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

$369,900 :: 301 E VAUGHN Avenue, Gilbert AZ, 85234

Property Photo

Mls Icon

4 beds, 3 baths
Home size: 2,209 sq ft
Lot Size: 5,662 sq ft
Added: 03/06/19, Last Updated: 03/24/19
Property Type: Single Family
MLS Number: 5892322
Community: STONEBRIDGE LAKES MANOR LOT 1-123 TR A-F
Tract: STONEBRIDGE LAKES MANOR LOT 1-123 TR A-F
The price of this listing was last reduced on 3/24/2019 by 3%
Status: Active


LAKEFRONT HOME WITH COURTYARD AND ,DOUBLE ENTRY DOOR, HARDWOOD FLOORING IN ENTRY,4 BEDROOMS WITH 3 FULL BATHS WITH MASTER HAVING A SEPATE TUB AND SHOWER. THIS HOME HAS LOTS OF CLOSET SPACE. NICE SIZE PATIO BALCONY OVER LOOKING THE LAKE WITH THE KITCHEN ALSO HAVING A LAKE VIEW.FRUIT TREES WITH PREMIUM ARTIFICIAL GRASS AT THE REAR .ASSOCIATION MAINTAINS THE FRONT GRASS AREA .DONT MISS OUT ON THIS RARE FIND

Listed with Abraham Watkins 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/!


$398,000 :: 1329 W CLEAR SPRING Drive, Gilbert AZ, 85233

Property Photo

Mls Icon

3 beds, 2 baths
Home size: 1,602 sq ft
Lot Size: 3,920 sq ft
Added: 03/04/19, Last Updated: 03/23/19
Property Type: Single Family
MLS Number: 5891329
Community: CORAL POINT REPLAT LOT 76-101
Tract: CORAL POINT REPLAT LOT 76-101
The price of this listing was last reduced on 3/23/2019 by 0%
Status: Active


Must see this BEAUTIFUL , WATERFRONT home in the highly coveted Islands gated community, The Falls. This single story home has been meticulously cared for. It features a great eat-in kitchen with gorgeous views of the main lake. Cozy up to the fireplace in the living room. Entertain your family and friends in this beautiful backyard, with magnificent upgrades to the patio. Fish or launch your boat from your own private dock. This home is just steps away from the Community Pool and Jacuzzi. The Falls is a unique neighborhood that has a great sense of community. Enjoy the clubhouse and the many HOA / community sponsored events that take place through out the year. Come see this beautiful LAKEFRONT home and make it yours today! Lots of great memories to be made here!!

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/!


$224,900 :: 2670 S Voyager Drive #112, Gilbert AZ, 85295

Property Photo

Mls Icon

2 beds, 1.75 baths
Home size: 1,006 sq ft
Lot Size: 871 sq ft
Added: 03/19/19, Last Updated: 03/19/19
Property Type: Condo/Townhouse/Co-Op
MLS Number: 5898178
Community: The Lakes at Annecy
Tract: The Lakes at Annecy
Status: Active


Lake-Front Living At Its Finest! Spectacular Gilbert Townhome in the Gated Community of Annecy including 4 Community Lakes, 3 Community Pools, Spas, BBQ's, & Basketball Court. Waterfront Brownstone style townhouse, highly upgraded, has soaring Vaulted Ceilings with Crown Mouldings, Dark Maple Cabinets, Granite Countertops & Tiled Backsplash, Undercounter Lighting, In-Ceiling Stereo Speakers, 4 Ceiling Fans. Also equipped with RO and Water Softener. Home is Fully Furnished, everything included, ready to move in. Meticulously kept with tremendous view of the lake out front. Prime Location very close to San Tan Village Mall and the 202. Be sure to see the Virtual Tour!

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/!


$589,900 :: 826 S COPPER KEY Court, Gilbert AZ, 85233

Property Photo

Mls Icon

5 beds, 3.5 baths
Home size: 4,032 sq ft
Lot Size: 8,276 sq ft
Added: 11/15/18, Last Updated: 03/18/19
Property Type: Single Family
MLS Number: 5847112
Community: CATALINA BAY AT THE ISLANDS
Tract: CATALINA BAY AT THE ISLANDS
The price of this listing was last reduced on 3/2/2019 by 4%
Status: Active


Blending relaxation and sophistication to create the ideal home! Masterful design and luxury are uniquely embodied in this 5 bedroom 3.5 bath 2 story home with 4032 SF! Travertine walkway leads to the front door, and upon entering your eye catches the sweeping grand staircase ahead and the expansive open floor concept. The incredible island kitchen features dark cabinetry, plant shelving, pantry, white appliances, breakfast bar, and recessed lighting. This home includes its very own movie room, with a 110 inch projection screen, surround sound speaker system, custom Venetian plaster walls, LED lighting, and ramp access to each tiered level. Please see more remarks for more info.

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/!


$329,000 :: 621 S PARADISE Drive, Gilbert AZ, 85233

Property Photo

Mls Icon

3 beds, 2 baths
Home size: 1,797 sq ft
Lot Size: 4,356 sq ft
Added: 12/08/18, Last Updated: 03/17/19
Property Type: Single Family
MLS Number: 5855616
Community: CORAL POINT REPLAT LOT 76-101
Tract: CORAL POINT REPLAT LOT 76-101
The price of this listing was last increased on 3/17/2019 by 100%
Status: Active


Back on the market! This is living at it best!! Move in ready and totally furnished (optional) beautiful, light, bright, and open waterfront home in the highly desirable, gated community of The Falls in the Islands.Home has a spacious eat in kitchen and a family room that overlooks the lagoon and peaceful sounds of the cascading waterfalls. Large master bedroom has a deck that provides amazing sunriise views and overlooks the water features.Home is just minutes away from the large, sparkling community pool and heated spa which overlook the main lake. The Islands community features a beautiful entry fountain, community center, large parks, boating, fishing and much more...HOA covers street maintenance, homes painted every 7 years, and even includes both front and rear landscaping

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/!


$725,000 :: 1717 E Coco Palm Court, Gilbert AZ, 85234

Property Photo

Mls Icon

5 beds, 4 baths
Home size: 4,052 sq ft
Lot Size: 12,196 sq ft
Added: 02/01/19, Last Updated: 03/16/19
Property Type: Single Family
MLS Number: 5876441
Community: VAL VISTA LAKES
Tract: VAL VISTA LAKES
The price of this listing was last reduced on 3/16/2019 by 5%
Status: Active


Welcome to your DREAM HOME with a basement! Gorgeous 5 bed / 4 bath, 3 car extended depth garage and side double gate!! This lakeside home in the HIGHLY DESIRABLE Val Vista Lakes, GATED ''Lakeside'' community. New exterior and interior paint, carpet, most of the interior hardware and light fixtures and many other various trim work!!! Home features a wide open floor plan, easy clean-up tile flooring and beautiful finishes throughout. Outstanding chef's kitchen fully equipped with stainless steel appliances, granite countertops and tons of wood cabinet storage. LARGE living room has stunning wood flooring, custom stone fireplace, built-in entertainment center and double doors to backyard access. Backyard has grassy area, nice patio areas and a custom boat dock!!! This is a stunning home!!

Listed with Results 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/!


$535,000 :: 1509 W SILVER KEYS Court, Gilbert AZ, 85233

Property Photo

Mls Icon

3 beds, 2.5 baths
Home size: 2,409 sq ft
Lot Size: 13,503 sq ft
Added: 03/15/19, Last Updated: 03/15/19
Property Type: Single Family
MLS Number: 5896779
Community: SHORES AT THE ISLANDS
Tract: SHORES AT THE ISLANDS
Status: Active


Looking for a new place to call home? Then this fabulous 3 bed, 2.5 bath waterfront lot property located in Gilbert is just for you! This lavish home boasts desert landscaping, 2 car garage, vaulted ceilings, formal dining and living areas, plantation shutters, neutral paint throughout, and more! The elegant kitchen offers ample cabinetry, a pantry, granite countertops, tile backsplash, matching appliances, and a lovely island with a breakfast bar. Inside the grandiose master bedroom you will find a full bath with double sinks, separate tub and shower, and a spacious walk-in closet. The wonderful backyard includes a covered patio, grassy area, built-in BBQ, and a sparkling blue pool! Homes this great never last long, don't waste any time and schedule a showing NOW!

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/!


$799,000 :: 1518 E TREASURE COVE Drive, Gilbert AZ, 85234

Property Photo

Mls Icon

5 beds, 3 baths
Home size: 3,323 sq ft
Lot Size: 17,424 sq ft
Added: 03/14/19, Last Updated: 03/14/19
Property Type: Single Family
MLS Number: 5895944
Community: WEST LAKE ESTATES LOT 1-40 TRACT A-C
Tract: WEST LAKE ESTATES LOT 1-40 TRACT A-C
Status: Active


BACK ON THE MARKET WITH MANY NEW UPDATES! Custom, luxury waterfront home in prestigious West Lake Estates on a huge lot. 5 beds/3 baths. Beautiful chefs kitchen w/cherry cabinets, granite countertops, all stainless steel appliances, double convection ovens, fridge. Travertine + cherry wood floors. Beautiful custom window treatments. Combination family/game rooms w/pool table, wine cellar and bar area for indoor entertainment. Master bed has balcony overlooking large backyard, lake and mountain views. Huge master bath w/jacuzzi. Fabulous resort backyard w/ heated pool, spa, travertine patio, custom fireplace and lush landscaping. 2 RV gates. Everything has been highly upgraded! Access to Val Vista Lake amenities: pools, beach, spa, lagoon, tennis, racketball, gym, clubhouse. Home warranty

Listed with Arizona Oasis 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/!


$2,490,000 :: 7450 S BEACH Boulevard, Gilbert AZ, 85298

Property Photo

Mls Icon

6 beds, 6.5 baths
Home size: 7,958 sq ft
Lot Size: 43,560 sq ft
Added: 01/07/19, Last Updated: 03/12/19
Property Type: Single Family
MLS Number: 5864521
Community: SANTAN LAKESIDE ESTATES AMD
Tract: SANTAN LAKESIDE ESTATES AMD
The price of this listing was last reduced on 3/12/2019 by 0%
Status: Active


WATERFRONT CUSTOM ESTATE-GORGEOUS MOUNTAIN VIEWS! Ski/Tube/Wake & Paddleboard from your beachfront backyard. 19 One Acre Lots Nestled Around a Private 13 Acre Lake- ENTERTAINERS DREAM! Main House 5/5.5 plus pool 1/2 bath 6,984 sq. ft. plus 974 sq.ft. Casita - Main Home features Greatroom open to unobstructed lake views, Gourmet Chef's Kitchen with room to entertain. Gorgeous Textures- Rolled brick Ceilings/Travertine /Sub-Zero/Butler's pantry w/wine fridge/ Large laundry room with all the extras! Kids wing has 3 beds and Gameroom. Detailed ceiling work. Amazing backyard w/Heated Pool/Spa/Grill Area/Fire Pit and Pizza oven. Private Covered Boat Dock with full lake access. Furniture and Boat available for sale. All 14 flat screen TV's convey with property. RV Garage! This is a Must See

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/!


$700,000 :: 1825 E MONARCH BAY Drive, Gilbert AZ, 85234

Property Photo

Mls Icon

4 beds, 3 baths
Home size: 3,140 sq ft
Lot Size: 11,761 sq ft
Added: 03/05/19, Last Updated: 03/05/19
Property Type: Single Family
MLS Number: 5891470
Community: CRYSTAL SHORES AT VAL VISTA LAKES
Tract: CRYSTAL SHORES AT VAL VISTA LAKES
Status: Active


Very motivated seller will look any and all offers**Another beautiful 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*Family room has marble gas fireplace*Luxury master suite boasts remodeled bathroom, jacuzzi tub, double sinks, and closet organizers*Fabulous yard has outdoor kitchen with sink, bar and grill, pebble tec pool and separate spa*High pressure mister systems on downstairs patio***3rd car garage is converted to hobby room, seller will convert back for buyer***Val Vista Lakes community includes 4 lakes, a swimming lagoon*

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/!


$629,900 :: 1901 W BARTLETT Court, Chandler AZ, 85248

Property Photo

Mls Icon

6 beds, 4 baths
Home size: 4,666 sq ft
Lot Size: 10,890 sq ft
Added: 02/07/19, Last Updated: 03/23/19
Property Type: Single Family
MLS Number: 5879723
Community: OCOTILLO LAKES
Tract: OCOTILLO LAKES
The price of this listing was last reduced on 3/23/2019 by 2%
Status: Active


REMODELED in 2019 with NEW GREYS - New Paint - New Flooring. This is a one of a kind beautiful custom executive home in a golf and lake community! Many of the finishes are what you might find on a yacht. Six bedrooms/four baths with a very flexible floor plan in this gated lake community's corner lot. Main level bedroom makes a great office as well and the home has a spacious back yard. The Family room has nice built-ins and speakers. Kitchen has built-in fridge and top-of-the-line Viking stove and stainless appliances. The Basement makes a perfect man cave with a great media room with a nice wet bar, built ins. Large loft upstairs is a bonus area for the gym or game room. It has a huge master bedroom with a fireplace and balcony. Must see to appreciate!

Listed with Kirans and Associates 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/!


$569,900 :: 1740 W BARTLETT Way, Chandler AZ, 85248

Property Photo

Mls Icon

4 beds, 2.5 baths
Home size: 3,234 sq ft
Lot Size: 9,147 sq ft
Added: 01/11/19, Last Updated: 03/22/19
Property Type: Single Family
MLS Number: 5866755
Community: OCOTILLO LAKES
Tract: OCOTILLO LAKES
The price of this listing was last reduced on 3/22/2019 by 0%
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 Balboa 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/!


 

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

 

 

 

 

 

 

 

 

 

 

 

One Reply to “Phoenix 2012 Real Estate Review”

Leave a Reply

Your email address will not be published. Required fields are marked *