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

$549,900 :: 1313 W WINDRIFT Way, Gilbert AZ, 85233

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3 beds, 2.5 baths
Home size: 2,183 sq ft
Lot Size: 3,921 sq ft
Added: 05/25/21, Last Updated: 08/01/21
Property Type: Single Family
MLS Number: 6241203
Community: The Islands
Tract: The Islands
The price of this listing was last reduced on 8/1/2021 by 4%
Status: Active


Wow!!!! WATERFRONT former Model Home, Beautifully designed open floorplan, Nice and bright natural light, with amazing lake views to enjoy! This home features Stunning Vaulted ceilings, elegant fireplace in Living room, 3 Awesome Bedrooms upstairs and 2.5 bathrooms, upgraded Kitchen with pull out cabinets drawers, smooth stove top, granite countertops and Huge walk in pantry. Backyard includes putting green, private SPA, Good size Covered Patio and custom built in BBQ Grill with bar. Lots of storage and an Extended 2 car garage. Very Desirable community in The Islands, offering Fishing,boating, parks and recreation for you and your Family!

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/!


$580,000 :: 1442 W CORAL REEF Drive, Gilbert AZ, 85233

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3 beds, 3 baths
Home size: 2,289 sq ft
Lot Size: 1,743 sq ft
Added: 06/18/21, Last Updated: 07/28/21
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6239386
Community: TOWNHOMES ON CORAL REEF
Tract: TOWNHOMES ON CORAL REEF
The price of this listing was last reduced on 7/28/2021 by 2%
Status: Active


Lake front property! Bring your paddle boats, pontoons, kyaks, paddle boards, canoes and troll around in these beautiful water. This fantastic water front property is waiting for you to call it home. Beautiful views from your patio and balcony. Travetine floors, master travertine shower and surrounds- spacious bedrooms, open greatroom and kitchen with beautiful granite counters and island. Den downstairs and loft upstairs.

Listed with HomeSmart Lifestyles


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


$1,282,461 :: 1452 E BLUE RIDGE Way, Gilbert AZ, 85298

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4 beds, 3.5 baths
Home size: 3,949 sq ft
Lot Size: 12,633 sq ft
Added: 07/28/21, Last Updated: 07/28/21
Property Type: Single Family
MLS Number: 6270680
Community: HAMSTRA DAIRY PHASE 1 REPLAT
Tract: HAMSTRA DAIRY PHASE 1 REPLAT
Status: Active


Located in the master-planned community of Waterston with a 7-acre Central Park and Lake this single story MODEL home features black gourmet stainless steel appliances with a G.E. 36'' gas cooktop, double wall ovens, professional 36'' vented hood, microwave, dishwasher and refrigerator, granite and quartz kitchen countertops, designer kitchen backsplash, Timberlake Portfolio Lusanne maple truffle kitchen cabinets, oversized kitchen island, two-tone interior paint, 12' ceiling at great room, walk-in shower at primary bath, stackable washer and dryer at primary suite closet, slider at gameroom, exterior fireplace in courtyard, exterior French door at primary suite, professionally landscaped front and back, pavers at driveway and porch and so much more. Close of escrow on or before 11/15/21

Listed with Tri Pointe Homes Arizona 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/!


$1,290,017 :: 1438 E BLUE RIDGE Way, Gilbert AZ, 85298

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4 beds, 3.5 baths
Home size: 3,382 sq ft
Lot Size: 12,633 sq ft
Added: 07/27/21, Last Updated: 07/27/21
Property Type: Single Family
MLS Number: 6270429
Community: HAMSTRA DAIRY PHASE 1 REPLAT
Tract: HAMSTRA DAIRY PHASE 1 REPLAT
Status: Active


Located in the master-planned community of Waterston with a 7-acre Central Park and Lake this single story MODEL home features gourmet stainless steel appliances with a G.E. 36'' gas cooktop, double wall ovens, professional 36'' vented hood, microwave, dishwasher and refrigerator, granite kitchen countertops, designer kitchen backsplash, extended kitchen nook, Kinsdale Boulder kitchen cabinets with 42'' stacked uppers, oversized kitchen island, two-tone interior paint, extended bedrooms 2 and 3, 12' ceiling at great room, generation suite with a kitchenette, frameless walk-in shower at primary bath, 90 degree slider at extended nook and great room, professionally landscaped front and back, pavers at driveway and front porch and so much more. Close of escrow on or before 11/15/21.

Listed with Tri Pointe Homes Arizona 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/!


$550,000 :: 457 S Marina Drive, Gilbert AZ, 85233

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3 beds, 3 baths
Home size: 2,156 sq ft
Lot Size: 3,921 sq ft
Added: 07/16/21, Last Updated: 07/16/21
Property Type: Single Family
MLS Number: 6257231
Community: The Islands of Gilbert AZ
Tract: The Islands of Gilbert AZ
Status: Active


Imagine your morning coffee accompanied by a peaceful lake view! This 3 Br. waterfront home inside a GATED COMMUNITY was modified at construction for extra space, and seamlessly blends indoor and outdoor living. An open greatroom has vaulted ceiling, dramatic staircase, and overlooks the patio with a backdrop of cool, crisp water. In addition to a view balcony, the master suite sports a glass-enclosed fireplace, large bath and walk-in closet. The kitchen is a cook's delight, smart and nicely appointed with black tile surfaces and stainless appliances, and is open to the family room with fireplace. Plank tile flooring, plantation shutters, oversized second bedroom, and two newer A/Cs in 2018. HOA fee is reasonable and includes front and back yard maintenance, community pool, parks.

Listed with Arizona Elite 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/!


$530,000 :: 521 S Marina Drive, Gilbert AZ, 85233

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3 beds, 3.5 baths
Home size: 2,425 sq ft
Lot Size: 4,356 sq ft
Added: 06/12/21, Last Updated: 07/15/21
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6248280
Community: CORAL POINTE
Tract: CORAL POINTE
The price of this listing was last reduced on 7/6/2021 by 4%
Status: Active


Beautiful lake views from this waterfront home in the gated community of The Islands a" enjoy the lake views from the living room, master bedroom & upstairs bedroom! It features an open split floor plan with master bedroom downstairs, vaulted ceiling, 10 year old AC, 10 year old roof & 5 year old boat deck. The kitchen is open with lots of cabinet space, great countertop space, well taken care of appliances, breakfast bar & large pantry space! The master bedroom is large enough for a king bed to fit comfortably. Separate loft can be used as office space with built-ins. Enjoy the 180 degree lake views from the backyard deck & private dock. Front yard landscaping is included with HOA! Great location for an owner occupant, family, rental or winter visitor.

Listed with North & Co


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


$3,500,000 :: 1502 E TREASURE COVE Drive, Gilbert AZ, 85234

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8 beds, 8 baths
Home size: 6,781 sq ft
Lot Size: 33,542 sq ft
Added: 06/25/21, Last Updated: 06/25/21
Property Type: Single Family
MLS Number: 6256331
Community: WEST LAKE ESTATES
Tract: WEST LAKE ESTATES
Status: Active


Welcome to the rarest one-of-a-kind GEM on Treasure Cove located in the coveted & prestigious GATED West Lake Estates! This unique estate is located on 2 waterfront lots with the most STUNNING expansive views of the lake--and this exquisite ESTATE has recently been completed remodeled! This amazing estate boasts: over 6700 square feet of the finest luxury and superior quality finishes with 8 bedrooms and 8 baths, a large 3 car garage, an elevator, Gourmet Chef's Kitchen--indoors and out--home theater, game room, 50 bottle wine room with humidor, impressive outdoor patio with a huge gazebo that has misting and heating, firepits, impressive 36,000 gallon salt water pool with swim up bar.. the views & outdoor living are like living in the finest 5 star resort! Click ''more'' for further

Listed with Cooper Premier 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/!


$575,900 :: 1025 W PENINSULA Drive, Gilbert AZ, 85233

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4 beds, 3 baths
Home size: 2,787 sq ft
Lot Size: 10,019 sq ft
Added: 12/05/20, Last Updated: 01/27/21
Property Type: Single Family
MLS Number: 6156476
Community: WINDHAVEN
Tract: WINDHAVEN
Status: Active


BEST PRICED WATERFRONT ISLAND HM.N/S.EXP.OVER 10K SF WATERFRT VIEW LOT W/94 FEET OF WATER FRONT & APPROX.120FT DEEP LOT.PRVT DOCK BRIGHT&OPEN.FORMAL LVG;DININGNOOK+FR.VAULTED CEILING.UPDATED FLOORING;GRANITE COUNTER KITCHEN CABINETS;WHITE WOOD SHUTTERS.SECURITY DRS@ENTRY&BACK PATIO DBL FRENCH DOOR. OVER-SIZED COV'D PATIO.WET BAR W/GRANITE COUNTER.ALL BATHS HAVE BEEN REMODELED.MASSIVE MASTER BR W/HIS&HER'S CLOSETSSEP.TUB/SHOWER.2 SINKS W/SPACIOUS COUNTER SPACE&STORAGE.DBL FRENCH DOOR W/SEC.IRON GATE WALK ON TO PVT WATER FRONT VIEW DECK FOR YOUR LEISURE MORNING RELAXATION -THEN RETURN TO ENJOY THE INCREDIBLE ARIZONA SUNSET-LIFE IS JUST PERFECT HERE. HURRY! CALL NOW FOR YOUR PRIVATE TOUR ARRANGEMENT. MUST SEE TO APPRECIATE. MASKS REQUIRED WHILE ON THE PREMISE.

Listed with FDR 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/!


$599,900 :: 4953 S MOSS Drive, Chandler AZ, 85248

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4 beds, 2 baths
Home size: 2,119 sq ft
Lot Size: 8,712 sq ft
Added: 07/31/21, Last Updated: 07/31/21
Property Type: Single Family
MLS Number: 6270122
Community: OCOTILLO LAKES PARCEL E
Tract: OCOTILLO LAKES PARCEL E
Status: Active


This 4 bedroom 2 bath home has been Freshly painted outside and the whole home has been professionally cleaned. As you walk in the front door you will enter your formal living and dining area. Then proceed to the open family room and kitchen with eat in area., Intel, Snedigar Sports Complex, Shopping and dining and more. Welcome home.

Listed with RAN Realty & Property Management


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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