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:

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Queen Creek Home Search

$325,000 :: 1450 W CORAL REEF Drive, Gilbert AZ, 85233

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3 beds, 2.75 baths
Home size: 2,289 sq ft
Lot Size: 2,178 sq ft
Added: 11/22/17, Last Updated: 12/12/17
Property Type: Condo/Townhouse/Co-Op
MLS Number: 5691047
Community: TOWNHOMES ON CORAL REEF
Tract: TOWNHOMES ON CORAL REEF
The price of this listing was last reduced on 11/22/2017 by 1%
Status: Active


Stunning Waterfront Townhome in the coveted Gilbert Islands. This 2289 sq. ft., 3 bed, 2.75 bath with an office and loft is the perfect lock and leave low maintenance home! Well-appointed with 10 ft ceilings, travertine tile, fresh two-tone paint and an elegant wrought iron circular staircase. Kitchen features 42 inch Solid Maple Cabinets, Stainless Steel appliances, Granite Counters, Kitchen Island and Breakfast Bar. Updated bathrooms with stone vanities and surrounds. Master features lakefront balcony, walk-in closet, separate shower and garden tub. Lots of custom features and a community pool! Come see for yourself.

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/!


$599,000 :: 1426 W Emerald Key Court, Gilbert AZ, 85233

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3 beds, 2 baths
Home size: 2,522 sq ft
Lot Size: 11,325 sq ft
Added: 11/30/17, Last Updated: 12/11/17
Property Type: Single Family
MLS Number: 5693455
Community: Shores at The Islands
Tract: Shores at The Islands
The price of this listing was last reduced on 11/30/2017 by 7%
Status: Active


One of the most incredible view lots in The Islands! This is a must see spectacular single-story home with soaring ceilings and windows to appreciate the one-of-a-kind long lake view in multiple directions. Beautiful architectural details include a double- sided fireplace which can be seen in both the living room and family room framed by tall built in book cases. Large master has bay windows overlooking the lake. 2nd master/guest room has separate entry, a bay window and views to take your breath away. Relax while swimming in the play pool, eating fresh fruit from mature trees, and viewing the lake. Tucked away in a quiet cul-de-sac, it has an all pavered driveway with extra parking. Conveniently located just minutes away from thriving down-town Gilbert.

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/!


$364,000 :: 731 S PUEBLO Street, Gilbert AZ, 85233

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3 beds, 3 baths
Home size: 2,308 sq ft
Lot Size: 10,454 sq ft
Added: 12/10/17, Last Updated: 12/10/17
Property Type: Single Family
MLS Number: 5697299
Community: Lago Estancia, WHISPER GROVE L
Tract: Lago Estancia, WHISPER GROVE L
Status: Active


Single level backs to lake. Located on large pie-piece shaped lot with room for RV gate***Rare find! *** Modified floor plan was a 4 BR originaly - now: 3 br,3 bath- has 2 master suites on opposite sides- perfect for guest suite set up***This home has SOLAR SYSTEM electricity installed and fully paid for and stays with the house***Swimming pool, 3 car garage, desert landscaping with mature trees***Vaulted ceilings and many plant shelves throughout***Formal LR & DR, Family rm, Breakfast nook,sky-lites in FR, washer/dryer/refrigerator stay **Newer stove and MW**The house needs cosmetic updates and is priced accordingly*** Great community with many water ponds, walkways/jogging paths, green belts, bridge, fountain***Convenient location near shopping and restaurants

Listed with West USA 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/!


$360,000 :: 244 N CORRINE Court, Gilbert AZ, 85234

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3 beds, 2 baths
Home size: 2,005 sq ft
Lot Size: 10,018 sq ft
Added: 10/13/17, Last Updated: 12/08/17
Property Type: Single Family
MLS Number: 5673864
Community: STONEBRIDGE LAKES ESTATES UNIT
Tract: STONEBRIDGE LAKES ESTATES UNIT
Status: Active


This home is a rare find in the beautiful lake community of Stonebridge Lakes Estates. There is an amazing lake view with a meandering brick walkway down to the lake. Completing the backyard is lush landscaping including fruit trees and an extended 33 X 14 covered brick patio. Ceramic tile entry way leads to formal living and dining area complete with custom shutters. Kitchen includes bay window eating area, walk-in pantry, butcher block island, smooth top stove with microwave and Kitchen Aid refrigerator. Family room adjoins kitchen & has a corner fireplace, French doors lead to the patio from the family room & master bedroom. Awesome location is close to downtown Gilbert with all the fantastic restaurants & outside patio seating. Easy access to freeways, shopping and schools.

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/!


$639,900 :: 1401 W SANDPIPER Drive, Gilbert AZ, 85233

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4 beds, 2.75 baths
Home size: 3,884 sq ft
Lot Size: 10,018 sq ft
Added: 10/20/17, Last Updated: 12/04/17
Property Type: Single Family
MLS Number: 5676764
Community: TRES VISTAS LOT 1-26 PARCEL A-
Tract: TRES VISTAS LOT 1-26 PARCEL A-
The price of this listing was last reduced on 11/25/2017 by 1%
Status: Active


Gilbert's fabulous ''Islands'' community. Lake #1 is freshwater w/ catch and release fishing, great boating & fabulous sunsets(sorry no swimming). This former ''Street of Dreams'' home is like resort living. Professionally landscaped yard slopes to a beautiful water view w/a boat dock ready backyard. Inside, a foyer w/marble tile flooring and plush carpet. Open & airy floor plan, waterfront windows, 20ft ceilings, skylight,two fireplaces,2nd story balcony,formal dining, sunken living rm w/fireplace,family rm, & a roomy kitchen. Oversized master bedroom suite w/2 walk-in closets & soaking tub. Over $100,000 in upgrades. Reduced $10,000. Hurry for this fabulous waterfront property.

Listed with West USA 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/!


$339,500 :: 1237 E ARTESIAN Way, Gilbert AZ, 85234

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3 beds, 2 baths
Home size: 1,521 sq ft
Lot Size: 6,098 sq ft
Added: 11/08/17, Last Updated: 12/04/17
Property Type: Single Family
MLS Number: 5684838
Community: HARBOR VIEW AT WIND DRIFT
Tract: HARBOR VIEW AT WIND DRIFT
The price of this listing was last reduced on 11/15/2017 by 3%
Status: Active


One of Gilbert's Highly-Coveted Lake Front properties! Gorgeous 3 Bdrm/2 Bath 1521 sq ft single-level home right on the Wind Drift lake. Feel free to boat and fish! The resort-style backyard is complete w/ Pebbletec pool, waterfall, new redwood dock, covered patio and misting system. Interior upgrades include Silestone countertops, beautiful cherry wood cabinets, ceramic tile floors, double pane windows, new security system, and new water softener and reverse osmosis. Enjoy the gas fireplace and formal living and dining areas. Located in the Gilbert High school district and only a few minutes from Downtown Gilbert's many restaurants and entertainment venues. BONUS ALERT: Low HOA in Gilbert!

Listed with Re/Max Platinum 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/!


$950,000 :: 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: 11/20/17
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 11/15/2017 by 3%
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/!


$580,000 :: 480 N MONDEL Drive, Gilbert AZ, 85233

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4 beds, 2.5 baths
Home size: 3,552 sq ft
Lot Size: 11,325 sq ft
Added: 10/06/17, Last Updated: 11/15/17
Property Type: Single Family
MLS Number: 5670414
Community: PLAYA DEL REY
Tract: PLAYA DEL REY
The price of this listing was last reduced on 11/15/2017 by 1%
Status: Active


ENJOY RESORT STYLE LIVING IN THIS BEAUTIFULLY APPOINTED PLAYA DEL RAY WATERFRONT HOME. AN ENTERTAINERS DREAM! OPEN THE DOOR TO SOARING VAULTED CEILINGS INTO THE FORMAL LIVING AND DINING AREA. ENJOY THE LAKE VIEW FROM HERE OR HEAD STRAIGHT TO THE BACKYARD. SOAK IN THE HEATED SPA OR TAKE A DIVE INTO THE PEBBLE TECH POOL. THE MASTER SUITE IS CONVENIENTLY LOCATED ON THE FIRST FLOOR AND BOASTS AN EXQUISITELY REMODELED MASTER BATH WITH A WALK IN TILE SHOWER, SOAKING TUB AND LARGE DUAL VANITY. YOUR KIDS OR GUESTS WILL ALSO ENOJOY A REMODELED BATH UPSTAIRS WITH TWO BEDROOMS, A LOFT AND SPECTACULAR VIEW FROM THE BALCONY. THE COMMUNITY AMENITIES ARE ENDLESS. THE LAKE ALLOWS SKIING, BOATING, AND SO MUCH MORE. VISIT THE CLUB HOUSE, PUTT PUTT GOLF COURSE OR VENTURE VIA PRIVATE ACCESS TO MCQUEEN PARK.

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/!


$760,000 :: 1819 E LAKECREST Drive, Gilbert AZ, 85234

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5 beds, 3.5 baths
Home size: 3,503 sq ft
Lot Size: 11,761 sq ft
Added: 11/10/17, Last Updated: 11/15/17
Property Type: Single Family
MLS Number: 5686286
Community: Val Vista Lakes Crystal Shores
Tract: Val Vista Lakes Crystal Shores
Status: Active


Beautiful Waterfront home located in Val Vista Lakes Crystal Shores neighborhood. This home offers 2 large master bedrooms one on the lower level and the other upstairs. Upstairs master exits to a large covered patio. Updated kitchen with eat-n-kitchen, large great room, seperate dining and family room. The outdoor living is amazing with a large backyard featuring pool hot tub, oversized covered patio, boat dock and spacious grassy area. You won't be able to get enough of the outdoor living. This is a home you will enjoy spending with family and friends. Do not miss visiting the beautiful CLUBHOUSE!!! Boat available on separate bill of sale.

Listed with West USA 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/!


$500,000 :: 1700 E LAKESIDE Drive #37, Gilbert AZ, 85234

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3 beds, 3 baths
Home size: 2,900 sq ft
Lot Size: 6,969 sq ft
Added: 11/03/17, Last Updated: 11/15/17
Property Type: Condo/Townhouse/Co-Op
MLS Number: 5682997
Community: BRECKENRIDGE BAY LOT 1-65 TR A
Tract: BRECKENRIDGE BAY LOT 1-65 TR A
Status: Active


Waterfront Condo in gated Breckenridge Bay at Val Vista Lakes.Cul-de-sac & private end unit. This is the one you have been waiting for! Updated and expanded! Light open kitchen with lots of natural lighting. New grey plank style tile flooring in kitchen. 42'' high cabinets,extra storage room & huge walk-in pantry. Family room w/fireplace +bonus room overlooking lake. Bonus room could be home office? Main level has second bedroom & bathroom, 3rd bed/bath upstairs and private. Low maintenance lock & leave makes this perfect secondary home.Tile roof updated in 2015. Flat roofs re-coated last month! High effeciency A/C units are recently updated. Compare this to new condo developments and you will find this is where the value is! Great Gilbert Val Vista Lakes location. Gated. Next door is the

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/!


$498,000 :: 1750 W BARTLETT Way, Chandler AZ, 85248

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3 beds, 2 baths
Home size: 2,531 sq ft
Lot Size: 9,147 sq ft
Added: 10/11/17, Last Updated: 12/13/17
Property Type: Single Family
MLS Number: 5672545
Community: OCOTILLO LAKES
Tract: OCOTILLO LAKES
Status: Active


Electric powered boats quietly pass this beautiful one owner, semi custom home. 3 bedrooms + den,2 bath single story. Walk to work at Intel from this Gated community,93 homes by Edmunds-Toll Bros, 2X6 construction, Waterfront Property! diagonal 20' tile flooring entry, halls,kitchen&baths. Gas fireplace w/raised hearth.Formal living&dining room. Built-in bookshelf/cabinet&entertainment center in FR,Plantation Shutters,Ceiling fans throughout,Cook for family gatherings in large kitchen w/48''Maple cabinets,Glass cooktop,Granite Counters, refrigerator & dishwasher less than 1yr old. R/O & water softener,wired for security, crown molding,Classy Closets, Covered patio. painted stucco fence, Waterfront back yard w/steps to brick layed sitting area.Add wood dock and ready for casual boating

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/!


$685,000 :: 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: 05/26/17, Last Updated: 12/03/17
Property Type: Single Family
MLS Number: 5611056
Community: OCOTILLO LAKES
Tract: OCOTILLO LAKES
The price of this listing was last reduced on 11/29/2017 by 0%
Status: Active


IT WON`T LAST AT THIS PRICE!! BREATHTAKING LAKE VIEWS from the moment you enter this Executive home in private GATED community. Amazing OPEN floor plan-4 Large Bedrooms+ Open den/office area & 3 Full Bathroom. Custom paint, Amazing Custom Fire place, custom window treatments throughout, corian countertops, built-in sub zero refrigerator/freezer, garden tub & shower-his and hers closets. N/S exposure on large waterfront lot, Pool w 2 waterfall-HUGE covered patio, large back yard for entertaining, citrus trees, an entertainer's dream home! 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 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/!


$359,000 :: 4761 S Vista Place, Chandler AZ, 85248

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3 beds, 2 baths
Home size: 1,633 sq ft
Lot Size: 6,969 sq ft
Added: 11/30/17, Last Updated: 11/30/17
Property Type: Single Family
MLS Number: 5693499
Community: OCOTILLO LAKES PARCEL H
Tract: OCOTILLO LAKES PARCEL H
Status: Active


If you are looking for a highly upgraded / needs nothing type home, ON THE WATER in Ocotillo, this is the one! Just in 2017, the owners have added new tile flooring, all new bathrooms, central vacuum, and even a 100 sq ft room off of the family room, perfect for keep birds, etc. Located on the water in Ocotillo Lakes, with a dock for your boat. Large fish in this lake too!Lots of very nice improvements! Easy to show - use ShowingTime, and then armls lockbox with CBS code.

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