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

$420,000 :: 150 N STARBOARD Drive, Gilbert AZ, 85234

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4 beds, 2 baths
Home size: 1,975 sq ft
Lot Size: 12,196 sq ft
Added: 04/12/18, Last Updated: 04/22/18
Property Type: Single Family
MLS Number: 5750478
Community: EAST LAKE AT WIND DRIFT LOT 1-
Tract: EAST LAKE AT WIND DRIFT LOT 1-
The price of this listing was last reduced on 4/22/2018 by 1%
Status: Active


Beautiful water front home, with lake side views. Private pool and spa to enjoy- plenty of upgrades within this custom 4 bedroom, 2 bathroom and 3 car garage home located in the Wind Drift subdivision.Seller is leaving 2 televisions; one is locked in patio cupboard. Seller is also leaving bed in master bedroom.

Listed with Farnsworth Realty & Management Company


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


$335,000 :: 687 S Sahuaro Drive, Gilbert AZ, 85233

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3 beds, 2.5 baths
Home size: 2,299 sq ft
Lot Size: 6,969 sq ft
Added: 03/22/18, Last Updated: 04/22/18
Property Type: Single Family
MLS Number: 5740548
Community: LAGO ESTANCIA
Tract: LAGO ESTANCIA
Status: Active


Rare waterfront property! Beautiful, spacious home. 3 bedrooms, 2.5 bath, large loft. 3 car garage. Beautiful pool. Exterior painted Dec 2013. Just a couple miles away from Downtown Gilbert and all it has to offer.

Listed with Geneva Real Estate and Investments


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


$330,000 :: 229 E VAUGHN Avenue, Gilbert AZ, 85234

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3 beds, 2.5 baths
Home size: 1,678 sq ft
Lot Size: 4,356 sq ft
Added: 04/20/18, Last Updated: 04/21/18
Property Type: Single Family
MLS Number: 5755125
Community: STONEBRIDGE LAKES MANOR LOT 1-
Tract: STONEBRIDGE LAKES MANOR LOT 1-
Status: Active


Water front home within walking/biking distance to Downtown Gilbert. Bike path leads directly to dining, shopping and entertainment.Tons of living space in this cozy home, perfect for entertaining and family gatherings. The amazing outdoor space offers peaceful waterfront views plus you can paddle boat around the lake ( yes the boat comes with) Kayaking is allowed as well as catch and release. This home allows for an amazing resort lifestyle.The guest bedrooms create a private wing with a separate entrance and a shared bathroom. So many possibilities! Two community pools with hot tubs both on the water. One pool is heated.

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/!


$755,000 :: 1520 E TREASURE COVE Drive, Gilbert AZ, 85234

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5 beds, 3.5 baths
Home size: 3,446 sq ft
Lot Size: 16,988 sq ft
Added: 04/20/18, Last Updated: 04/20/18
Property Type: Single Family
MLS Number: 5754636
Community: Val Vista Lakes WEST LAKE ESTA
Tract: Val Vista Lakes WEST LAKE ESTA
Status: Active


Highly desirable single level custom waterfront home in West Lake Estates*Beautiful entrance with private gated courtyard and front water fountain *Separate guest detached mother-in-law suite or used for private Home office*Large master suite with separate outdoor exit*Huge master closet*Separate tub and shower*Large open and bright custom kitchen with gorgeous views of the lake*Kitchen island*Travertine countertops*Family room with 2 sided gas fireplace with breath taking views of the lake*Split floor*Wonderful backyard for entertaining family and friends with full length patio*Built-in barbecue*Pebble tech pool*Boat dock for private boat*This is a must see*Don't forget about the use of the Val Vista Lakes Club house with beach pool area, swimming pool, gym, tennis and so much more

Listed with Elite Desert 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/!


$489,000 :: 433 S LAKE MIRAGE Drive, Gilbert AZ, 85233

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4 beds, 3.5 baths
Home size: 2,593 sq ft
Lot Size: 5,227 sq ft
Added: 04/06/18, Last Updated: 04/06/18
Property Type: Single Family
MLS Number: 5747954
Community: LAKE MIRAGE LOT 1-38 TR A-I
Tract: LAKE MIRAGE LOT 1-38 TR A-I
Status: Active


One of the most incredible view lots in The Islands with soaring ceilings and windows to appreciate the one-of-a-kind long lake view in multiple directions. This beautiful home comes with designer kitchen, granite countertops, travertine flooring, and upgraded finishes thought. Two masters, one up and one downstairs equipped with two vanities. Relax outside while enjoying the tranquil water or enjoy an active lifestyle community with restaurants and shopping within walking distance. Exterior includes built in dock, entertaining fridge, and second story patio with views galore.

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/!


$494,999 :: 542 N MONDEL Drive, Gilbert AZ, 85233

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4 beds, 3 baths
Home size: 2,913 sq ft
Lot Size: 8,712 sq ft
Added: 01/29/18, Last Updated: 04/05/18
Property Type: Single Family
MLS Number: 5715811
Community: PLAYA DEL REY AMENDED
Tract: PLAYA DEL REY AMENDED
The price of this listing was last reduced on 4/5/2018 by 1%
Status: Active


WOW! Honey stop the car, this is a great location close to schools, parks & shopping. A highly desirable area with a ski lake. This home is on the water with a fountain you can see from all your rear facing windows. 4 bedroom with one bedroom downstairs & a full bath downstairs, formal living & dining, Gourmet kitchen with granite counter tops open to the great room,3 bedrooms upstairs & loft, tile in all the right spots. Huge covered patio with barbecue great views to enjoy all year long. 2 car garage with cabinets, new water heater & dishwasher and fresh paint. Seller is offering a $5000.00 flooring allowance with accepted offer. Truly a must see, it won't last long.

Listed with Southwest Mountain 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/!


$444,888 :: 1345 W CLEAR SPRING Drive, Gilbert AZ, 85233

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3 beds, 2.5 baths
Home size: 2,643 sq ft
Lot Size: 4,356 sq ft
Added: 04/04/18, Last Updated: 04/04/18
Property Type: Single Family
MLS Number: 5746489
Community: CORAL POINT REPLAT LOT 76-101
Tract: CORAL POINT REPLAT LOT 76-101
Status: Active


There is only one gated waterfront community in The Islands, and this fully updated home is located there. Welcome to The Falls where you can lock your door and leave because the HOA covers front and rear landscaping and exterior painting every seven years. From the moment you arrive at this beautiful waterfall community home you will love the curb appeal. The covered entry invites you into a grand foyer with a beautiful staircase and soaring ceilings. As you gaze across the giant family room you will be instantly drawn to your amazing water view. The oversized patio beckons you for relaxing evenings taking in your view of one of three community lakes. Take a cruise on a pontoon from your own private boat dock

Listed with The Beshk Group, Inc.


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 :: 1125 N DATE PALM Drive, Gilbert AZ, 85234

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5 beds, 3 baths
Home size: 4,458 sq ft
Lot Size: 13,068 sq ft
Added: 09/14/17, Last Updated: 04/04/18
Property Type: Single Family
MLS Number: 5660217
Community: LAKESIDE AT VAL VISTA LAKES
Tract: LAKESIDE AT VAL VISTA LAKES
The price of this listing was last reduced on 4/4/2018 by 2%
Status: Active


Absolutely stunning semi-custom home in the Lakeside neighborhood in Val Vista Lakes where homes are going up to over $250/sqft. This completely remodeled home features the absolute best lake views that Val Vista Lakes has to offer, a professionally designed putting and pitching green, top of the line artificial grass backyard, stunning 12 person spa and pebble sheen pool that is wrapped with Marbella stone on the pool deck, built in gas and charcoal grills, amazing outdoor gas fire pit that overlooks the lake and pop-out tv for enjoying a game while sitting in the pool or on the patio. Inside you will fine a custom gourmet kitchen with double edge eco-quartz countertops, travertine tile and hardwood floors, plantation shutters and tinted and reflective windows for privacy and efficiency.

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/!


$775,000 :: 1912 E CATAMARAN Court, Gilbert AZ, 85234

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5 beds, 3 baths
Home size: 3,798 sq ft
Lot Size: 13,939 sq ft
Added: 01/11/18, Last Updated: 03/23/18
Property Type: Single Family
MLS Number: 5707695
Community: VAL VISTA LAKES
Tract: VAL VISTA LAKES
The price of this listing was last reduced on 3/23/2018 by 3%
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/!


$343,750 :: 1326 W CLEAR SPRING Drive, Gilbert AZ, 85233

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3 beds, 3 baths
Home size: 2,016 sq ft
Lot Size: 3,920 sq ft
Added: 02/15/18, Last Updated: 03/20/18
Property Type: Condo/Townhouse/Co-Op
MLS Number: 5724005
Community: CORAL POINT REPLAT LOT 76-101
Tract: CORAL POINT REPLAT LOT 76-101
The price of this listing was last reduced on 3/20/2018 by 0%
Status: Active


WATERFRONT LAKEFRONT LOT in a GATED COMMUNITY with a gorgeous backyard that backs up to the water. Sit out on the balcony and watch the beautiful waterfall. Home has bay windows in the dining room and kitchen. Awesome views from the dining room. Home has Two Zone Air Conditioners. Masterbath has separate Shower and Tub. Home flows smoothly and has great views. Also you can put your boat in the big lake and take it up to the community pool and spa.

Listed with Keller Williams Realty Sonoran Living


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


$309,900 :: 4680 S Greythorne Way, Chandler AZ, 85248

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3 beds, 2 baths
Home size: 1,533 sq ft
Lot Size: 7,405 sq ft
Added: 01/02/18, Last Updated: 04/20/18
Property Type: Single Family
MLS Number: 5703207
Community: Ocotillo Lakes Parcel B
Tract: Ocotillo Lakes Parcel B
The price of this listing was last reduced on 4/20/2018 by 6%
Status: Active


Walking distance to the NEW Intel Expansion! Highly upgraded, Ocotillo Lakes home. Vermont slate flooring throughout. Custom Classy Closets in every bedroom. Plantation shutters throughout. Gourmet kitchen with solid surface countertops, upgraded appliances, undermount sink, huge island and pantry. Custom heated pool and spa with in-floor cleaning. Outdoor fireplace, BBQ, and oversized covered patio. 2 car garage with built-in storage cabinets. Security system available.

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/!


$299,000 :: 1821 W HAVASU Way, Chandler AZ, 85248

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3 beds, 2 baths
Home size: 1,336 sq ft
Lot Size: 6,969 sq ft
Added: 03/03/18, Last Updated: 04/19/18
Property Type: Single Family
MLS Number: 5731493
Community: OCOTILLO LAKES PARCEL B
Tract: OCOTILLO LAKES PARCEL B
The price of this listing was last reduced on 4/19/2018 by 4%
Status: Active


Well maintained cozy home in Ocotillo Lakes, 3 bed 2 bath, all split, 3rd bedroom makes a great office. Carpet 2 years old and like new! Energy efficient Pulte built home. Master bath has 2 sinks and separate tub/shower, walk-in closet. Chandler Traditional Academy Independence elementary, walk to Intel, golf course and lake subdivision...near freeways...doesn't get much better than this location.

Listed with Orion Fine Homes, 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/!


$379,900 :: 1893 W CANYON Way, Chandler AZ, 85248

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4 beds, 2 baths
Home size: 1,803 sq ft
Lot Size: 6,969 sq ft
Added: 04/09/18, Last Updated: 04/19/18
Property Type: Single Family
MLS Number: 5748966
Community: OCOTILLO LAKES PARCEL B
Tract: OCOTILLO LAKES PARCEL B
Status: Conditional


Beautiful Move-in ready Waterfront home in Ocotillo Lakes on a North-South lot. This 4 bedroom, 2 full bath home has been updated with fresh paint and new carpet. The Double doors on the 4th bedroom makes it a great home office space. Tile floors in all the main living areas leading to the covered patio with ceiling fan and down to your own dock. Great location in the Ocotillo Community and the Price corridor.

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/!


$659,900 :: 4901 S PECAN Way, Chandler AZ, 85248

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4 beds, 3 baths
Home size: 3,533 sq ft
Lot Size: 9,147 sq ft
Added: 02/15/18, Last Updated: 04/19/18
Property Type: Single Family
MLS Number: 5724002
Community: OCOTILLO LAKES
Tract: OCOTILLO LAKES
The price of this listing was last reduced on 4/19/2018 by 1%
Status: Active


Hurry to see this beautiful home in the gated community of Ocotillo Lakes!! Located on a waterfront lot, you have some of the best views in the community from every rear window of the house. This spacious home has 4 huge bedrooms and 3 full bathrooms. The master bedroom has a balcony overlooking the pebble tec pool in the backyard and the lake behind. The master bathroom has a large garden tub, dual sinks, and a walk in closet the size of most bedrooms! New carpet throughout the upstairs, new wood flooring in the living room and dining room, completely repainted interior and exterior, new cool decking around the pool, a/c units replaced just a few years ago, new water heater, newer roof, and the list goes on. The home also comes with a water softener and RO system.

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/!


$357,900 :: 1812 W HAVASU Way, Chandler AZ, 85248

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4 beds, 2 baths
Home size: 1,803 sq ft
Lot Size: 7,840 sq ft
Added: 03/08/18, Last Updated: 04/12/18
Property Type: Single Family
MLS Number: 5733593
Community: OCOTILLO LAKES PARCEL B
Tract: OCOTILLO LAKES PARCEL B
The price of this listing was last reduced on 4/12/2018 by 1%
Status: Active


**HUGE REDUCTION...PRICE IS RIGHT** Nice find in Ocotillo Lakes w/in Home boundaries in the highly sought-after Chandler Traditional Academy elementary school.This home has many great features: corner lot w/side garage-door entrance & RV gate and parking. Newer dual-stage AC, gas stove & water heater, granite counter tops, tile in all the right places with brand new carpet throughout. (See list in documents section.) Fourth bedroom shows as a lg den off living rm & is perfect for an office or workout space. Pride of ownership is very apparent when you walk through the home. The spacious & private backyard is ready for lots of BBQs, pool parties & entertaining. Easy access to freeway systems, shopping, parks, etc. This one wona(tm)t last long. Put this on your viewing list today

Listed with AZ Realty Network


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


$699,000 :: 1761 W LYNX Way, Chandler AZ, 85248

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4 beds, 3 baths
Home size: 3,329 sq ft
Lot Size: 12,632 sq ft
Added: 03/20/18, Last Updated: 03/31/18
Property Type: Single Family
MLS Number: 5739665
Community: Ocotillo Lakes Parcel I
Tract: Ocotillo Lakes Parcel I
The price of this listing was last reduced on 3/31/2018 by 2%
Status: Active


Must See Incredible Lake Views!!! Private gated and lake community. Amazing open floor plan with 4 large bedrooms, a den/office area & 3 full bathrooms. Custom paint, fire place, custom window treatments throughout, corian countertops, built-in sub zero refrigerator/freezer his & hers master closet, separate garden tub & shower and much more. N/S exposure on large waterfront lot, pool with 2 waterfalls, large covered patio, citrus trees and a great yard for entertaining. Pristine water front property in great condition with interior 2 tone paint, Updated cabinets, appliances, including the 3 CG with epoxy flooring & Quality Pattern Carpets.

Listed with My Home Group Real Estate, 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