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

$619,900 :: 4708 S GRISWOLD Street, Gilbert AZ, 85297

Property Photo

Mls Icon

4 beds, 3 baths
Home size: 2,899 sq ft
Lot Size: 11,325 sq ft
Added: 01/17/19, Last Updated: 01/17/19
Property Type: Single Family
MLS Number: 5869104
Community: LAYTON LAKES PARCEL 1 2ND AMD
Tract: LAYTON LAKES PARCEL 1 2ND AMD
Status: Active


Upon approaching this 4 bedroom, 3 bathroom, 3 stall garage house, the first thing that will strike you is the new landscaping and paver walkway in front welcoming you home. Entering the property you'll encounter new wood-look plank flooring, a granite kitchen with stainless steel appliances and an office. The Master and one other bedroom have walk-in closets and the Master bath features cultured marble in the shower. Take in the lake views from several areas of the home including the resort backyard with new landscaping. Venturing out back you'll picture the year round entertaining you can do for family and friends with the 16' x16' pergola with built in island and BBQ and the heated chlorine pool and spa with water features. See this dream home today!

Listed with Keller Williams Arizona 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/!


$1,050,000 :: 1422 W COMMERCE Avenue, Gilbert AZ, 85233

Property Photo

Mls Icon

5 beds, 5 baths
Home size: 6,298 sq ft
Lot Size: 10,018 sq ft
Added: 01/16/19, Last Updated: 01/17/19
Property Type: Single Family
MLS Number: 5868778
Community: PLAYA DEL REY AMENDED
Tract: PLAYA DEL REY AMENDED
Status: Active


Luxury Waterski Community in the heart of Gilbert! The rarest combination of Location AND Lifestyle! This home has been designed and built with Lifestyle, Family, and Thoughtful Functionality in mind. 5 Beds, 5 baths, Sound-dampened Office, 2 full kitchens, 3 laundry rooms, 4-car air-conditioned garage, loads of storage, and, of course a corner lot with north-facing lake view with private dock and beach front on one of only 3 waterski lakes in the East Valley. The ski lake has a 5 buoy course for competition training or learning. You won't find another one like this! When you come in from activities on the lake, you find a 17-ft kitchen island highlighting a fantastic kitchen/family room.

Listed with The Transition Group, L.L.C.


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


$475,000 :: 250 N CORRINE Court, Gilbert AZ, 85234

Property Photo

Mls Icon

5 beds, 2.5 baths
Home size: 2,985 sq ft
Lot Size: 9,583 sq ft
Added: 01/15/19, Last Updated: 01/15/19
Property Type: Single Family
MLS Number: 5868315
Community: STONEBRIDGE LAKES ESTATES UNIT TWO LT 1-203 TR A-H
Tract: STONEBRIDGE LAKES ESTATES UNIT TWO LT 1-203 TR A-H
Status: Active


Welcome to your new lakefront home. Situated on a cul de sac street. Enter through the upgraded custom door to the formal living and dining rooms. Gourmet kitchen features maple cabinets, stainless appliances, a lot of granite countertops, island, walk-in pantry, convection oven and newer wine fridge; perfect for entertaining and open to family room with soaring stone fireplace and view of gorgeous back yard and lake. Spacious 5 bedrooms and 2. 5 bathrooms with master bedroom downstairs with two closets. Bathroom remodeled in 2008, featuring walk in shower and double sinks. Upstairs has another large bedroom with walk in closet and walk out deck with view of yard, pool and lake and 3 more bedrooms. Laundry room equipped with cabinets and counter. Built-in cabinets in garage.

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/!


$794,900 :: 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: 11/15/18, Last Updated: 01/15/19
Property Type: Single Family
MLS Number: 5847599
Community: WEST LAKE ESTATES LOT 1-40 TRACT A-C
Tract: WEST LAKE ESTATES LOT 1-40 TRACT A-C
The price of this listing was last reduced on 1/15/2019 by 1%
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/!


$499,999 :: 599 N ACACIA Drive, Gilbert AZ, 85233

Property Photo

Mls Icon

4 beds, 3 baths
Home size: 2,913 sq ft
Lot Size: 8,712 sq ft
Added: 05/11/18, Last Updated: 01/12/19
Property Type: Single Family
MLS Number: 5764708
Community: PLAYA DEL REY
Tract: PLAYA DEL REY
The price of this listing was last reduced on 1/12/2019 by 7%
Status: Active


HUGE price reduction!! Spectacular lake front designer home 4 bed, den could 5th bedrm, 3 bath property! Exquisite curb appeal, 3 car garage w/built in cabinets, RV gate, custom entry invites you to step inside. Interior boasts huge vaulted ceilings, 2-way fireplace, formal living & dining rooms, den perfect for an office, plantation shutters. Stainless steel appliances, staggered cabinets, pantry, solid surface countertops corian, and island with breakfast bar make the kitchen a cook's dream. Spacious master suite has bay window, ample walk-trough closets, luxurious bath, jetted tub, step-in shower, and his/her sinks. The stunning backyard is the perfect oasis with covered patio, sparkling blue pool, paddle boat lake with paddle boat and more.

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/!


$390,000 :: 1221 N KINGSTON Street, Gilbert AZ, 85233

Property Photo

Mls Icon

4 beds, 3 baths
Home size: 2,732 sq ft
Lot Size: 7,840 sq ft
Added: 07/05/18, Last Updated: 01/11/19
Property Type: Single Family
MLS Number: 5789175
Community: EL DORADO LAKES GOLF COMMUNITY TRACT E
Tract: EL DORADO LAKES GOLF COMMUNITY TRACT E
The price of this listing was last reduced on 12/10/2018 by 1%
Status: Active


El Dorado Lakes on Golf Course w/Lake View! 4+Den w/3 full baths boasts numerous upgrades. Gourmet kitchen upgraded w/large island, beautiful granite & stainless appliances. Formal living&dining rm provide space for special events.Experience a more casual evening in the family rm w/a cozy wood-burning fireplace. Wind down & escape upstairs to a cozy sitting rm off the master w/vaulted ceilings or pamper yourself in the upgraded master bath w/new tiled shower & Moen faucets. Outdoor living at its best- huge flagstone patio & balcony off master that overlooks a sparkling PebbleTec play pool, beautiful rock waterfall, #12 tee-box, a water feature & views of the Superstitions Mtns for year-round entertainment, fun & relaxation. Price incorporates a discount for carpet & future upgrades. ONLY

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/!


$558,000 :: 432 S BAY SHORE Boulevard, Gilbert AZ, 85233

Property Photo

Mls Icon

4 beds, 2.5 baths
Home size: 2,521 sq ft
Lot Size: 7,405 sq ft
Added: 05/24/18, Last Updated: 01/10/19
Property Type: Single Family
MLS Number: 5770856
Community: HARBOR POINT LOT 1-78 LAKE EASMT
Tract: HARBOR POINT LOT 1-78 LAKE EASMT
Status: Active


Beautiful remodel on the water in the Islands! New wood floors greet you as you open the door to the living and dining areas. It then flows into the kitchen & greatroom which overlook the sparkling pool, lake & grassy backyard. The kitchen has stainless appliances & plenty of counter space including a perfect area for a coffee bar! Upstairs is the master with a balcony with views of the lake. The master has a large ensuite bathroom and large walk in closet. The secondary bedrooms are also upstairs and are all a generous size. The second full bath is adjacent to the other bedrooms. The home also has a 3 car garage! New carpet, new wood floor, new lighting, new kitchen design, newly resurfaced pool, freshly painted inside and out and much more! This home is move in ready!

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/!


$2,500,000 :: 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: 01/08/19
Property Type: Single Family
MLS Number: 5864521
Community: SANTAN LAKESIDE ESTATES AMD
Tract: SANTAN LAKESIDE ESTATES AMD
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/!


$337,250 :: 1326 W CLEAR SPRING Drive, Gilbert AZ, 85233

Property Photo

Mls Icon

3 beds, 3 baths
Home size: 2,016 sq ft
Lot Size: 3,920 sq ft
Added: 12/11/18, Last Updated: 01/05/19
Property Type: Condo/Townhouse/Co-Op
MLS Number: 5856478
Community: CORAL POINT REPLAT LOT 76-101
Tract: CORAL POINT REPLAT LOT 76-101
The price of this listing was last reduced on 1/5/2019 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/!


$755,000 :: 1834 E Coral Tree Drive, Gilbert AZ, 85234

Property Photo

Mls Icon

4 beds, 2.5 baths
Home size: 3,085 sq ft
Lot Size: 13,939 sq ft
Added: 10/10/18, Last Updated: 01/04/19
Property Type: Single Family
MLS Number: 5831466
Community: Val Vista Lakes
Tract: Val Vista Lakes
The price of this listing was last reduced on 1/4/2019 by 3%
Status: Active


Single story home nestled behind the Lakeside gates in Val Vista Lakes. Situated on a 13,500+ sq ft lot with a preferred North / South exposure. Located on the highly desirable main lake for long boat rides! Floor plan is elegant and ideal for entertaining yet comfortable for everyday living. Upon entering the home you are immediately drawn to the lake views providing that WOW factor! Formal living room and dining room have large windows and French doors providing natural abundant light. Kitchen opens up nicely to the family room! Impressive views of the lake can be seen from the entire back of the home. Outdoor living is abundant here! Covered patio over looks the negative edge pool and spa, built in barbecue, grassy areas, large side yards, mature citrus trees and boat dock! Split floor

Listed with DPR 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/!


$574,999 :: 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: 01/11/19
Property Type: Single Family
MLS Number: 5866755
Community: OCOTILLO LAKES
Tract: OCOTILLO LAKES
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/!


$399,900 :: 1391 W Bartlett Way, Chandler AZ, 85248

Property Photo

Mls Icon

4 beds, 2 baths
Home size: 2,234 sq ft
Lot Size: 6,969 sq ft
Added: 10/23/18, Last Updated: 01/05/19
Property Type: Single Family
MLS Number: 5837356
Community: Ocotillo Lakes
Tract: Ocotillo Lakes
The price of this listing was last increased on 1/5/2019 by 2%
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/!


$510,000 :: 1974 W LYNX Court, Chandler AZ, 85248

Property Photo

Mls Icon

3 beds, 3 baths
Home size: 2,922 sq ft
Lot Size: 10,890 sq ft
Added: 10/19/18, Last Updated: 01/05/19
Property Type: Single Family
MLS Number: 5834088
Community: OCOTILLO LAKES
Tract: OCOTILLO LAKES
The price of this listing was last reduced on 1/5/2019 by 2%
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/!


$649,900 :: 1761 W Lynx Way, Chandler AZ, 85248

Property Photo

Mls Icon

4 beds, 3 baths
Home size: 3,329 sq ft
Lot Size: 12,632 sq ft
Added: 12/27/18, Last Updated: 12/27/18
Property Type: Single Family
MLS Number: 5860702
Community: Ocotillo Lakes Parcel I
Tract: Ocotillo Lakes Parcel I
Status: Active


IT WON'T LAST AT THIS PRICE! AMAZING WATER FRONT PROPERTY IN GATED ENCLAVE OF OCOTILLO LAKES! Premium N/S Lot! Popular Open Floorplan with Endless Natural Light! 4 Bedrooms (2 on each side of the house), perfect for offices off of each. Additional office on West side of the house too! Beautifully upgraded countertops & backsplash, upgraded maple cabinetry, stainless appliances with built-in oven, gas range, and sub-zero fridge. Enjoy Neutral Colors throughout then step out back to incredible pool, grass & Citrus Trees. Incredible Views through oversized windows, past covered patio to Lake. Master Suite has desirable separate walk-out to Patio. 3-Car Garage has Epoxy Floors & New Hot Water Heater! FANTASTIC LOCATION minutes to retail/ shopping/restaurants/hiking/lakes/golf & 101/202!

Listed with Russ Lyon Sotheby's International 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/!


 

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 *