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

$745,000 :: 1817 E Willow Tree Court, Gilbert AZ, 85234

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4 beds, 2.5 baths
Home size: 2,970 sq ft
Lot Size: 12,196 sq ft
Added: 09/21/18, Last Updated: 09/21/18
Property Type: Single Family
MLS Number: 5823607
Community: LAKESIDE AT VAL VISTA LAKES
Tract: LAKESIDE AT VAL VISTA LAKES
Status: Active


Million Dollar Views for a fraction of the price! Amazing Lakefront property on the market for first time in 8 years. Newly renovated 3000 sqft. 4 bedroom w/Office & Formal Dining Room. Split floor plan, 3-car garage w/Spa inspired Block Glass Walk-in Shower in Master Suite shows like a model. Marble Tile, Wood Floors & Plantation Shutters on every window! Open concept Great Room/Kitchen overlooks extraordinary lake views. Stainless Steel Appliances. Resort style negative edge swimming pool on 12,000 sqft premium cul-de-sac lake lot. Clubhouse features 8-court championship tennis complex, indoor racquetball courts, cardio & weight training facilities, Jr Olympic swimming pool, spa, banquet/meeting rooms, waterfalls, tropical lagoon swimming pool w/sandy beach. WOW!! This home won't last!!

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/!


$375,000 :: 409 S LAKE MIRAGE Drive, Gilbert AZ, 85233

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2 beds, 2 baths
Home size: 1,744 sq ft
Lot Size: 6,534 sq ft
Added: 09/21/18, Last Updated: 09/21/18
Property Type: Single Family
MLS Number: 5823538
Community: LAKE MIRAGE LOT 1-38 TR A-I
Tract: LAKE MIRAGE LOT 1-38 TR A-I
Status: Active


This immaculate move in ready home is located in The Islands, one of Gilbert's most highly desirable communities! This home features beautiful wood flooring and a neutral grey color pallet in the main living space making it perfect for your finishing touches. The kitchen features granite counter tops, gorgeous tile backsplash and stainless-steel appliances. The master bathroom features a claw foot soaking tub and separate walk-in shower. Your backyard oasis is perfect for entertaining with a large covered patio, gorgeous lake views, and lush green mature landscaping, built in planters, and landscape lighting. Do not miss this one!

Listed with Keller Williams Realty Phoenix


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 :: 1910 E CORAL TREE Drive, Gilbert AZ, 85234

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4 beds, 2.5 baths
Home size: 2,686 sq ft
Lot Size: 13,939 sq ft
Added: 07/13/18, Last Updated: 09/21/18
Property Type: Single Family
MLS Number: 5793500
Community: LAKESIDE AT VAL VISTA LAKES
Tract: LAKESIDE AT VAL VISTA LAKES
The price of this listing was last reduced on 9/21/2018 by 3%
Status: Active


Must see this beautiful single level custom waterfront home on a very large lot ** This home is on the ''big'' lake in the much sought after gated Lakeside community ** Enter to spacious living room and dining room ** Island kitchen features granite counters, built in gas stove, built in oven and microwave, plus walk in pantry ** Cabinets all the way around the island plus separate breakfast area ** Lake views from almost every room ** Jacuzzi tub and walk in closet in master suite ** Huge yard with swimming pool and jacuzzi, loads of grass area plus huge side yards ** Fabulous view down the lake ** This home was built with sheer walls all the way around the house and there are no load bearing walls inside ** Plank travertine floors ** See supplement below for Val Vista Lakes amenities

Listed with Penfield 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/!


$600,000 :: 1442 W EMERALD KEY Court, Gilbert AZ, 85233

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4 beds, 2.75 baths
Home size: 3,470 sq ft
Lot Size: 8,712 sq ft
Added: 09/20/18, Last Updated: 09/20/18
Property Type: Single Family
MLS Number: 5822966
Community: THE ISLANDS
Tract: THE ISLANDS
Status: Active


Stunning waterfront home in the beautiful Islands community of Gilbert. Located in a cul-de-sac, this large family home sits ideally on the waters edge with stunning views. Enjoy all of lakes in the Islands community for fishing, boating, rowing, etc. This home is ready for your custom final touches- create your masterpiece with this spacious floorplan. 4 bedrooms, 3 baths and 3 car garage, and gorgeous resort backyard and pool. This home is just steps away from the A+ school of excellence-Islands Elementary, and minutes to award winning downtown Gilbert restaurants. Come see this home for yourself in person and you will be impressed, these rare beauties on the water don't come along often.

Listed with RE/MAX Alliance 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/!


$724,900 :: 2111 E CLIPPER Lane, Gilbert AZ, 85234

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5 beds, 3 baths
Home size: 3,025 sq ft
Lot Size: 10,018 sq ft
Added: 09/17/18, Last Updated: 09/17/18
Property Type: Single Family
MLS Number: 5821409
Community: Regatta at Val Vista Lakes
Tract: Regatta at Val Vista Lakes
Status: Active


Exquisite, Lake Front home in The gated community of The Regatta in Val Vista Lakes, The grand staircase greets you as you enter the large cast front door, The Kitchen boasts Granite, stainless, breakfast nook, breakfast bar & an oversized walk-in pantry, the kitchen overlooks a large great room, perfect for entertaining & family, The beautiful backyard speaks for itself, it's a masterpiece with a gazebo, firepit, grassy area, sparkling pool with water feature & of course an incredible view of the lake with your own dock, the Luxurious Master Suite is a sanctuary with tile shower & surrounds & marble vanities, the private upstairs balcony has a stunning view of the lake, it's perfect for that morning cup of coffee or just relaxing & reading,

Listed with United Brokers 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/!


$517,000 :: 1252 N PALMSPRINGS Drive, Gilbert AZ, 85234

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4 beds, 2.5 baths
Home size: 2,714 sq ft
Lot Size: 6,534 sq ft
Added: 05/18/18, Last Updated: 09/17/18
Property Type: Single Family
MLS Number: 5768551
Community: VAL VISTA LAKES
Tract: VAL VISTA LAKES
The price of this listing was last reduced on 9/17/2018 by 0%
Status: Active


MAGNIFICENT LAKE FRONT HOME! Remodeled Four Bedroom Home with Formal Living & Dining Rooms with tile flooring and granite stairway to upstairs. Outstanding Lake views from all windows and has balcony off master bedroom overlooking the lake. The Kitchen features granite counter tops with upgraded cabinets, a walk-in pantry and island with breakfast bar. The spacious master suite features a private balcony exit, full bath, double sinks, separate tub and shower, and large walk-in closet. The grassy backyard includes an extended covered patio overlooking the Lake! The large 2 1/2 car garage has epoxy flooring. Enjoy the Val Vista Lakes Clubhouse, workout room, heated pool, sandy beach lagoon, lighted tennis courts, racquetball, waterfalls, community activities, fishing, boating!

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/!


$405,000 :: 1221 N KINGSTON Street, Gilbert AZ, 85233

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4 beds, 3 baths
Home size: 2,732 sq ft
Lot Size: 7,840 sq ft
Added: 07/05/18, Last Updated: 09/13/18
Property Type: Single Family
MLS Number: 5789175
Community: EL DORADO LAKES GOLF COMMUNITY
Tract: EL DORADO LAKES GOLF COMMUNITY
The price of this listing was last reduced on 9/13/2018 by 2%
Status: Active


El Dorado Lakes on Golf Course w/Lake View! 4+Den w/3 full baths boasts numerous upgrades. Gourmet kitchen upgraded w/large island, beautiful granite & stainless appliances. Formal living&dining rm provide space for special events.Experience a more casual evening in the family rm w/a cozy wood-burning fireplace. Wind down & escape upstairs to a cozy sitting rm off the master w/vaulted ceilings or pamper yourself in the upgraded master bath w/new tiled shower & Moen faucets. Outdoor living at its best- huge flagstone patio & balcony off master that overlooks a sparkling PebbleTec play pool, beautiful rock waterfall, #12 tee-box, a water feature & views of the Superstitions Mtns for year-round entertainment, fun & relaxation. Price incorporates a discount for carpet & future upgrades. ONLY

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/!


$635,000 :: 518 S BAY SHORE Boulevard, Gilbert AZ, 85233

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4 beds, 3.5 baths
Home size: 3,249 sq ft
Lot Size: 7,840 sq ft
Added: 08/04/18, Last Updated: 09/05/18
Property Type: Single Family
MLS Number: 5802698
Community: HARBOR POINT LOT 1-78 LAKE EAS
Tract: HARBOR POINT LOT 1-78 LAKE EAS
The price of this listing was last reduced on 9/5/2018 by 1%
Status: Active


WOW WOW! Wow ! Honey stop the car !Finally a 2018 looking remodeled home. Ready to move in next week !! Luxury lake home on the wide part of the water with a pool !! This one is loaded up like a model home, plank tile floors throughout first floor except master suite. White cabinetry in kicthen, new granite through entire house. carpets replaced, new light gray paint, white doors, all new door hardware, built in office cabinets, built in master suite. Custom wood shutters throughout, 6'' baseboard and 6'' coffered ceiling, seller really customized this home to stay. This lake allows electric boats too, you hav eto see the boat parades, what a great neighborhood and community, won't last long !!Please note seller will add closet to den as originally built at sellers expense.

Listed with Arizona Real Estate Services


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


$720,000 :: 1825 E MONARCH BAY Drive, Gilbert AZ, 85234

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4 beds, 3 baths
Home size: 3,140 sq ft
Lot Size: 11,761 sq ft
Added: 08/31/18, Last Updated: 08/31/18
Property Type: Single Family
MLS Number: 5813951
Community: CRYSTAL SHORES AT VAL VISTA LA
Tract: CRYSTAL SHORES AT VAL VISTA LA
Status: Active


Must see this beautiful updated waterfront home with dramatic vaulted ceilings on the ''big'' lake in the much sought after community of Val Vista Lakes*Enter to living room and separate dining room*Island kitchen has been remodeled with stainless steel appliances, gas stove, beautiful cabinets, walk in pantry and eating area*Marble gas fireplace in family room*Luxury master suite boasts remodeled bathroom with double head shower, Jacuzzi tub, double sinks, and closet organizers*Fabulous yard has outdoor kitchen with sink, bar and grill, beautiful pebble tec pool and separate spa with new heater*High pressure mister system on downstairs patio and upstairs deck*Val Vista Lakes community includes 4 lakes, swimming lagoon, junior Olympic pool, and jacuzzi* The clubhouse*see 'more' remarks bel

Listed with Penfield 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/!


$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: 13,939 sq ft
Added: 01/11/18, Last Updated: 08/30/18
Property Type: Single Family
MLS Number: 5707695
Community: VAL VISTA LAKES
Tract: VAL VISTA LAKES
The price of this listing was last reduced on 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/!


$589,999 :: 1740 W BARTLETT Way, Chandler AZ, 85248

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4 beds, 2.5 baths
Home size: 3,234 sq ft
Lot Size: 9,147 sq ft
Added: 08/26/18, Last Updated: 09/20/18
Property Type: Single Family
MLS Number: 5811959
Community: OCOTILLO LAKES
Tract: OCOTILLO LAKES
The price of this listing was last reduced on 9/20/2018 by 1%
Status: Active


Fabulous waterfront home in exclusive gated community. Live the Ocotillo Lakes lifestyle! Close to shopping, golf, grocery stores, top rated schools, restaurants, Village heath club & spa, Intel, Orbital, Chandler's Price Corridor & easy access to the freeways! Fabulous interior boasts soaring ceilings, formal living-dining room, family room with cozy fireplace, den perfect for an office, large enclosed loft and plantation shutters throughout. Kitchen includes stainless steel appliances, white cabinets w/crown molding, tile backsplash, walk-in pantry, quartz counters and island with breakfast bar. Master retreat offers a lavish bath with double sink, soaking tub, separate shower and a walk-in closet.

Listed with Gentry 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/!


$375,000 :: 4981 S VISTA Place, Chandler AZ, 85248

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4 beds, 2 baths
Home size: 2,119 sq ft
Lot Size: 10,454 sq ft
Added: 07/30/18, Last Updated: 08/13/18
Property Type: Single Family
MLS Number: 5799928
Community: OCOTILLO LAKES PARCEL E
Tract: OCOTILLO LAKES PARCEL E
Status: Conditional


Deluxe lot, with no neighbors behind, in Ocotillo Lakes! Super comfortable floorplan with formal living and dining, as well as breakfast nook and large family room with skylights. Four full bedrooms, two baths, and a charming open concept kitchen with slide out shelves. Home also features wired smoke detectors and RingPro doorbell camera. Hoa is $106 per month. Don't miss a chance to live in this beautiful, established neighborhood!

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/!


$524,900 :: 1974 W LYNX Court, Chandler AZ, 85248

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3 beds, 3 baths
Home size: 2,922 sq ft
Lot Size: 10,890 sq ft
Added: 06/29/18, Last Updated: 08/02/18
Property Type: Single Family
MLS Number: 5786960
Community: OCOTILLO LAKES
Tract: OCOTILLO LAKES
The price of this listing was last reduced on 8/2/2018 by 3%
Status: Active


****MUST SELL*****BRING ALL OFFERS**** RELOCATION FOR WORK IS YOUR LUCKY DAY!!!! Home is located on the quiet cul-de-sac, close to Intel and Chandler Traditional Academy. Open entertaining, split floor plan with 3 bedrooms (master is on one side and the two other bedrooms are on the other side of house), an office/den, and 3 full baths. Tile floors, large dining room, vaulted ceilings, plantation shutters, gas fireplace in living room, and more. LG appliances, gas range, Corian countertops, tile backsplash, built-in desk area, and walk-in pantry. The master bedroom has French doors, a private entrance to the patio. The master bath has 2 walk closets. a pebble tec self- cleaning heated pool w/ spa, sun deck and gas fireplace.

Listed with RE/MAX Excalibur


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: 06/07/18
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


Priced to Sell!!! 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


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


$399,999 :: 1391 W Bartlett Way, Chandler AZ, 85248

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4 beds, 2 baths
Home size: 2,234 sq ft
Lot Size: 6,969 sq ft
Added: 05/17/18, Last Updated: 05/17/18
Property Type: Single Family
MLS Number: 5767237
Community: Ocotillo Lakes
Tract: Ocotillo Lakes
Status: Active


INVESTORS ONLY - Buyer to assume 26 month lease. Monthly rent $2000. Est cap 4.6. Beautiful single story, waterfront home located next to a greenbelt in Ocotillo Lakes! This is one of the quietest neighborhoods in the east valley and home backs up to Sun Lakes. Ocotillo Lakes Features 162 Acres of inter-connected lakes & water features & Ocotillo Golf Resort a Top 50 Resort by Golf World. This home is just minutes from the new Village of Ocotillo Health Club and Spa and within walking distance of parks. This 4 beds, 2 bath, 3 car garage has plenty of storage and wired for an electric car in the garage. Separate living room/dining room + family room off the kitchen. Granite countertops added in 2017. All stainless-steel appliances in kitchen. Very low maintenance! Must assume current lease/

Listed with Creative Resolve


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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