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

$650,000 :: 1418 W EMERALD KEY Court, Gilbert AZ, 85233

Property Photo

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3 beds, 3 baths
Home size: 2,798 sq ft
Lot Size: 9,148 sq ft
Added: 12/04/20, Last Updated: 01/09/21
Property Type: Single Family
MLS Number: 6167989
Community: SHORES AT THE ISLANDS
Tract: SHORES AT THE ISLANDS
Status: Active


LAKE FRONT HOME in Cul-de-sac!! This is a 2800 sq. foot home with a pool!! Beautiful location on the point with 3 lake channels views in the sought-after ''Island'' community In Gilbert. There are 2 master suits, an additional setting room area, and have amazing lake views!! Master is one wing of the home, split, with 2 exits to the pool, lake and patio area!! Awesome backyard with incredible views, cover patio, boat dock, artificial grass, mature landscaping. Kitchen has granite, lots of counter space, gas cook top, duel ovens, stainless appliances and lots of cabinets. Eat in kitchen with great views!! Formal living/dining room, huge family room, 2-way fireplace, 2 upgraded 16 seer AC units, great community, walking, biking, volleyball and a lot more!!

Listed with The Manz 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/!


$800,000 :: 1409 N MISSION COVE Lane, Gilbert AZ, 85234

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3 beds, 3 baths
Home size: 2,972 sq ft
Lot Size: 9,584 sq ft
Added: 01/02/21, Last Updated: 01/08/21
Property Type: Single Family
MLS Number: 6172318
Community: MISSION BAY ESTS AT VAL VISTA LAKES AMD 1-73 A-D
Tract: MISSION BAY ESTS AT VAL VISTA LAKES AMD 1-73 A-D
Status: Active


Live the luxury lakefront lifestyle in Val Vista Lakes! This well-maintained and beautifully updated single-level home is perfectly situated on the lake with extensive uninterrupted views of West Lake. Highly desirable location in Gilbert - one of the most sought after cities to live! This home would be perfect for a lock-n-leave during the winter months or gracious year round residence. New granite kitchen countertops on full-overlay cherry cabinets. Center island cooktop ideal for entertaining or slipping out to the covered patio for dining al fresco. Island bar seating for 3-4 or large sunny dinette with beautiful plantation shutters. Add the formal dining room and you could host large gatherings for friends & family. Open concept kitchen and family room with corner fireplace

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/!


$679,000 :: 437 E HEARNE Way, Gilbert AZ, 85234

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4 beds, 3 baths
Home size: 2,929 sq ft
Lot Size: 7,841 sq ft
Added: 12/31/20, Last Updated: 01/03/21
Property Type: Single Family
MLS Number: 6175800
Community: STONEBRIDGE LAKES ESTATES UNIT TWO LT 1-203 TR A-H
Tract: STONEBRIDGE LAKES ESTATES UNIT TWO LT 1-203 TR A-H
The price of this listing was last reduced on 1/3/2021 by 3%
Status: Active


Beautiful Waterfront Lot in the Gilbert Lake Community of Stonebridge Lakes Estates. Just minutes from Downtown Gilbert and Freestone Regional Park. This one-owner home shows pride of ownership. You'll love the gorgeous lake views from your family room, kitchen, office and master bedroom/balcony. Eat-in kitchen opens to great room and has quartz countertops, island and walk-in pantry. Home boasts plantation shutters, ceiling fans & marble window sills t/o as well as California Closets in several rooms. Many improvements have been made to home: Interior/Exterior paint in 2020.Newer Trane XR heating/ac system (2016), Newer security system (2017), Newer galvanized lake fence & invisible pool/lake fence to protect dogs from lake...Newer sand filter..Newer pool decking, Newer water softener

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/!


$800,000 :: 1818 E WILLOW TREE Court, Gilbert AZ, 85234

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2 beds, 3 baths
Home size: 2,992 sq ft
Lot Size: 11,762 sq ft
Added: 12/10/20, Last Updated: 12/21/20
Property Type: Single Family
MLS Number: 6168349
Community: LAKESIDE AT VAL VISTA LAKES
Tract: LAKESIDE AT VAL VISTA LAKES
The price of this listing was last reduced on 12/21/2020 by 3%
Status: Active


Highly sought-after single-level waterfront on the main lake on Val Vista Lakes. This immaculately maintained home is move-in ready. Very low maintenance and perfect lock-&-leave property for people on the go or as a seasonal home. Situated on a point & very open portion of the lake with views in all direction. Private dock where you can set sail for a sunset cruise or over to the clubhouse for a quick round of tennis or pickle-ball, or work-out at the gym. Large kitchen with stainless steel appliances, granite countertops, excellent views of the water and large dinette area. Loads of storage with 2 pantries and addition service bar. Large owner's suite overlooking the lake, large bathroom and walk-in closet & more storage! Second en-suite master with another large walk-in closet!

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/!


$2,000,000 :: 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: 11/02/20, Last Updated: 11/02/20
Property Type: Single Family
MLS Number: 6155305
Community: CRYSTAL POINT ESTATES AMD LOT 1-20 TR A-H
Tract: CRYSTAL POINT ESTATES AMD LOT 1-20 TR A-H
Status: Active


Resort style living. Freshly remodeled Custom Home on a private water ski lake. Water ski, wakeboard, sail or paddle just out your back door. New limestone walkways lead you to iron doors that open to a 21' tall foyer & great room. A fantastic view of the pool & lake thru a wall of glass. Master Suite, private office & guest bedroom are on first floor. All bedrooms have their own full bath. Enjoy: Quartzite counters w/maple cabinets & 2 islands . Built in SS refer, ovens, warming draw, 6 burner cooktop, DW & prep sink. The home boasts: An oversize 5 car garage. Bonus Room w/ wet bar & pool table. Covered patios & balcony w/ bbq, hood & sink. Covered boat dock w/ lift, sink & refer. Storage building for pool & lake toys. Remodeled pool and spa. Commercial misters. Outdoor shower. Etc.

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/!


 

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

 

 

 

 

 

 

 

 

 

 

 

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