo

Mls Icon

4 beds, 2 baths
Home size: 2,493 sq ft
Lot Size: 10,019 sq ft
Added: 09/19/19, Last Updated: 09/20/19
Property Type: Single Family
MLS Number: 5980928
Community: Val Vista Lakes
Tract: Val Vista Lakes
Status: Active


Well this is a super nice home in a highly desirable East Valley lake community and its waiting for you, to call it HOME! Here we go, 4 bedrooms, 2 bathrooms with just under 2,500 square feet. Nice vaulted ceilings in the Living and Family Room. Large great room concept flows nicely into Family room with a massive Kitchen Island, perfect to use a breakfast bar-plus you have a spot for your Eat in Kitchen and still have a formal dining spot. Upgraded flooring in the entire house from tile to carpet. The Upgrades over the past few years include a New Roof (2015) New AC/Furnace in 2014, all 3 bedrooms had new carpet installed in 2014 as well. Master has tile flooring, bay window and gorgeous lake views. The community, in case you've never seen it, features a Million Dollar Clubhouse which

Listed with Keller Williams Realty East Valley


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$755,000 :: 1455 W HEATHER Avenue, Gilbert AZ, 85233

Property Photo

Mls Icon

5 beds, 4 baths
Home size: 4,561 sq ft
Lot Size: 10,019 sq ft
Added: 07/05/19, Last Updated: 09/17/19
Property Type: Single Family
MLS Number: 5944062
Community: PLAYA DEL REY ESTATES
Tract: PLAYA DEL REY ESTATES
The price of this listing was last reduced on 9/17/2019 by 2%
Status: Active


Location is Everything! Direct Lake Access with Rare Private Covered Boat Slip and Lift. Wakeboard, Jet Ski and Kayak from Your Own Backyard in this Private Recreational Lake Community. Interior boasts spacious, light-filled rooms, wood plank flooring and beautiful South facing lake views. Home has been updated to include newer appliances, A/C, interior and exterior paint, Lutron Caseta smart home lighting system and more. Massive master suite opens to 450 square foot deck overlooking the lake. Split floor plan with multiple living spaces offer convenient options for guests and multi-generational living-3 bedrooms and 2 full baths downstairs plus large home office. Add the ultimate media and game room if desired! Expand the outdoor living space w/lakeside dock if desired.

Listed with Platinum Living Realty


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$849,900 :: 532 N ACACIA Drive, Gilbert AZ, 85233

Property Photo

Mls Icon

5 beds, 4 baths
Home size: 4,063 sq ft
Lot Size: 11,326 sq ft
Added: 09/16/19, Last Updated: 09/16/19
Property Type: Single Family
MLS Number: 5979288
Community: PLAYA DEL REY AMENDED
Tract: PLAYA DEL REY AMENDED
Status: Active


Incredible remodeled Waterfront Home w/covered patio, refreshing pool, spa, synthetic grass, private balcony/deck, and amazing views of the lake. Enjoy water skiing, jet skiing, and swimming! Dramatic soaring ceilings, sweeping stairway to second level, travertine floor, soothing interior palette, upgraded recessed lighting/ceiling fans, and Architectural details throughout. Decorative columns, arched windows, wet bar with tile, French Doors to patio, hardwood floor, and stacked stone fireplace. Gorgeous gourmet kitchen features x-large center island, granite counters, travertine backsplash, SS appliances, and plethora of upgraded wood cabinetry. Fantastic loft area with endless possibilities. New paver driveway, iron gates, and cement RV parking.

Listed with Realty ONE Group


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$379,900 :: 449 S MARINA Drive, Gilbert AZ, 85233

Property Photo

Mls Icon

3 beds, 2.5 baths
Home size: 2,210 sq ft
Lot Size: 5,228 sq ft
Added: 06/07/19, Last Updated: 09/12/19
Property Type: Condo/Townhouse/Co-Op
MLS Number: 5932313
Community: CORAL POINT TRACT A-K
Tract: CORAL POINT TRACT A-K
Status: Active


Back on Market! Charming 3 Bedroom 2.5 Bath Waterfront Home with dock In popular Islands Community. Updated Kitchen cabinets with Quartz countertops and stainless steel sink, just installed,. Interior freshly painted with white trim. A complete new roof professionally installed 2 years ago. This 2 story home has open floor plan with downstairs large den or formal dining room Home has 2 gas fireplaces in master bedroom and living room. The Falls at the Islands is a gated community and offers: Pool, Spa, and walking paths waterfalls, Fun on the lake with dock and great lake atmosphere. Please use Driggs Title Agency as this is Set-up for 1031 exchange. Buyer must cooperate in the exchange. Easy with no extra work for the buyer's agent. Agents, please see Semi-Private Remarks below.

Listed with Realty Executives


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$630,000 :: 2119 E Clipper Lane, Gilbert AZ, 85234

Property Photo

Mls Icon

5 beds, 3 baths
Home size: 2,810 sq ft
Lot Size: 10,019 sq ft
Added: 06/27/19, Last Updated: 09/12/19
Property Type: Single Family
MLS Number: 5945164
Community: REGATTA AT VAL VISTA LAKES
Tract: REGATTA AT VAL VISTA LAKES
The price of this listing was last reduced on 9/12/2019 by 1%
Status: Active


Waterfront living*Single level* Many upgrades/recent improvements including: New roof underlayment plus sky lights; Bamboo wood flooring; newer carpet; updated cabinets; no salt H2o softener; stainless appliances; slab granite counter tops; plantation shutters; high efficiency A/C; remodeled MBR shower. Two fireplaces, one outside on patio next to in ground hot tub/spa. Boat dock! 3rd garage bay was converted to living space with extra insulation plus heated/cooled & Included in square footage. It can be converted back. Prestigious Val Vista Lakes resort living w/$10 Million Clubhouse, four lakes, junior Olympic heated pool, Jacuzzi, sandy beach entry lagoon, lighted tennis courts, racquetball, waterfalls, community activities, fishing, boating & workout facility w/cardio & weight rooms!

Listed with Choice One Properties


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$999,500 :: 1422 W COMMERCE Avenue, Gilbert AZ, 85233

Property Photo

Mls Icon

5 beds, 5 baths
Home size: 6,298 sq ft
Lot Size: 10,019 sq ft
Added: 04/12/19, Last Updated: 08/29/19
Property Type: Single Family
MLS Number: 5910662
Community: PLAYA DEL REY AMENDED
Tract: PLAYA DEL REY AMENDED
The price of this listing was last reduced on 7/1/2019 by 5%
Status: Active


Do you love skiing & lake life? Would you like to be able to ski, wakeboard, jet-ski or paddle board every day of the year? If so, we have the PERFECT LAKEFRONT PROPERTY for you! This 5 bed (plus loft) / 5 bath two-story home w/ NEXT GEN SUITE is in the private lake community of Play del Ray on a crystal blue lake w/ a 1/2 mile loop which allows all types of motorized boats & jet skis, as well as swimming. The backyard/dock has brand new, heat resistant deck (no burning feet!), boat dock w/ motorized lift, crank shade structure, fully organized ''gear wall'' w/ racks, 2 outside heated showers, water fountain, sandbox (with auto water filler) & natural gas line for your BBQ. The side storage area is HUGE & can fit multiple vehicles, off-road ''toys'' and/or a RV.

Listed with Rachael Richards Realty


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$925,000 :: 1709 E COCO PALM Court, Gilbert AZ, 85234

Property Photo

Mls Icon

5 beds, 4 baths
Home size: 4,945 sq ft
Lot Size: 13,068 sq ft
Added: 07/13/19, Last Updated: 07/29/19
Property Type: Single Family
MLS Number: 5951956
Community: LAKESIDE AT VAL VISTA LAKES
Tract: LAKESIDE AT VAL VISTA LAKES
Status: Active


Beautiful CUSTOM BUILD class R5 lakefront property in the sought after gated Lakeside @ Val Vista Lakes. This superb durable and well insulated property was structured in 2'' x 8'' studs with many luxury add-ons. One of the best lake views in the Val Vista Lakes. East facing backyard ensures amazing sunrises and cool afternoons with heated edgeless pool and spa in the spacious backyard oasis. Expansive master bedroom and balcony overlooks backyard and amazing lake views. The interior features: a formal living room and dining, spacious gourmet kitchen, and family room that opens to the beautiful backyard and sparkling blue water of the lake. Step-up ceilings, NEW Kitchen-Aid 48'' Double Door fridge, NEW Kitchen Countertops, like-New carpet, central vacuum, NEW Pool & Spa heater and more ..

Listed with Arizona United Realty


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$392,000 :: 4911 S VISTA Place, Chandler AZ, 85248

Property Photo

Mls Icon

3 beds, 2 baths
Home size: 1,901 sq ft
Lot Size: 8,277 sq ft
Added: 09/12/19, Last Updated: 09/19/19
Property Type: Single Family
MLS Number: 5977838
Community: OCOTILLO LAKES PARCEL E
Tract: OCOTILLO LAKES PARCEL E
The price of this listing was last reduced on 9/19/2019 by 1%
Status: Active


Great home in one of South Chandler's most desirable lake communities with great demographics! Very open floor plan. Large, very private backyard with mature trees. Peble-tec pool. Granite tile countertops in the kitchen area. Newer, ceramic 20'' tiles with 2 medallions. Hardwood floors in living room and hallway, new carpets! Newer A/C (2015) New outside paint. Stainless steel appliances, upgraded lights/fans. Easy 101/202 loop access, sought after school district - walking distance to Chandler Traditional Academy. One of the best Ocotillo golf course w/discounts to residents, Chandler Fashion mall 4 mi, Chandler hospital 4 mi, airport 25 min. Walking distance to shopping and restaurants, Village Health Club & Spa. Boating/fishing/tennis court.

Listed with Delex Realty


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$600,000 :: 1934 W LYNX Court, Chandler AZ, 85248

Property Photo

Mls Icon

4 beds, 2.5 baths
Home size: 2,795 sq ft
Lot Size: 10,019 sq ft
Added: 08/11/19, Last Updated: 08/11/19
Property Type: Single Family
MLS Number: 5963755
Community: OCOTILLO LAKES PARCEL AC
Tract: OCOTILLO LAKES PARCEL AC
Status: Active


Beautiful home in very desirable gated lake community of Ocotillo. Very open light and bright split bedroom floor plan, clean and move in ready, has two 1 year old high efficiency A/C units. Granite kitchen island opens to large family room with cozy gas fireplace. Fourth bedroom does not have a closet and is a perfect den/office with half bath right outside double doors. Grand living/dining room with column accents and dark wood flooring. Huge master bedroom with separate exit to backyard, master bath has spa tub plus big walk-in shower and closet. Backyard features refreshing pool and spa with gas heat, large lot has RV gate plus 3 car garage.

Listed with Realty Executives


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


 

More Chandler and Gilbert  waterfront properties are available at Gilbert-Chandler Waterfront Homes

 

 

 

 

 

 

 

 

 

 

 

One Reply to “Phoenix 2012 Real Estate Review”

Leave a Reply

Your email address will not be published. Required fields are marked *