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

$1,900,000 :: 378 N SHORE Lane, Gilbert AZ, 85233

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6 beds, 6 baths
Home size: 7,120 sq ft
Lot Size: 20,037 sq ft
Added: 03/11/17, Last Updated: 10/18/17
Property Type: Single Family
MLS Number: 5573801
Community: CRYSTAL POINT ESTATES AMD LOT
Tract: CRYSTAL POINT ESTATES AMD LOT
The price of this listing was last reduced on 8/17/2017 by 5%
Status: Active


Resort Style Living! PRICED BELOW CURRENT APPRAISAL! Fabulous Custom Home on Private water ski lake! 6 BR,4 Full & 2 half Baths. Featuring 164' of Waterfront living. Recently remodeled! Seller spared no expense on the remodel of this soft contemporary home! OWNED SOLAR SYSTEM WITH CURRENT ELECTRIC AT ONLY $225/MONTH! Fabulous formal living room w/wall of windows w/lake views greats you upon entry. Exquisite master suite on main level w/sitting room & fireplace. Huge master bath w/his & hers vanities, jetted tub, huge walk in snail shower, & a large custom built closet, every ladies dream! 3 other bedrooms and 2 1/2 baths on main level.Chef's kitchen w/new top of the line stainless steel appliances, double ovens, induction cook top, subzero refrigerator, beverage refrigerator drawers,

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/!


$459,000 :: 2044 E CLIPPER Lane, Gilbert AZ, 85234

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4 beds, 3 baths
Home size: 2,546 sq ft
Lot Size: 9,583 sq ft
Added: 09/27/17, Last Updated: 10/18/17
Property Type: Single Family
MLS Number: 5665712
Community: REGATTA AT VAL VISTA LAKES AMD
Tract: REGATTA AT VAL VISTA LAKES AMD
The price of this listing was last reduced on 9/27/2017 by 2%
Status: Active


Here it is! Custom Waterfront property in Gated Community with Diving Pool and Private Boat Dock. This is a truly unique home located in one of the most exclusive neighborhoods in Gilbert, ''The Regatta at Val Vista Lakes''! The community features multiple pools, state of the art clubhouse, private tennis courts and much more. This property has been well maintained and features a large eat in kitchen, separate family and living rooms, huge balcony over looking the lake, large master suite with dual sinks and separate garden tub and shower. This open floorpan has plenty of space for all of your needs and 2 bedrooms up and 2 bedrooms down.Gorgeous mature landscaping and plantation shutters make this the perfect private retreat on the lake.This property is priced to sell!

Listed with Rio Salado 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/!


$390,999 :: 1341 W WINDRIFT Way, Gilbert AZ, 85233

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3 beds, 2.5 baths
Home size: 2,017 sq ft
Lot Size: 4,356 sq ft
Added: 09/15/17, Last Updated: 10/16/17
Property Type: Single Family
MLS Number: 5661079
Community: SANDCASTLE VILLAGE LOT 1-31 TR
Tract: SANDCASTLE VILLAGE LOT 1-31 TR
The price of this listing was last reduced on 10/11/2017 by 2%
Status: Active


This North/ South exposure home has been fully updated and offers 3 bedrooms that all have a water view. 2.5 bathrooms that have granite and under-mount sinks. The entire first floor has new wood-look tile and a wood-burning fireplace with travertine stacked stone. The kitchen offers all new soft close cabinets including 2 lazy Susan's and all lower cabinets are drawers for ease of use. The kitchen has brand new granite countertops, subway tile backsplash and a garden window for growing fresh herbs. All brand new stainless steel appliances. This home offers a large pantry off the kitchen that measures 9 feet long by 5 feet deep. The laundry room has a beautiful granite countertop folding area and stainless steel hanging rack. Relax in your paved backyard or take a dip in the pool.

Listed with American Realty Brokers


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


$360,000 :: 244 N CORRINE Court, Gilbert AZ, 85234

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3 beds, 2 baths
Home size: 2,005 sq ft
Lot Size: 10,018 sq ft
Added: 10/13/17, Last Updated: 10/13/17
Property Type: Single Family
MLS Number: 5673864
Community: STONEBRIDGE LAKES ESTATES UNIT
Tract: STONEBRIDGE LAKES ESTATES UNIT
Status: Active


This home is a rare find in the beautiful lake community of Stonebridge Lakes Estates. There is an amazing lake view with a meandering brick walkway down to the lake. Completing the backyard is lush landscaping including fruit trees and an extended 33 X 14 covered brick patio. Ceramic tile entry way leads to formal living and dining area complete with custom shutters. Kitchen includes bay window eating area, walk-in pantry, butcher block island, smooth top stove with microwave and Kitchen Aid refrigerator. Family room adjoins kitchen & has a corner fireplace, French doors lead to the patio from the family room & master bedroom. Awesome location is close to downtown Gilbert with all the fantastic restaurants & outside patio seating. Easy access to freeways, shopping and schools.

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/!


$345,000 :: 268 W VERANO Place, Gilbert AZ, 85233

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3 beds, 2.5 baths
Home size: 2,140 sq ft
Lot Size: 4,356 sq ft
Added: 10/12/17, Last Updated: 10/12/17
Property Type: Single Family
MLS Number: 5673049
Community: PARCELS 11,12 & 13 OF LAGO
Tract: PARCELS 11,12 & 13 OF LAGO
Status: Active


Beautiful Lake Property located in Lago -Estancia. This two story home with three bedrooms, two & half bathroom, has a backyard, kitchen, and dining room with amazing views of the lake at Lago -Estancia. Enjoy your early morning with the peaceful serenity of the master bedroom patio and its lake, view or with gate access to the lake, entertainment takes on a whole new meaning. Expand your party through access to additional space off the backyard. Enjoy a casual at home experience, or travel minutes to the excitement of downtown Gilbert. The lake is stocked, and non-motorized boats are permitted.Walkways, bike path, lake view, and easy access to downtown Gilbert. Life is Good!

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/!


$585,000 :: 480 N MONDEL Drive, Gilbert AZ, 85233

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4 beds, 2.5 baths
Home size: 3,552 sq ft
Lot Size: 11,325 sq ft
Added: 10/06/17, Last Updated: 10/06/17
Property Type: Single Family
MLS Number: 5670414
Community: PLAYA DEL REY
Tract: PLAYA DEL REY
Status: Active


ENJOY RESORT STYLE LIVING IN THIS BEAUTIFULLY APPOINTED PLAYA DEL RAY WATERFRONT HOME. AN ENTERTAINERS DREAM! OPEN THE DOOR TO SOARING VAULTED CEILINGS INTO THE FORMAL LIVING AND DINING AREA. ENJOY THE LAKE VIEW FROM HERE OR HEAD STRAIGHT TO THE BACKYARD. SOAK IN THE HEATED SPA OR TAKE A DIVE INTO THE PEBBLE TECH POOL. THE MASTER SUITE IS CONVENIENTLY LOCATED ON THE FIRST FLOOR AND BOASTS AN EXQUISITELY REMODELED MASTER BATH WITH A WALK IN TILE SHOWER, SOAKING TUB AND LARGE DUAL VANITY. YOUR KIDS OR GUESTS WILL ALSO ENOJOY A REMODELED BATH UPSTAIRS WITH TWO BEDROOMS, A LOFT AND SPECTACULAR VIEW FROM THE BALCONY. THE COMMUNITY AMENITIES ARE ENDLESS. THE LAKE ALLOWS SKIING, BOATING, AND SO MUCH MORE. VISIT THE CLUB HOUSE, PUTT PUTT GOLF COURSE OR VENTURE VIA PRIVATE ACCESS TO MCQUEEN PARK.

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/!


$749,900 :: 1401 E CORAL COVE Drive, Gilbert AZ, 85234

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4 beds, 5 baths
Home size: 4,418 sq ft
Lot Size: 33,976 sq ft
Added: 10/02/17, Last Updated: 10/02/17
Property Type: Single Family
MLS Number: 5668179
Community: WEST LAKE ESTATES LOT 1-40
Tract: WEST LAKE ESTATES LOT 1-40
Status: Active


4 bedroom/5 bath home right on the water in beautiful, gated Val Vista Lakes community. Home features private dock, 5 car garage with boat drive through, private tennis court, separate gazebo with bathroom, indoor pool and spa, huge master suite, wet bar, 2 fireplaces, elevator, soaring ceilings, outdoor BBQ, central vac and intercom system. A must see!

Listed with American Allstar 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/!


$615,000 :: 1449 W BAHIA Court, Gilbert AZ, 85233

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5 beds, 3 baths
Home size: 4,282 sq ft
Lot Size: 7,840 sq ft
Added: 09/08/17, Last Updated: 09/28/17
Property Type: Single Family
MLS Number: 5657577
Community: THE ISLANDS UNIT 1 LOT 1-9
Tract: THE ISLANDS UNIT 1 LOT 1-9
The price of this listing was last reduced on 9/8/2017 by 5%
Status: Active


WATERFRONT Cul De Sac BASEMENT home with 5 bedrooms & 3 bathrooms. LAKE VIEWS can be enjoyed from the Kitchen, Living & Dining room. Upstairs Master has a Large Walk in Closet, VIEW Balcony, Dual Sinks & a separate Shower & Tub. There are 2 other bedrooms & a full bathroom with a loft area upstairs. An Additional Bedroom is located on the Main Floor next to a Full Bathroom & Laundry area. The main floor offers a Family Room, Living Room & Formal Dining Area. Passage Way to the Basement is cleverly located behind bookcase in the entryway & offers a great area for a Gym, Living Space or Bedroom. Gourmet Kitchen has a Breakfast Area, Granite Counters, Sub Zero Built In Refrigerator & JenAir Gas Stove. Backyard Oasis features a Large Pool, Stone Water Feature & Palm Trees.

Listed with Ann Adams And Associates 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/!


$490,000 :: 1700 E Lakeside Drive #28, Gilbert AZ, 85234

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4 beds, 3 baths
Home size: 2,886 sq ft
Lot Size: 5,662 sq ft
Added: 05/30/17, Last Updated: 09/27/17
Property Type: Condo/Townhouse/Co-Op
MLS Number: 5612526
Community: BRECKENRIDGE BAY LOT 1-65 TR A
Tract: BRECKENRIDGE BAY LOT 1-65 TR A
The price of this listing was last reduced on 8/17/2017 by 6%
Status: Active


Beautiful water front lot in the highly desirable Breckenridge Bay Community. 4 Bedrooms, 3 Bath with the Master Bedroom downstairs. Enjoy the gorgeous Arizona sun with the sparkling pool looking over the lake. This home is just waiting for your personal touch. This wont last long!! ***NEW ROOF, NEW AC UNITS***Being offered ''AS IS''

Listed with TreeHouse 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/!


$374,500 :: 1317 W WINDRIFT Way, Gilbert AZ, 85233

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3 beds, 2.5 baths
Home size: 1,850 sq ft
Lot Size: 3,920 sq ft
Added: 06/30/17, Last Updated: 09/22/17
Property Type: Single Family
MLS Number: 5626915
Community: SANDCASTLE VILLAGE LOT 1-31 TR
Tract: SANDCASTLE VILLAGE LOT 1-31 TR
The price of this listing was last reduced on 6/30/2017 by 0%
Status: Active


Fantastic upgraded waterfront home in ''The Islands'' in Gilbert for sale! Soaring ceilings and beautifully custom-made veneer stone fireplace wow you once you enter. Elegant wood like tiles throughout the 1st floor, and plantation shutters in the entire home. Modernly upgraded kitchen features chic tile backsplash, stainless appliances, granite slab counter tops and a nice water view from kitchen and dining room that you cannot resist! Upstairs is where 3 bedrooms are, all with walk-in closets and an ideal layout splits the master suite from other guest bedrooms. A huge window in the master bedroom takes advantage of the lakeview for you to wake up refreshing every morninig! Biking by the lake or canoeing on the lake will be the new lifestyle to get used to. This home has so much to offer

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/!


$665,000 :: 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: 09/16/17, Last Updated: 10/17/17
Property Type: Single Family
MLS Number: 5661443
Community: OCOTILLO LAKES
Tract: OCOTILLO LAKES
The price of this listing was last reduced on 10/1/2017 by 1%
Status: Active


CHECK OUT THE VIDEO! Live the Ocotillo Lakes lifestyle! Stunning luxury waterfront home in exclusive gated community. VILLAGE MEMBERSHIP INCLUDED! 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. The gorgeous kitchen includes stainless steel appliances, white cabinets w/crown molding, tile backsplash, walk-in pantry, quartz counters, and island with breakfast bar. The master retreat offers a lavish bath with double sink, soaking tub, separate shower and a walk-in closet. Click MORE

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/!


$434,500 :: 4963 S PURPLE SAGE Drive, Chandler AZ, 85248

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4 beds, 2.5 baths
Home size: 3,033 sq ft
Lot Size: 10,018 sq ft
Added: 08/12/17, Last Updated: 10/16/17
Property Type: Single Family
MLS Number: 5645955
Community: Ocotillo lakes
Tract: Ocotillo lakes
The price of this listing was last reduced on 8/24/2017 by 1%
Status: Active


Perfect family home with 4 bedrooms 3 baths and LARGE LOFT located in the exclusive Chandler community of Ocotillo Lakes. You will love the open feel of this home with the beautiful wood staircase leading up to the loft overlooking the family room/kitchen area. The 3 secondary bedrooms upstairs are all good sized with ample closet space. The spacious MASTER bedroom is conveniently located DOWNSTAIRS with his and her closets. Master bath has separate tub and shower, double sinks and GRANITE counter tops. Kitchen is open to the family room and includes several upgrades. Granite counter tops, large island/breakfast bar, stainless appliances including GAS STOVE, large pantry and eat in breakfast nook. You will also love the formal living and dining room for those special occasions. HIT MORE!

Listed with Realty Executives


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


$396,500 :: 1491 W BARTLETT Way, Chandler AZ, 85248

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4 beds, 2 baths
Home size: 2,484 sq ft
Lot Size: 10,018 sq ft
Added: 10/05/17, Last Updated: 10/13/17
Property Type: Single Family
MLS Number: 5670075
Community: OCOTILLO LAKES PARCEL D2 FINAL
Tract: OCOTILLO LAKES PARCEL D2 FINAL
The price of this listing was last reduced on 10/5/2017 by 0%
Status: Active


Move-in ready single story pool home in highly desired Ocotillo Lakes. Split floor plan, 4 bedrooms with 2 baths and bonus room ideal for an office/game room. Granite counter tops with 42'' maple cabinets in the kitchen. Vaulted ceilings. Large master bedroom with walk-in closet. Wood shutters, Surround Sound & Speakers Throughout. Covered patio. Gated Pebble tech pool with water feature.

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/!


$498,000 :: 1750 W BARTLETT Way, Chandler AZ, 85248

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3 beds, 2 baths
Home size: 2,531 sq ft
Lot Size: 9,147 sq ft
Added: 10/11/17, Last Updated: 10/11/17
Property Type: Single Family
MLS Number: 5672545
Community: OCOTILLO LAKES
Tract: OCOTILLO LAKES
Status: Active


Electric powered boats quietly pass this beautiful one owner, semi custom home. 3 bedrooms + den,2 bath single story. Walk to work at Intel from this Gated community,93 homes by Edmunds-Toll Bros, 2X6 construction, Waterfront Property! diagonal 20' tile flooring entry, halls,kitchen&baths. Gas fireplace w/raised hearth.Formal living&dining room. Built-in bookshelf/cabinet&entertainment center in FR,Plantation Shutters,Ceiling fans throughout,Cook for family gatherings in large kitchen w/48''Maple cabinets,Glass cooktop,Granite Counters, refrigerator & dishwasher less than 1yr old. R/O & water softener,wired for security, crown molding,Classy Closets, Covered patio. painted stucco fence, Waterfront back yard w/steps to brick layed sitting area.Add wood dock and ready for casual boating

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/!


$639,900 :: 1901 W BARTLETT Court, Chandler AZ, 85248

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6 beds, 4 baths
Home size: 4,666 sq ft
Lot Size: 10,890 sq ft
Added: 09/09/17, Last Updated: 09/09/17
Property Type: Single Family
MLS Number: 5658395
Community: OCOTILLO LAKES
Tract: OCOTILLO LAKES
Status: Active


This is a one of a kind beautiful custom executive home in a golf and lake community with golf discounts included! Many of the finishes are what you might find on a yacht. Six bedrooms/four baths with a very flexible floor plan in this gated lake community's corner lot. Main level bedroom makes a great office as well and the home has a spacious back yard. The Family room has nice built-ins and speakers. Kitchen has built-in fridge and top-of-the-line Viking stove and stainless appliances. The Basement makes a perfect Man Cave with a great media room with a nice wet bar, built ins. Large loft upstairs is a bonus area for the gym or game room. It has a huge master bedroom with a fireplace and balcony. Must see to appreciate!

Listed with Kirans and Associates 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/!


 

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