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

$469,000 :: 3907 E MARLENE Drive, Gilbert AZ, 85296

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4 beds, 2 baths
Home size: 2,326 sq ft
Lot Size: 7,841 sq ft
Added: 02/21/20, Last Updated: 02/21/20
Property Type: Single Family
MLS Number: 6040551
Community: LAKEVIEW TRAILS NORTH AT MORRISON RANCH
Tract: LAKEVIEW TRAILS NORTH AT MORRISON RANCH
Status: Active


Beautiful single level home in the highly desirable Morrison Ranch neighborhood! Upgrades throughout include new Travertine tile, Granite slab counter tops, Plantation Shutters, 10 ft ceilings, RO System, New POOL, lots of windows for natural light, and more! Open kitchen features breakfast bar at kitchen island, granite slab countertops, SS appliances, and walk-in pantry. Large Master suite with walk-in closet, his and her sinks, separate shower, and garden tub. 3 spacious Guest Bedrooms and a Den with plenty of closet and storage space. Backyard includes a spacious greenbelt with an inviting pool and garden for the perfect entertaining space. This won't last long!!

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/!


$825,000 :: 1446 W COMMERCE Avenue, Gilbert AZ, 85233

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4 beds, 2.5 baths
Home size: 3,118 sq ft
Lot Size: 9,584 sq ft
Added: 01/23/20, Last Updated: 02/20/20
Property Type: Single Family
MLS Number: 6027408
Community: PLAYA DEL REY AMENDED
Tract: PLAYA DEL REY AMENDED
The price of this listing was last reduced on 2/20/2020 by 3%
Status: Active


This ONE OF A KIND property is located ON A PRIVATE LAKE in the popular PLAYA DEL REY ESTATES. What makes this home unique is you have the ability to JET SKI, BOAT, WATERSKI, WAKEBOARD and KAYAK in your own backyard. You will love this lot! North facing! Check out our video. This gorgeous gated community is only minutes from DOWNTOWN GILBERT with endless options for dining, shopping and playing. The sellers put a lot of thought, time, money and hard work in order to make this property a STANDOUT. This home was featured in 3 magazines for its breathtaking upgrades and updates. You will be WOWED the minute you enter into this stunning home. The view from every window will take your breath away. There are so many locations inside and out to relax, unwind, dine, play and/or entertain.

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/!


$849,000 :: 1842 E CORAL TREE Drive, Gilbert AZ, 85234

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4 beds, 3.5 baths
Home size: 3,436 sq ft
Lot Size: 14,811 sq ft
Added: 02/14/20, Last Updated: 02/14/20
Property Type: Single Family
MLS Number: 6037403
Community: LAKESIDE AT VAL VISTA LAKES
Tract: LAKESIDE AT VAL VISTA LAKES
Status: Active


Immaculate, beautifully maintained home by the ORIGINAL owners. Exceptional lakefront, location in lovely Val Vista Lakes. The home sits on a north/ south lot and boasts an awesome backyard featuring a negative edge, heated, pebble tech pool, spa, several patio areas, fire pit, citrus trees, a boat dock, extended patio, built in BBQ. An entertainer's paradise! The home has 4 large bedrooms. Besides the master, a second bedroom features it's own en suite bath and separate entrance/ exit to the exterior. Inside is also an entertainer's paradise with a beautiful formal living and dining room, surround sound a huge bar/ wet bar, big family room with built in entertainment cabinets and vaulted ceilings. All rooms and large and have ceiling fans.

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/!


$999,900 :: 1422 W COMMERCE Avenue, Gilbert AZ, 85233

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5 beds, 5 baths
Home size: 6,298 sq ft
Lot Size: 10,019 sq ft
Added: 02/01/20, Last Updated: 02/01/20
Property Type: Single Family
MLS Number: 6031674
Community: PLAYA DEL REY AMENDED
Tract: PLAYA DEL REY AMENDED
Status: Active


Luxury Waterski Community in the heart of Gilbert! This is the perfect home for a family who is interested in wakeboarding or wakesurfing. The rarest combination of location and lifestyle! 5 beds, 5 baths featuring a beautiful, large kitchen/family room area, sound-proof office, 2 full kitchens, 3 laundry rooms, air-conditioned garages, lots of storage and a north facing corner lot right on the lake. This home offers a private dock and beach front on one of the only 3 waterski lakes in the East Valley. The ski lake has a 5 buoy course for competition training or practicing. Guest house could become an income producing opportunity. It could be a long term rental or airbnb. You won't find another one like this unique home!

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/!


$625,000 :: 2119 E CLIPPER Lane, Gilbert AZ, 85234

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5 beds, 3 baths
Home size: 2,810 sq ft
Lot Size: 10,019 sq ft
Added: 11/29/19, Last Updated: 01/10/20
Property Type: Single Family
MLS Number: 6006703
Community: REGATTA AT VAL VISTA LAKES AMD LOT 1-108
Tract: REGATTA AT VAL VISTA LAKES AMD LOT 1-108
The price of this listing was last reduced on 1/10/2020 by 2%
Status: Active


CUSTOM Single-level water front home in Val Vista Lakes gated Regatta subdivision. You will fall in love with this community and the lakes lifestyle! Private street at the end of a quiet cul-de-sac with additional parking in the center court. Single level living with open floorplan for easy entertaining! Large master bedroom with outdoor access to the hot tub on the private patio. Two bedrooms with a shared Jack-n-Jill bathroom. Large space for home office. Third bay of garage has been converted for living space. Possible workroom/office or can easily be converted back to garage. (Ask about details) North south facing with large patio stubbed for gas outdoor kitchen. Outdoor fireplace adjacent to hot tub for romantic evenings under the stars! Newer carpeting and paint.

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/!


$500,000 :: 1700 E LAKESIDE Drive #32, Gilbert AZ, 85234

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2 beds, 2 baths
Home size: 1,777 sq ft
Lot Size: 5,663 sq ft
Added: 12/07/19, Last Updated: 01/06/20
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6012051
Community: Val Vista Lakes BRECKENRIDGE BAY LOT 1-65 TR A-I
Tract: Val Vista Lakes BRECKENRIDGE BAY LOT 1-65 TR A-I
The price of this listing was last reduced on 1/6/2020 by 4%
Status: Active


RARE Waterfront townhome in Breckenridge Bay at Val Vista Lakes! This single level two bedroom, 2 bath low maintenance condo is move - in ready. Gated subdivision makes this an ideal lock and leave for a winter home. Bright kitchen with skylights and bay windows, light colored cabinetry and porcelin tile. Formal dining room that opens to the family room and. Iews of the lake. Master suite has private entrance to backyard. Large walk-in closet, dual vanityand seperate tub and shower. Secondary bedroom also has a large bay window and bathroom adjacent for guests privacy. Large private backyard with boat dock. Perfect northeasterly views of the mountains and wide open lake. Pavers cover the back to create an ideal outdoor space perfect for entertaining. Convenient to the famed Val Vista Lake

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/!


$1,800,000 :: 193 N Ski Court, Gilbert AZ, 85233

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5 beds, 7 baths
Home size: 6,700 sq ft
Lot Size: 20,038 sq ft
Added: 10/14/19, Last Updated: 01/03/20
Property Type: Single Family
MLS Number: 5991650
Community: CRYSTAL POINT ESTATES AMD LOT 1-20 TR A-H
Tract: CRYSTAL POINT ESTATES AMD LOT 1-20 TR A-H
Status: Active


Beautiful Custom home on a private water ski lake. Water ski, tube, wakeboard, all out your back door. This home is the builders personal home. Custom in every way. Master Suite, plus office & guest bedroom all on the first floor. All bedrooms have their own full bathroom. Open great room with 21ft ceiling open wall of windows to the beautiful lake view. Granite counter tops, Top of the line stainless steel appliances, double ovens, warming draw, 6 burner Thermador Cook top, custom oak cabinets through out the home. Large center island with vegetable sink & eating area. Large covered patio with built in misters, built in BBQ & sink. Private boat dock with sink & small refrigerator. Large ski house to store tubes, wake boards, skis Large 5 car garage with built in cabinets, epoxy floor

Listed with The Hogan Group 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/!


$2,275,000 :: 1506 E TREASURE COVE Drive, Gilbert AZ, 85234

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6 beds, 6.5 baths
Home size: 5,706 sq ft
Lot Size: 17,860 sq ft
Added: 11/14/19, Last Updated: 11/14/19
Property Type: Single Family
MLS Number: 6005014
Community: WEST LAKE ESTATES LOT 1-40 TRACT A-C
Tract: WEST LAKE ESTATES LOT 1-40 TRACT A-C
Status: Active


Welcome to ''Crown Jewel'' of Val Vista Lakes!! Here you will find an absolutely STUNNING & UNIQUE 'One-Of-A-Kind' luxury architectural MASTERPIECE. Located on a lake in the highly prestigeous West Lake Estates and on one of the largest lots in Val Vista Lakes. Incredible waterfront views. In a gated community. A $14 million clubhouse, directly across the street is also included! Recently remodeled to perfection--NO expenses spared here! This contemporary estate is fully automated---control the huge sliding doors, blinds, kitchen cabinets, pool, thermostat, lights and much more, all at the touch of a button on your phone! This 'Smart Home' is designed to fully integrate with your smart phone. This one is only for the very discriminating buyer who wants it ALL and wont settle...

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/!


$530,000 :: 1904 W CANYON Way, Chandler AZ, 85248

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3 beds, 2.5 baths
Home size: 2,165 sq ft
Lot Size: 7,406 sq ft
Added: 02/20/20, Last Updated: 02/20/20
Property Type: Single Family
MLS Number: 6039807
Community: OCOTILLO LAKES PARCEL B
Tract: OCOTILLO LAKES PARCEL B
Status: Active


This house has it all! Open Floor Plan. This home has laminate wood flooring in the living and family room. The kitchen has granite counter tops, stainless steel appliances and upgraded cabinets. At the top of the sweeping staircase there is a loft and 2 bedrooms. Also upstairs is your master suite with vaulted ceilings. The master bath has double sinks and garden tub and over-sized shower. The backyard has a covered patio that runs the width of the home. Play pool with water fall is fenced and has a small grass area. Close to Chandler Schools, Dining, Shopping, Entertainment, Hospitals, Intel, Easy access to Freeways. Shown by Appointment ONLY

Listed with Desert Wind Property Mgmt and 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/!


 

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

 

 

 

 

 

 

 

 

 

 

 

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