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

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Queen Creek Home Search

$569,000 :: 362 S BAY SHORE Boulevard, Gilbert AZ, 85233

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4 beds, 2.5 baths
Home size: 3,211 sq ft
Lot Size: 6,534 sq ft
Added: 02/17/18, Last Updated: 02/17/18
Property Type: Single Family
MLS Number: 5725089
Community: DESERT SHORES AT THE ISLANDS
Tract: DESERT SHORES AT THE ISLANDS
Status: Active


Please text or call for Full Video Virtual Tour. This gorgeous home has been professionally remodeled and it shows! Flagstone & wood throughout all areas! Beautiful Kitchen has upgraded Alder Cabinets, Granite Counters, & Stainless Steel Appliances! Open layout to family room features a wrap around wall system & Corner Granite Eichler Gas Fireplace, Surround Sound, & wall to wall windows w/ amazing views of the lake! Master Suite, has highly upgraded bathroom w/ Carerra Marble Counters, porcelain tile shower & much more! Backyard features flagstone throughout all patio areas, gazebo w/outdoor cook center, Lynx BBQ, gas firepit, waterfall, newly renovated oversized dock & breathtaking views of the wateris a private small park on the lake.

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/!


$325,777 :: 1353 W Crystal Springs Drive, Gilbert AZ, 85233

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3 beds, 2.5 baths
Home size: 2,150 sq ft
Lot Size: 3,920 sq ft
Added: 01/30/17, Last Updated: 02/15/18
Property Type: Single Family
MLS Number: 5553974
Community: CORAL POINT
Tract: CORAL POINT
The price of this listing was last reduced on 5/31/2017 by 4%
Status: Active


Welcome home to this newly updated property in an exclusive gated waterfall communitylocated with The Gilbert Islands. This single family home but the HOA covers private streetmaintenance, exterior painting every 7 years, and maintenance of the beautiful waterfalls that thisneighborhood is famous for. Do you want to avoid yard work and still have gorgeous landscaping?Well, the HOA covers that, too! Home was recently updated with the new tile inside and on the backyard. You have to see it to appreciate it. Largest Former Model Home in the community. Buyer toverify all the material facts and information in regards to the size and shape of the property.

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/!


$344,500 :: 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: 02/15/18
Property Type: Condo/Townhouse/Co-Op
MLS Number: 5724005
Community: CORAL POINT REPLAT LOT 76-101
Tract: CORAL POINT REPLAT LOT 76-101
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/!


$249,990 :: 1106 W EDGEWATER Drive, Gilbert AZ, 85233

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2 beds, 2.5 baths
Home size: 1,198 sq ft
Lot Size: 2,178 sq ft
Added: 02/15/18, Last Updated: 02/15/18
Property Type: Condo/Townhouse/Co-Op
MLS Number: 5723932
Community: COVE AT THE ISLANDS LOT 1-173
Tract: COVE AT THE ISLANDS LOT 1-173
Status: Active


Welcome to beautiful waterfront living in the Islands!! This two bedroom, two and one half bath townhouse is filled with an abundance of natural light. The home features a spacious family room with a soaring ceiling, fireplace, and impressive views of the water. The upstairs boasts of two spacious bedrooms, each with their own bathroom. The home offers a 2 car garage, water softener, and an open patio to enjoy the AZ evenings. All of this and recently painted on the interior! Great Gilbert location close to shopping, freeways, and entertainment. The home has tons of potential, and just needs your personal touches. Bring an offer today!

Listed with RE/MAX Alliance 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/!


$600,000 :: 1560 W COMMERCE Avenue, Gilbert AZ, 85233

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3 beds, 3 baths
Home size: 2,861 sq ft
Lot Size: 9,583 sq ft
Added: 01/12/18, Last Updated: 02/12/18
Property Type: Single Family
MLS Number: 5708539
Community: PLAYA DEL REY AMENDED
Tract: PLAYA DEL REY AMENDED
Status: Active


WATER SKI LAKE FRONT PROPERTY!!, The only home on ARMLS on the water ski lake in the gated community of Play Del Rey. This update to the interior of this home was just completed, new flooring, SS appliances including a new built-in ice maker, trash compactor, microwave, smooth top range, built-in oven and dishwasher. New light fixtures and more. Amazing views across the back of the home of the negavite edge pool with hot tub, fire pots and built in BBQ perfect for entertaining. Ski year round right from your back yard with direct access to the lake from your backyard. 3 car garage with builtin cabinets for lots of storage.

Listed with Starwood 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/!


$1,899,000 :: 193 N SKI Court, Gilbert AZ, 85233

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6 beds, 7 baths
Home size: 6,700 sq ft
Lot Size: 20,037 sq ft
Added: 09/20/17, Last Updated: 02/09/18
Property Type: Single Family
MLS Number: 5662648
Community: CRYSTAL POINT ESTATES AMD LOT
Tract: CRYSTAL POINT ESTATES AMD LOT
The price of this listing was last reduced on 11/15/2017 by 5%
Status: Active


Beautiful Custom home on a private water ski lake. Water ski, tube, wakeboard, all out your back door. This home is the builders personal home. Custom in every way. Master Suite, plus office & guest bedroom all on the first floor. All bedrooms have their own full bathroom. Open great room with 21ft ceiling open wall of windows to the beautiful lake view. Granite counter tops, Top of the line stainless steel appliances, double ovens, warming draw, 6 burner Thermador Cook top, custom oak cabinets through out the home. Large center island with vegetable sink & eating area. Large covered patio with built in misters, built in BBQ & sink. Private boat dock with sink & small refrigerator. Large ski house to store tubes, wake boards, skis Large 5 car garage with built in cabinets, epoxy floor

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/!


$349,950 :: 731 S PUEBLO Street, Gilbert AZ, 85233

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3 beds, 3 baths
Home size: 2,308 sq ft
Lot Size: 10,454 sq ft
Added: 12/10/17, Last Updated: 02/08/18
Property Type: Single Family
MLS Number: 5697299
Community: Lago Estancia, WHISPER GROVE L
Tract: Lago Estancia, WHISPER GROVE L
The price of this listing was last reduced on 1/12/2018 by 3%
Status: Active


Just reduced!*Single level backs to lake (view fence)***Located on large pie-piece shaped lot with room for RV gate***Rare find! *** Modified floor plan was a 4 BR originally-now: 3br,3 ba**2 master suites on opposite sides- perfect for guest suite set up***SOLAR SYSTEM electricity installed and fully paid for and stays with the house***Swimming pool, 3 car garage, desert landscaping with mature trees***Vaulted ceilings and many plant shelves throughout**Formal LR & DR, FR, Breakfast nook,sky-lites in FR, washer/dryer/refrigerator **Newer stove and MW**The house needs cosmetic updates and is priced accordingly*** Great community with many water ponds, walkways/jogging paths, green belts, bridge, fountain***Convenient location near everything-shopping and restaurants...

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/!


$739,000 :: 794 S OCEAN Drive, Gilbert AZ, 85233

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5 beds, 3.5 baths
Home size: 4,032 sq ft
Lot Size: 10,454 sq ft
Added: 02/02/18, Last Updated: 02/03/18
Property Type: Single Family
MLS Number: 5718416
Community: CATALINA BAY AT THE ISLANDS UN
Tract: CATALINA BAY AT THE ISLANDS UN
Status: Active


Lakefront stunning resort style living w/negative edge swimming pool. This home has been meticulously maintained & upgraded with the latest trends by the original homeowners. You will appreciate the hard wood flooring, the beautiful kitchen with white cabinets, granite counters & views of the lake. Enjoy entertaining family & friends in this gorgeous home that has views from the formal dining, kitchen, family room and master bedroom retreat. Master Bedroom is over sized & has a walk out deck. Master bathroom has soaking tub, recently remodeled shower, large walk-in closet with lots of shelving. The secondary bedrooms are Huge with walk in closets. Downstairs one bedroom down with bathroom great for guests or could be used as an office. Indoor/Outdoor living awaits as you!

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/!


$725,000 :: 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: 02/01/18, Last Updated: 02/01/18
Property Type: Single Family
MLS Number: 5717278
Community: LAKESIDE AT VAL VISTA LAKES
Tract: LAKESIDE AT VAL VISTA LAKES
Status: Active


SPECTACULAR WATERFRONT HOME!!! FORMER MODEL ON A PREMIUM LOT! Gated community. Sale price includes, furniture, appliances and the BOAT!!! Breathtaking view and amazing upgrades make this spacious and open home an exceptional deal. The kitchen boasts granite counter tops, sub-zero fridge (included), double oven and breakfast nook where you can enjoy a fabulous view of the lake. Patio area is ideal for entertaining. Family room has electric fireplace. CL water system throughout the home. Val Vista amenities are included in HOA dues and include club house, pool, beach area, tennis and weight room. Walking distance to elementary school and children's playground. COME LIVE A VACATION YEAR ROUND!!!

Listed with Briggs 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/!


$579,500 :: 1161 W REDONDO Drive, Gilbert AZ, 85233

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4 beds, 3 baths
Home size: 3,251 sq ft
Lot Size: 6,098 sq ft
Added: 11/08/17, Last Updated: 02/01/18
Property Type: Single Family
MLS Number: 5684874
Community: CATALINA BAY AT THE ISLANDS 2
Tract: CATALINA BAY AT THE ISLANDS 2
The price of this listing was last reduced on 11/8/2017 by 3%
Status: Active


WATERFRONT HOME with VIEWS from Multiple Rooms including the expanded master suite and its new private balcony. The amazing Views continue from the Great Room and its New Upgraded Fireplace. The Kitchen is Fully Upgraded with Granite Countertops/All New Stainless Steel Appliances and separate Wine Nook with Cooler. Granite and Tile upgrades continue in all 3 full bathrooms. This home has a great backyard for entertaining with large covered patio adjacent to sparkling pool and New Private Boat Dock with Putting Green. Spacious 3 Car Garage. Move in Ready with Spectacular Views. This Islands Home is just minutes away by boat or by walking to the community park which includes large shaded play ground, basketball and sand volleyball courts.

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/!


$699,900 :: 4901 S PECAN Way, Chandler AZ, 85248

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4 beds, 3 baths
Home size: 3,533 sq ft
Lot Size: 9,147 sq ft
Added: 02/15/18, Last Updated: 02/15/18
Property Type: Single Family
MLS Number: 5724002
Community: OCOTILLO LAKES
Tract: OCOTILLO LAKES
Status: Active


Hurry to see this beautiful home in the gated community of Ocotillo Lakes!! Located on a waterfront lot, you have some of the best views in the community from every rear window of the house. This spacious home has 4 huge bedrooms and 3 full bathrooms. The master bedroom has a balcony overlooking the pebble tec pool in the backyard and the lake behind. The master bathroom has a large garden tub, dual sinks, and a walk in closet the size of most bedrooms! New carpet throughout the upstairs, new wood flooring in the living room and dining room, completely repainted interior and exterior, new cool decking around the pool, a/c units replaced just a few years ago, new water heater, newer roof, and the list goes on. The home also comes with a water softener and RO system.

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/!


$648,700 :: 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: 01/08/18, Last Updated: 02/11/18
Property Type: Single Family
MLS Number: 5706097
Community: OCOTILLO LAKES
Tract: OCOTILLO LAKES
The price of this listing was last reduced on 1/26/2018 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. Hurry!!

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/!


 

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