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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$949,000 :: 1303 N Regatta Drive, Gilbert AZ, 85234

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4 beds, 4.50 baths
Home size: 4,492 sq ft
Lot Size: 10,276 sq ft
Added: 01/25/17, Last Updated: 05/25/17
Property Type: Single Family - Detached, Residential
MLS Number: 5551340
Tract: Regatta At Val Vista Lakes Amd Lot 1-108
Status: Active


Beautifully remodeled home located in the Heart of Gilbert! water front property looking straight down lake with no obstructions! Gorgeous stone work throughout the property, tiled pool and complete outdoor BBQ with a built in Pizza Oven and commercial grade misting system. The kitchen has top-of-the-line stainless appliances and built-in coffee maker. Unique, arches solid core doors and ornate iron work! AC and heating system replaced in May 2017! Custom garage storage and epoxy floors! Attention to detail is evident in every square foot of this home!

Listed with US Preferred 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/!


$325,000 :: 691 S Sahuaro Drive, Gilbert AZ, 85233

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4 beds, 2.00 baths
Home size: 2,157 sq ft
Lot Size: 7,261 sq ft
Added: 05/10/17, Last Updated: 05/25/17
Property Type: Single Family - Detached, Residential
MLS Number: 5603096
Tract: Lago Estancia
Status: Active


LAKESIDE LIVING. An incredible waterfront home, this generous beauty is nestled within the coveted Lago Estancia community. Enchanting back yard and lake views from the living and dining rooms. Sure to please, the eat-in kitchen features soaring vaulted ceilings and a long eat-at bar. The spacious family room is open to the kitchen for easy entertaining. Awaken refreshed in the relaxing master suite. Plentiful storage throughout. Endless lake views capture your attention and ease your mind as you sit back and relax in the beautiful back yard with covered and open-air patios, a lush fenced lawn and mature flora including vibrant bougainvillea, colorful hibiscus and shade trees. Wonderful community amenities: playgrounds, Ramadas, greenbelts, paved pathways and charming bridges.

Listed with Those Callaways


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


$365,900 :: 514 S Marina Drive, Gilbert AZ, 85233

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3 beds, 3.50 baths
Home size: 2,425 sq ft
Lot Size: 4,757 sq ft
Added: 05/07/17, Last Updated: 05/25/17
Property Type: Single Family - Detached, Residential
MLS Number: 5601961
Community: Coral Point
Tract: Coral Point Tract A-K
The price of this listing was last reduced on 5/25/2017 by 4%
Status: Active


Spectacular waterfront home in The Falls gated community.New roof, new gas pack A/C.Stylishly updated with beautiful wood flooring, custom paint, new carpet upstairs, 80% sunscreens & wood blinds thru-out. Kitchen features new granite counters w/ travertine backsplash. 50'' wide counter affords plenty of workspace & extends to breakfast bar.Rain glass cabinet doors, stainless Sub zero fridge, Jenn air gas stove & Bosch dishwasher. Eat-in kitchen w/view of lovely courtyard.Master bedroom downstairs w/ ensuite bath & glass doors opening to tranquil oasis.High ceilings with large, open loft upstairs. Master w/ ensuite bath & balcony over emerald water. 2nd bedroom & bath complete the upstairs.Shady patio & grass area at waters edge.Perfect for relaxing & watching ducks,geese & turtle in water

Listed with Prestige 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/!


$600,000 :: 1002 W Nautilus Drive, Gilbert AZ, 85233

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4 beds, 3.00 baths
Home size: 2,719 sq ft
Lot Size: 9,100 sq ft
Added: 03/30/17, Last Updated: 05/23/17
Property Type: Single Family - Detached, Residential
MLS Number: 5582795
Community: The Islands
Tract: Catalina Bay At The Islands Lt 1-67 Tr A-I K-M O-
Status: Active


GORGEOUS UPDATED lakefront property in The Islands! Over $120k in renovations over the years, including: kitchen, baths, flooring, AC units, granite, SS appliances, water softener & heater, int/ext paint, S & W facing windows, lighting/fans, security doors, and much more. Formal LR & DR, eat-in kitchen, FR and convenient bed/bath downstairs. Master retreat w sitting rm & walk-in travertine shower, soaking tub, new cabinets. 2 more bedrooms plus bath upstairs. A ''MUST SEE'' BACKYARD! A TRUE tropical retreat with mature landscaping, flowering shrubs, pool with waterfall, several cozy sitting areas, dock by lake, extended covered patio -- all perfect for relaxing or entertaining guests. Enjoy holiday boat parade from backyard or boat to Islands park for all community events! Come see!

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/!


$275,000 :: 345 E Vaughn Avenue, Gilbert AZ, 85234

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3 beds, 2.00 baths
Home size: 1,707 sq ft
Lot Size: 5,571 sq ft
Added: 03/20/17, Last Updated: 05/23/17
Property Type: Single Family - Detached, Residential
MLS Number: 5577913
Tract: Stonebridge Lakes Manor Lot 1-123 Tr A-F
Status: Active


Water Front Home with amazing view. 3 bedroom 2 Bath with - Corner Lot with privacy - Many custom features - Bay window in kitchen - Under cupboard lighting - Recessed lighting in Kitchen, Living Room, Master bedroom, and Large bedroom - Fireplace - Energy efficient lighting - Tiled Bathtub - Custom fron gate with gate doorbell - mature trees - 2 community pools - walking distance to historic old down town Gilbert with many restauraunts and shops

Listed with Realty East, Incorporated


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


$590,000 :: 552 N Mondel Drive, Gilbert AZ, 85233

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4 beds, 2.50 baths
Home size: 3,552 sq ft
Lot Size: 8,625 sq ft
Added: 03/04/17, Last Updated: 05/22/17
Property Type: Single Family - Detached, Residential
MLS Number: 5570324
Community: Playa Del Rey
Tract: Playa Del Rey Amended
The price of this listing was last reduced on 5/22/2017 by 2%
Status: Active


The minute you walk through the European-custom iron front door, you will be impressed. Majestic cathedral ceilings greet you. Stunning 4 bedroom 2.5 bathroom home located in your very own water ski subdivision of Playa Del Rey. So many upgrades: remodeled kitchen, Viking Refrigerator,6 burner cooktop and Fisher Paykal dishwasher. Beautiful curved wooden staircase leading to loft and master. Picturesque view from balcony. Terraced patio, widows walk and your own private dock, exercise pool and backyard. See supplement for more features. Have a boat? Well no more storage or wondering how to store that new boat. Not a boater? You will enjoy a spectacular resort-like back yard from your pool, patio, deck or balcony. An entertainers dream come true. Come and see for yourself before it's gon 552 N. Mondel Dr.Gilbert, AZ 85234Feature sheetLake- front with resort-like back yard, catch and release from your own backyard. Boat Dock (boat for sale too)Custom designed European front door ($12,000 cost new)Cathedral ceilingsHigh- end Chandelier in formal living room and above formal dining room table convey with the home.Custom drapes and cornices Trash compactor in laundry room, white cabinets convey with propertyKitchen:Cherry cabinets with pull-out drawersViking Refrigerator, gas cook top, Fisher Paykal dishwasher, under mount lighting under cabinetsMaster Bedroom and Bathroom:Double sinks, walk-in shower and temperature controlledCustom built-ins in master closet, built-in ironing board, extra linen closet in masterCustom closets in two of the bedroomsRemodeled powder room with bowl sinkUpgraded thermostats and switches (proximity switches)Surround sound and speakersWired for Ethernet3 A/C Units- 14 seer, one is approximately 4 years new.Water heater replaced in 2014Whole house water filtration systemPull down ladder in garagePool: Salt water, pebble tec with variable speed pumpExercise pool, water featureTerrace yard with three seating areasCovered patio and balcony off loft, fountains in front and back convey.Gated Community, Recreation room, catch and release fishing.

Listed with Re/Max Infinity


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 :: 1302 N Crystal Shores --, Gilbert AZ, 85234

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5 beds, 3.00 baths
Home size: 3,322 sq ft
Lot Size: 10,149 sq ft
Added: 05/18/17, Last Updated: 05/21/17
Property Type: Single Family - Detached, Residential
MLS Number: 5607393
Community: Val Vista Lakes
Tract: Crystal Shores Amd Lot 1-82 Tr A-I
Status: Active


Lifestyle. This home & neighborhood are about a lifestyle. Clubhouse events, community events, boat parades, luminary night, etc....This is a one of a kind home in a one of a kind community!! This home is located right on the tip of a peninsula so the views are spectacular!! The proximity to the clubhouse is ideal....just a short boat ride away. The entire home was remodeled in 2015. Wait until you see this gourmet kitchen & breathtaking backyard! Click ''More'' or Supplemental Remarks for more details about the home $265,000.00 in upgrades and improvements in the past 18 months!!*Kitchen: Subzero Built In Refrigerator, Wolf-6 Burner gas stove top w/ indoor Grill, Dual Wall ovens, Dual (2 Full Size) Bosch Dishwashers, Subzero Beverage Fridge, Appliance Caddy, Charging Station, Pass Thru Window to the backyard Bar, Quartz Sink, & Travertine backsplash ($89,000 Kitchen!!)*Over $20,000 in new flooring!*One of the largest docks in VVL! $21,000.00 Trex Dock w/ Lights & Lifetime warranty*Outdoor Kitchen with Gas Fire-bowls, Gas Grill (Very High End Cal Flame Grill), Fridge & Sink. ENTIRE Back-wall & Sidewall has been stoned as well as the pillars & Outdoor Kitchen. The covered patio is almost 500 Sq Ft.!! (Backyard Renovations=$110k!!) *New Awnings 2017*Outdoor Shower*Two Laundry Rooms (One upstairs and one Downstairs) ($2800 to add upstairs laundry!) *Stone Fireplace with Hearth and Mantel*Wood Shutters Throughout*HUGE Mainfloor Bedroom easily converted into a 2nd Master Suite*Master Suite has sitting area, walk-in closet with built in storage (Drawers and Shelving), Sitting area, Double Door Entry w/ Glass Transom, Exit to 332 Sq Ft. Private Balcony overlooking the lake, 2 Ceiling Fans *New Roof & New Kitchen in 2015*Two New HVAC 2015($19,800!! 1-16 SEER, 1-18 SEER)*Surround Sound Throughout/WiFi*2015 all new lighting (Interior and exterior)*New Water Softener 2015*Security System*50 Gallon Gas Water Heater new in 2015*53 FEET of Water-frontage ! WOW! *$3,000 for Insulated Garage Doors*3 Walls of Garage Storage as well as a built in Work Bench*RV Gate*Borders a Common area (No One on 2 Sides!!)*One of the biggest complaints I hear about a backyard pool on a lakefront home is "No Privacy". This is NOT the case here! The pool is tucked away for privacy!!*4922 TOTAL UNDER ROOF SQUARE FOOTAGE! This is a BIG Footprint for Indoor/Outdoor Living!!

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/!


$349,900 :: 884 S Parkcrest Street, Gilbert AZ, 85296

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4 beds, 3.00 baths
Home size: 2,410 sq ft
Lot Size: 8,603 sq ft
Added: 11/16/16, Last Updated: 05/19/17
Property Type: Single Family - Detached, Residential
MLS Number: 5525916
Tract: Greenfield Lakes Parcel 3 Unit 1
The price of this listing was last reduced on 5/6/2017 by 3%
Status: Active


Gorgeous home for family and entertaining located at Greenfield Lakes Subdivision! Very nice curb appeal in a cul de sac. Soaring ceilings and open floorplan. The sunken family room off the kitchen makes this a tri-level home. Upgraded kitchen features new granite countertops just installed, beautiful cabinetry, walk in pantry,and a separate bedroom on first floor full bathroom for guests/relatives. New carpet, new paint. Huge master suite with sitting room, walk in closets, and balcony exit overlooking golf course lake. Large backyard with pool and waterfall features. San Tan Marketplace very close for shopping, movies, and great restaurants. Seller is offering one year home warranty.

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/!


$735,000 :: 1819 E Lakecrest Drive, Gilbert AZ, 85234

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5 beds, 3.50 baths
Home size: 3,503 sq ft
Lot Size: 11,827 sq ft
Added: 04/08/17, Last Updated: 05/17/17
Property Type: Single Family - Detached, Residential
MLS Number: 5587804
Community: Crystal Shores At Val Vista
Tract: Crystal Shores Amd Lot 1-82 Tr A-I
The price of this listing was last reduced on 5/17/2017 by 2%
Status: Active


AWESOME VIEW OF VAL VISTA LAKES IN CRYSTAL SHORES. THIS IS THE LARGER LAKE WHERE YOU CAN TAKE YOUR BOAT TO THE CLUBHOUSE. TWO MASTER BEDROOMS, ONE DOWN AND ONE UP . GRANITE COUNTERS IN KITCHEN WITH REMODELED KITCHEN. KITCHEN OPEN TO GREAT ROOM WITH FIREPLACE. FORMAL LIVING ROOM OPEN TO FORMAL DINING ROOM. WALK OUT BALCONY ON UPSTAIRS MASTER TO WATCH SUNSETS. COVERED PATIO WITH LARGE GRASS AREA , BUILT IN BBQ, HEATED POOL AND SPA AND WATERFALL. BOAT DOCK . POOL IS GATED FOR CHILD SAFETY. SEE VIRTUAL TOUR IN PHOTO SECTION FOR MORE DETAILS.

Listed with Sun Canyon 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/!


$819,900 :: 2103 E Clipper Lane, Gilbert AZ, 85234

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6 beds, 3.00 baths
Home size: 4,029 sq ft
Lot Size: 11,282 sq ft
Added: 04/21/17, Last Updated: 05/17/17
Property Type: Single Family - Detached, Residential
MLS Number: 5593989
Tract: Val Vista Lakes
Status: Active


UPGRADES GALORE! LOCATED IN THE COVETED GATED REGATTA SUBDIVISION OF VAL-VISTA LAKES! **CUSTOM GOURMET KITCHEN** **BUILT IN SUB ZERO FRIDGE** **WINE FRIDGE** **VIKING STOVE** **OVERSIZE BUILT IN VIKING FRIDGE** **FIREPLACE* **6 BEDROOMS** **MASTER BEDROOM DOWNSTAIRS** **GUEST ROOM DOWNSTAIRS** **LAKEFRONT** **RESORT STYLE BACKYARD** **CUSTOM GRILL** **FIREPIT** **STEAM SHOWER** PRIVATE COMMUNITY CLUB HOUSE** LIST GOES ON AND ON!

Listed with Venture REI, 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/!


$330,000 :: 1882 W Havasu Way, Chandler AZ, 85248

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3 beds, 2.00 baths
Home size: 1,533 sq ft
Lot Size: 8,172 sq ft
Added: 05/12/17, Last Updated: 05/17/17
Property Type: Single Family - Detached, Residential
MLS Number: 5604897
Tract: Ocotillo Lakes Parcel B
Status: Conditional


Gorgeous WATERFRONT home in Chandler! Least expensive waterfront home offered in Ocotillo Lakes. Home is in immaculate condition, move in ready and offered with fridge and washer/dryer!! Soaring ceilings and warm wall tones flowing throughout. Eat in kitchen is complete with center island, breakfast bar, a plethora of custom cabinets, and granite countertops. Master suite has tile flooring with ceiling fan and bay window. Full spa bathroom with custom granite dual sink vanity and separate soaking tub + shower. Spacious walk in closet! Backyard features a covered patio with sparkling pool, firepit with seating, and direct access to the lake. Newly painted exterior and lots of upgrades. This home is sure to go quick, so come see it today!

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/!


$515,000 :: 4881 S Pecan Way, Chandler AZ, 85248

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4 beds, 2.00 baths
Home size: 2,531 sq ft
Lot Size: 9,017 sq ft
Added: 04/14/17, Last Updated: 04/19/17
Property Type: Single Family - Detached, Residential
MLS Number: 5591073
Community: Ocotillo Lakes
Tract: Ocotillo Lakes Parcel Ac
Status: Conditional


Exquisite Waterfront Home in the Gated Community of Ocotillo Lakes.This property shows like a Model home. With lush landscaping,waterfront views and walls of glass the entry entices you into this lovely home. Open Kitchen shows off ZubZero Refrigerator, double ovens, built in microwave,stainless appliances and 'Oh what a lake view' for eat-in breakfast area & kitchen viewing. New Trane A/C Unit in 2012 and new Hot Water Heater in 2015. This home has had the utmost care and maintenance. Soothing interior palette, plush carpet, beautiful travertine floors in all the right places. Great room is large and open to the kitchen and shows off fantastic views of the lake.Covered Patio greets you with spectacular views of the lake from left, right and center. Short walk on the steps gets you to your private boat dock to go cruising on the lake with your boat and friends. Relax & enjoy the breathtaking lake views from the covered patio. Start shopping for a boat! This incredible Home with NOT disappoint

Listed with Arizona Lakeview Realty, 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/!


$524,900 :: 1551 W Mead Court, Chandler AZ, 85248

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5 beds, 2.50 baths
Home size: 3,033 sq ft
Lot Size: 9,148 sq ft
Added: 03/22/17, Last Updated: 04/11/17
Property Type: Single Family - Detached, Residential
MLS Number: 5578959
Tract: Ocotillo Lakes Parcel D1
Status: Active


Welcome to Ocotillo Golf Community. If you're looking for the perfect golf get away/man cave, this fits the bill. Surrounded by serene waters this spacious waterfront home is for a growing family or a vacation home for seasonal golf visitors. Boasting a gorgeous pool and built in BBQ, custom fireplace and pool, you'll feel right at home.

Listed with North & Co


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