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

$669,000 :: 1825 E CYPRESS TREE Drive, Gilbert AZ, 85234

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4 beds, 2 baths
Home size: 2,493 sq ft
Lot Size: 13,939 sq ft
Added: 08/12/18, Last Updated: 11/16/18
Property Type: Single Family
MLS Number: 5806089
Community: LAKESIDE AT VAL VISTA LAKES
Tract: LAKESIDE AT VAL VISTA LAKES
The price of this listing was last reduced on 11/16/2018 by 1%
Status: Active


A rare find, this one-story home is on the big lake at Val Vista Lakes Community with a boat to ride to the Clubhouse which features a sandy beach pool and a heated Jr. Olympia swimming pool with lap lanes. Tennis, racquet ball, pickle ball, weight & cardio rooms for a great workout. Private locker rooms with showers. The home is on a quiet cul-de-sac and walking distance to clubhouse, elementary school & playground. 4 spacious bedrooms, walk-in closets. Baths have double sinks, master has separate shower and soak tub. 2nd bath as full-size tub and shower with privacy door. A rare opportunity, a one story on open water, the VACANT lot across the lake from this home recently sold for $450,000, a new home is under construction. Double boat dock with seating area.

Listed with USELLSMART 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/!


$557,900 :: 4574 S GRISWOLD Street, Gilbert AZ, 85297

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5 beds, 4 baths
Home size: 3,189 sq ft
Lot Size: 10,890 sq ft
Added: 11/09/18, Last Updated: 11/16/18
Property Type: Single Family
MLS Number: 5845377
Community: LAYTON LAKES PARCEL 1 2ND AMD
Tract: LAYTON LAKES PARCEL 1 2ND AMD
The price of this listing was last reduced on 11/16/2018 by 0%
Status: Active


Absolutely stunning home on a premium, large waterfront lot in Layton Lakes! Incredible views from all back windows! This renovated 5 bedroom, 4 bath has new wood plank tile flooring, a gorgeous updated kitchen with white cabinets, quartz countertops, cement tile backsplash, new sink and matte black faucet! Fresh paint, new carpet, fixtures and fans throughout. All bathrooms updated with new vanities, faucets, mirrors, lighting and accessories! Check out the gorgeous master bathroom with freestanding vanity with marble top, huge walk-in shower with dual shower heads. Spacious backyard (10,956sf lot) with synthetic grass, covered patio plus additional paver patio and beautiful lake views! Highly desirable location in Layton Lakes with beautiful parks, walking paths, tennis courts and more!

Listed with TomKat 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/!


$799,900 :: 1518 E TREASURE COVE Drive, Gilbert AZ, 85234

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5 beds, 3 baths
Home size: 3,323 sq ft
Lot Size: 17,424 sq ft
Added: 11/15/18, Last Updated: 11/16/18
Property Type: Single Family
MLS Number: 5847599
Community: WEST LAKE ESTATES LOT 1-40 TRA
Tract: WEST LAKE ESTATES LOT 1-40 TRA
Status: Active


Exquisite highly desirable custom 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 and fridge. Gorgeous travertine and cherry wood floors. Combination family/game rooms w/pool table, wine cellar and bar area for indoor entertaining. Custom columns and designer's touches everywhere. 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. MUST SEE!!

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/!


$605,000 :: 1109 W PENINSULA Drive, Gilbert AZ, 85233

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3 beds, 2 baths
Home size: 2,613 sq ft
Lot Size: 9,583 sq ft
Added: 11/15/18, Last Updated: 11/15/18
Property Type: Single Family
MLS Number: 5847382
Community: WINDHAVEN LOT 1-65 TR A-C
Tract: WINDHAVEN LOT 1-65 TR A-C
Status: Active


Spectacular waterfront Islands home in Gilbert is now on the market! This gorgeous 3 bed + Den, 2 bath home features a fabulous interior boasting vaulted ceilings, great room with tons of natural light, plantation shutters in all the right places, tile flooring throughout, den perfect for a game room, and cozy fireplace in family room. Gourmet kitchen is equipped with nice appliances, ample cabinets, granite countertops, island, and breakfast room. Spacious master suite has a lavish bath with dual sinks, soaking tub, shower with block glass, and backyard exit. Stunning backyard offers built-in BBQ, personal putting green, sparkling blue pool, private deck, and covered patio giving you a one of a kind lake view.

Listed with Dempsey Group 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/!


$339,900 :: 628 S CATALINA Street, Gilbert AZ, 85233

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3 beds, 2 baths
Home size: 1,691 sq ft
Lot Size: 4,356 sq ft
Added: 11/15/18, Last Updated: 11/15/18
Property Type: Single Family
MLS Number: 5847317
Community: LAGO ESTANCIA
Tract: LAGO ESTANCIA
Status: Active


Walk in & feel right at HOME in this waterfront home*Great view while you're entertained by the birds, ducks & cranes*Friendly lake community, tree lined streets*Walking paths*Well cared for clean home*Plantation shutters*Spacious island kitchen with lots of cabinets and new granite counters*Large pantry, New Microwave & DW*16'' Ceramic tile everywhere except new carpet in living room & bedrooms*new SS sink & faucet*Breakfast Bar*Spacious Master bath w/his & her vanities*Huge master walk-in closet*Family room opens to backyard*covered patio great for entertaining*Freshly painted interior*Brick borders new synthetic grass*Very low maintenance yard*Close to all the great entertainment, restaurants & shops in downtown Gilbert*NEW AC summer 2018

Listed with Realty Gallery


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


$614,900 :: 826 S COPPER KEY Court, Gilbert AZ, 85233

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5 beds, 3.5 baths
Home size: 4,032 sq ft
Lot Size: 8,276 sq ft
Added: 11/15/18, Last Updated: 11/15/18
Property Type: Single Family
MLS Number: 5847112
Community: CATALINA BAY AT THE ISLANDS
Tract: CATALINA BAY AT THE ISLANDS
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/!


$498,950 :: 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: 10/29/18, Last Updated: 11/14/18
Property Type: Single Family
MLS Number: 5839835
Community: VAL VISTA LAKES LANDING
Tract: VAL VISTA LAKES LANDING
The price of this listing was last reduced on 11/14/2018 by 0%
Status: Active


Val Vista Lakes on the lake under $500k! 4Bedroom 2.5Bath 2.5car garage. All Travertine flooring throughout first floor. Granite slab counters. Huge covered patio overlooking lake with views from all corners of home. Massive vaulted master bedroom with expansive walkout balcony. Dual sink shower and tub with walk in closet. Walk in kitchen pantry epoxied garage floors. Community features at Val Vista Lakes include full access too Clubhouse, workout room, heated pool, sandy beach pool, lighted tennis courts, racquetball, waterfalls, fishing, boating! Val Vista lakes is Lush green with mature trees and walking paths. All this next to Dana Park shopping and restaurants. Won't last submit your offer now before its too late!

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/!


$442,500 :: 1700 E LAKESIDE Drive #14, Gilbert AZ, 85234

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2 beds, 2 baths
Home size: 1,777 sq ft
Lot Size: 7,405 sq ft
Added: 06/05/18, Last Updated: 11/13/18
Property Type: Condo/Townhouse/Co-Op
MLS Number: 5775809
Community: Val Vista Lakes
Tract: Val Vista Lakes
The price of this listing was last reduced on 11/13/2018 by 1%
Status: Active


Rare single level WATERFRONT 2 Bedroom condo in Breckenridge Bay with side yard access! This unit has been meticulously cared for and is move-in ready. Offered furnished and would be a fantastic investment for seasonal owner. Large master suite with access to the rear yard and outstanding lake views. Large closet and bathroom with beautiful saltillo tile. Kitchen has a sunny dinette area & 18 foot ceilings. Large family room with fireplace and dining area. Secondary bedroom has private bathroom for guests. Newer AC unit & water heater. Flat roof was recently re-coated.End unit so only 1 common wall. Convenient to the amazing Val Vista Lakes clubhouse with 8 tennis courts, indoor raquetball, sand-entry lagoon, cardio & weight rooms. Excellent Gilbert location near US 60. Excellent schools.

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/!


$388,000 :: 1337 W CLEAR SPRING Drive, Gilbert AZ, 85233

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3 beds, 2 baths
Home size: 1,770 sq ft
Lot Size: 4,356 sq ft
Added: 11/09/18, Last Updated: 11/09/18
Property Type: Single Family
MLS Number: 5844816
Community: CORAL POINT REPLAT LOT 76-101
Tract: CORAL POINT REPLAT LOT 76-101
Status: Active


Must See This stunning, waterfront home in the highly coveted Islands gated community (The Falls ) This home features a great eat-in kitchen. Cozy up next to the fireplace in the living room or Master bedroom which both overlook the serene waterfront. Fish or take out your Boat from your own private dock. This home is just steps away from the community pool and hot tub. HOA includes maintenance of both the front and backyard as well as exterior painting every 7 years. Make this your home in the sought after Falls community today!

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/!


$338,000 :: 1326 W CLEAR SPRING Drive, Gilbert AZ, 85233

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3 beds, 3 baths
Home size: 2,016 sq ft
Lot Size: 3,920 sq ft
Added: 02/15/18, Last Updated: 11/08/18
Property Type: Condo/Townhouse/Co-Op
MLS Number: 5724005
Community: CORAL POINT REPLAT LOT 76-101
Tract: CORAL POINT REPLAT LOT 76-101
The price of this listing was last reduced on 11/8/2018 by 0%
Status: Active


WATERFRONT LAKEFRONT LOT in a GATED COMMUNITY with a gorgeous backyard that backs up to the water. Sit out on the balcony and watch the beautiful waterfall. Home has bay windows in the dining room and kitchen. Awesome views from the dining room. Home has Two Zone Air Conditioners. Masterbath has separate Shower and Tub. Home flows smoothly and has great views. Also you can put your boat in the big lake and take it up to the community pool and spa.

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/!


$390,000 :: 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: 10/23/18, Last Updated: 10/23/18
Property Type: Single Family
MLS Number: 5837356
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/!


$525,000 :: 1974 W LYNX Court, Chandler AZ, 85248

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4 beds, 3 baths
Home size: 2,922 sq ft
Lot Size: 10,890 sq ft
Added: 10/19/18, Last Updated: 10/19/18
Property Type: Single Family
MLS Number: 5834088
Community: OCOTILLO LAKES
Tract: OCOTILLO LAKES
Status: Active


LOCATION LOCATION LOCATION! BEST DEAL IN OCOTILLO LAKES! TOP SCHOOLS! Gorgeous Single Level Executive home located in one of the best neighborhoods in Chandler -The Enclave in Ocotillo. Gated community with tree lined streets, lakes,& grassy park areas located close to Chandler Traditional Academy, Snedigar Sports Complex, restaurants, shopping,& easy access to major highways.Beautiful split floor plan boasts 3 bedrooms, 3 full baths, 2 dens (easily converted into 4th bedroom & large master walk in closet), great room, formal living & dining room. Brand new wood planked tile floors, plantation shutters, pendant lighting, & new paint. The large eat-in kitchen has a wall oven, cook top, walk-in pantry, breakfast bar,& desk area. Large family room with gas fireplace. The master has private

Listed with Coldwell Banker Residential Brokerage


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


$575,000 :: 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: 09/26/18
Property Type: Single Family
MLS Number: 5811959
Community: OCOTILLO LAKES
Tract: OCOTILLO LAKES
The price of this listing was last reduced on 9/26/2018 by 3%
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/!


$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


A MUST SEE! Rare and unique waterfront home in the upscale Ocotillo Lakes private gated community, in pristine condition and ready to move in. Stunning lake views with a North/South exposure for natural light. Over 3,300 ft2 of amazing open floor plan, on a large lot (almost a 1/3 acre). Huge master bedroom and bathroom, with his and hers extra large walk-in closets. 3 sizeable additional bedrooms and two more full bathrooms. Modern kitchen with stainless steel appliances, including a built-in Subzero refrigerator/freezer. Den/office. Awesome fireplace and custom window shades throughout. 10' and 12' ceilings. Entertain with style with a large covered patio, a superb pool with waterfalls, and a landscaped yard with citrus trees. Separate pantry / laundry room with additional cabinets.

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/!


 

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

 

 

 

 

 

 

 

 

 

 

 

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