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

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Queen Creek Home Search

$443,000 :: 1346 W WINDRIFT Way, Gilbert AZ, 85233

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3 beds, 2.5 baths
Home size: 2,121 sq ft
Lot Size: 5,228 sq ft
Added: 04/05/19, Last Updated: 05/18/19
Property Type: Single Family
MLS Number: 5907215
Community: SANDCASTLE VILLAGE LOT 1-31 TR A-D
Tract: SANDCASTLE VILLAGE LOT 1-31 TR A-D
The price of this listing was last reduced on 5/18/2019 by 2%
Status: Active


Stunning WATERFRONT property with unbelievable VIEWS nestled in Sandcastle Village! This cozy 3 bedroom, 2.5 bath with a loft/den is full of custom amenities. As you enter the home you're greeted with vaulted ceilings, bamboo floors and an unmatched view of the lake. You will find stainless steel appliances in the kitchen and extra storage throughout the home and garage. A new water heater was installed March 2019, the new upstairs AC unit installed August 2018, and the roof is warrantied through 2024. Relax in the backyard while barbecuing on the built-in grill and enjoying the natural scenery in this highly desired community.

Listed with American Realty Brokers


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


$689,500 :: 1236 W EDGEWATER Drive, Gilbert AZ, 85233

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5 beds, 3.5 baths
Home size: 4,242 sq ft
Lot Size: 9,148 sq ft
Added: 02/22/19, Last Updated: 05/15/19
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 5/15/2019 by 0%
Status: Active


Paint Concession with Full Price offer! Lakefront home that is located 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 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/!


$749,990 :: 1518 E TREASURE COVE Drive, Gilbert AZ, 85234

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5 beds, 3 baths
Home size: 3,323 sq ft
Lot Size: 17,424 sq ft
Added: 03/14/19, Last Updated: 05/10/19
Property Type: Single Family
MLS Number: 5895944
Community: WEST LAKE ESTATES LOT 1-40 TRACT A-C
Tract: WEST LAKE ESTATES LOT 1-40 TRACT A-C
The price of this listing was last reduced on 5/10/2019 by 3%
Status: Active


REDUCED! Absolutely beautiful, custom, luxury waterfront home in prestigious West Lake Estates on a huge lot. 5 beds/3 baths. Beautiful chefs kitchen w/cherry cabinets, granite countertops, all stainless steel appliances, double convection ovens, fridge. Travertine+cherry wood floors. Beautiful custom window treatments. Combination family/game rooms w/pool table, wine cellar and bar area for indoor entertainment. Master bed has balcony overlooking large backyard, lake and mountain views. Huge master bath w/jacuzzi. Fabulous resort backyard w/ heated pool, spa, travertine patio, custom fireplace and lush landscaping. 2 RV gates. Everything has been highly upgraded! Access to Val Vista Lake amenities: pools, beach, spa, lagoon, tennis, racketball, gym, clubhouse. Home Warranty. Must see!,

Listed with Arizona Oasis 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/!


$460,000 :: 1402 W LAKE MIRAGE Court, Gilbert AZ, 85233

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3 beds, 2 baths
Home size: 1,771 sq ft
Lot Size: 5,228 sq ft
Added: 05/08/19, Last Updated: 05/08/19
Property Type: Single Family
MLS Number: 5922634
Community: LAKE MIRAGE LOT 1-38 TR A-I
Tract: LAKE MIRAGE LOT 1-38 TR A-I
Status: Active


STRIKINGLY BEAUTIFUL lakefront home in the ISLANDS is your dream come true escape in the attractive and centrally located town of Gilbert. With your first step into the graceful entryway you will fall in love with every inch of this splendid home and its amazing amenities. Open floor plan is spacious and designed to provide comfortable living areas for a family or couples. Ample natural light combined with pretty tile floors create an atmosphere brimming with ambiance. Great room with BREATHTAKING VIEWS OF LAKE are the ultimate in cozy. Seating arrangement in great room is perfect for watching water activities or large flat screen TV. Wet bar promises mixing and serving adult beverages is classy experience. Pub style dining area adds class to formal or casual meals. Hit MORE

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/!


$700,000 :: 1211 N REGATTA Drive, Gilbert AZ, 85234

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4 beds, 3 baths
Home size: 3,342 sq ft
Lot Size: 9,584 sq ft
Added: 05/07/19, Last Updated: 05/08/19
Property Type: Single Family
MLS Number: 5922321
Community: REGATTA AT VAL VISTA LAKES AMD LOT 1-108
Tract: REGATTA AT VAL VISTA LAKES AMD LOT 1-108
Status: Active


Must see beautiful 4 bedroom 3 bath waterfront home. Master on main with den, 2 bedrooms and game room upstairs. New upgraded appliances, all granite or marble counter tops throughout house & 10-12' ceilings.Family room has fireplace. 20'' tile flooring. Enjoy the outdoor kitchen with length lake view and boat dock. Oversized true 3 car garage with 9' doors for larger vehicles. Extra foam insulation in 2 x 6 walls and 3 separate AC units for much lower utility bills. Club House with Tennis Courts, Weight Room and Swim Club.

Listed with Revinre


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


$378,000 :: 1421 W CORAL REEF Drive, Gilbert AZ, 85233

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3 beds, 2.5 baths
Home size: 2,289 sq ft
Lot Size: 1,743 sq ft
Added: 05/07/19, Last Updated: 05/07/19
Property Type: Condo/Townhouse/Co-Op
MLS Number: 5922150
Community: TOWNHOMES ON CORAL REEF LOT 1-53 TRACT A-G
Tract: TOWNHOMES ON CORAL REEF LOT 1-53 TRACT A-G
Status: Active


Looking for one of the best views in the Valley of the Sun... This is it! Enjoy spectacular waterfront & sunset views In The Islands! 2289 sq. ft. 3bd/bonus room, 2.5 bath, has a large kitchen w/ granite & stainless steel appliances. Washer & dryer included with upstairs laundry. Master bedroom has soaring vaulted ceilings, fireplace and door leading to the balcony overlooking the lake! Perfect for full time or lock & leave. HOA takes care of the yardwork and pool... so you can relax and fish off your own private dock. Brand new HVAC. Home Warranty included.

Listed with ProSmart 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/!


$395,000 :: 1322 W CORAL REEF Drive, Gilbert AZ, 85233

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3 beds, 2.5 baths
Home size: 2,459 sq ft
Lot Size: 2,178 sq ft
Added: 04/25/19, Last Updated: 05/06/19
Property Type: Condo/Townhouse/Co-Op
MLS Number: 5916758
Community: TOWNHOMES ON CORAL REEF LOT 1-53 TRACT A-G
Tract: TOWNHOMES ON CORAL REEF LOT 1-53 TRACT A-G
The price of this listing was last reduced on 5/6/2019 by 1%
Status: Active


Luxury waterfront Town Home, on Lake 1, in the Islands Community. End Unit and one of four of the largest floor plans. Large 15k covered patio, with walkway to dock. .It boasts a master suite living room -bedroom combo with a very large bathroom with jacuzzi tub.Second and third bedrooms are connected by a shared bath. Private vanities and linen closets in bathrooms. New AC units in 2011 and 2018 (warranteed), new water softener 2018, central vac, radio-intercom system. Gated front entrance.Other amenities listed in Documents .Leave the yard work and pool maintenance to the HOA . It is like living in a resort!!!!

Listed with Wright Realty 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/!


$695,000 :: 1529 W LAUREL Avenue, Gilbert AZ, 85233

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4 beds, 3 baths
Home size: 2,863 sq ft
Lot Size: 10,019 sq ft
Added: 05/03/19, Last Updated: 05/04/19
Property Type: Single Family
MLS Number: 5920910
Community: PLAYA DEL REY AMENDED
Tract: PLAYA DEL REY AMENDED
Status: Active


Live at a quiet relaxing private WATER SKI RESORT!!! Jet Ski or Wakeboard in your backyard. Lovely open 1 story. Just completed $100,000 remodel. New kitchen with Granite, New stainless steel appliances, New colors in & out, New wood tile, New sinks & vanities, new lights & fans, New Landscaping, and much more. All 4 bedrooms are arranged in a split floorplan. Just 12 miles to the Phoenix & Mesa airports. Other features of the subdivision include Clubhouse, fishing lake and miniature golf course. Adjacent to public golf course, golf driving range, indoor basketball, tennis courts, soccer field, baseball field, and bike paths. Downtown Gilbert Heritage District with multiple casual & upscale dining, theatrical theater, and farmer's market. It's like being on vacation every day.

Listed with Oasis Homes


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


$709,900 :: 1912 E CATAMARAN Court, Gilbert AZ, 85234

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5 beds, 3 baths
Home size: 3,798 sq ft
Lot Size: 13,940 sq ft
Added: 01/11/18, Last Updated: 04/30/19
Property Type: Single Family
MLS Number: 5707695
Community: VAL VISTA LAKES
Tract: VAL VISTA LAKES
The price of this listing was last reduced on 8/30/2018 by 5%
Status: Active


THIS HOME IS IDEALLY SITUATED ON ONE OF THE LARGEST NORTH/SOUTH FACING WATERFRONT LOTS & HAS ONE OF THE MOST OPEN SPACIOUS FLOORPLANS IN REGATTA. (A Val Vista Lakes Community)IDEALLY LOCATED ON A CUL DE SAC, THE HOME IS SET BACK WITH A LONG WIDE DRIVEWAY THAT ACCOMMODATES PARKING FOR 3 CARS DEEP AND 3 CARS WIDE IN ADDITION TO THE OVERSIZED 3 CAR GARAGE.ADDITIONALLY, THIS HOME BOASTS ONE OF THE LARGEST BACK YARDS IN REGATTA WITH A REMODELED PEBBLE TEC SALTWATER POOL WITH NEW FILTER AND VARIABLE SPEED PUMP, SALTWATER SPA AND LARGE TRAVERTINE PAVER PATIO. ENJOY THE PRIVACY AND ABSOLUTELY GORGEOUS VIEWS FROM THE COVERED ENTERTAINING AREA OR MASTER BALCONY. YOU CAN SIMPLY RELAX IN THE SPARKLING POOL OR TAKE THE BOAT OUT FROM YOUR PRIVATE DOCK THAT INCLUDES ELECTRIC AND WATER. Home features

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/!


$639,000 :: 1426 W EMERALD KEY Court, Gilbert AZ, 85233

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3 beds, 2 baths
Home size: 2,522 sq ft
Lot Size: 11,326 sq ft
Added: 04/28/19, Last Updated: 04/28/19
Property Type: Single Family
MLS Number: 5918018
Community: SHORES AT THE ISLANDS
Tract: SHORES AT THE ISLANDS
Status: Active


A Waterfront home . Desirable one-of-a-Kind, dazzling interior and views. Comfortable and stimulating: Lake View, Patio, Pool, Grass and Private Dock. Single-Story with soaring ceilings joining a Formal Living Room and Formal Dining, Great Room, Wall-to-Wall glass, marble and carpeted flooring. One can be in all-glass Great Room, Breakfast Bay, Kitchen, Two Master Bed Rooms and appreciate views to Pool, Patio, Lawn and Lake. An architectural epitome of thoughtful design, details and finishes. Large Master Bedroom Suite has bay windows overlooking Pool, Lake, a large Sitting Room, Master Bath, Shower, Spa and Marble floor. Second Master Bed Room also has private Bath, a separate entry and bay window view to Lake. All may astonish! Relax on an expansive, very private, north exposure...

Listed with Redfin Corporation


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


$675,000 :: 1772 W Mead Street, Chandler AZ, 85248

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5 beds, 3.5 baths
Home size: 4,321 sq ft
Lot Size: 10,455 sq ft
Added: 04/18/19, Last Updated: 05/17/19
Property Type: Single Family
MLS Number: 5913144
Community: OCOTILLO LAKES
Tract: OCOTILLO LAKES
The price of this listing was last reduced on 5/17/2019 by 1%
Status: Active


Located in the Prestigious Ocotillo Lakes Gated Community,This Remodeled Home Features 5 Bedrooms+Den+Huge Basement,Fresh Interior Paint,Updated Flooring and New Carpet/Pad ,Iron Spindle Railings,Sep Living, Formal and Family Rooms, Split Floorplan w/ Owners Suite,Den & 1 Bd on Main Level and 3 Bd's in Basement, 10' Ceilings,Open Eat-in Kitchen Featuring Updated White Cabinets w/ Large Breakfast Bar,Granite Slab Counters,All New Stainless Appliances with Glass Cook-Top and Double Ovens, Gas Fireplace w/ Stone Accents. Extended Patio Overlooking Refreshing Pebble-Tec Pool and Spa, Built-In BBQ, Grassy Area, All New Interior Door Hardware, Light Fixtures, Faucets,Fans, Large Owners Suite,Granite Counters, New Sinks and Faucets, Large Shower & Over sized Garden Tub,Soft Water ,Lake Community

Listed with Keller Williams Integrity First


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


$649,000 :: 1813 W Mead Place, Chandler AZ, 85248

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4 beds, 3 baths
Home size: 2,902 sq ft
Lot Size: 10,019 sq ft
Added: 04/09/19, Last Updated: 05/09/19
Property Type: Single Family
MLS Number: 5908558
Community: OCOTILLO LAKES PARCEL AC
Tract: OCOTILLO LAKES PARCEL AC
The price of this listing was last reduced on 5/9/2019 by 3%
Status: Active


Welcome to your own piece of paradise living in Ocotillo! Imagine yourself living here in Ocotillo/Chandler... With 4 Bedrooms and 3 Full Baths, this home is sure to check off the boxes on your wishlist. From the moment you enter, you'll be impressed and realize that whether you're entertaining or simply relaxing, this isn't just a home... it's a destination! Spectacular Waterfront Home in the Gated-- Enclave of Ocotillo Lakes! *Single Story *Bright, Open Split Floor Plan w/ Formal Living & Dining Room **ALL NEW S/S GE APPLIANCES and REFRIGERATOR *FRESH EXTERIOR PAINT, *NEW REFINISHED COOL DECKING THROUGHOUT.** If you're ready to experience the serene lifestyle that only this property can afford, call me today for your private showing... CHECK OUT THE AERIAL VIDEO!

Listed with Revelation Real Estate


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


$615,000 :: 1560 W BLUE RIDGE Way, Chandler AZ, 85248

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4 beds, 3 baths
Home size: 2,524 sq ft
Lot Size: 11,762 sq ft
Added: 03/28/19, Last Updated: 03/28/19
Property Type: Single Family
MLS Number: 5902551
Community: OCOTILLO LAKES PARCEL D1
Tract: OCOTILLO LAKES PARCEL D1
Status: Active


AMAZING waterfront home. This home is single level with a 3 car garage, Open floor plan with many upgrades and lots of natural sunlight throughout. There are 4 bedrooms (split floor plan) and 3 bathrooms and a pool. This is a must see!

Listed with Cactus Mountain Properties, 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/!


 

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

 

 

 

 

 

 

 

 

 

 

 

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