How has Phoenix Real Estate started in 2013?

Dobson Ranch WaterfrontPhoenix Area Real Estate Review

The Phoenix area real estate market was good to home owners in 2012.  It was the first year of appreciation since 2005. Buyers frequently found themselves frustrated by the competion for homes  especially those under $200K where there is an abundance of first time home buyers and investor demand.  After a robust year in 2012, how is 2013 shaping up?

What has changed since a year ago?

As part of the healing process in the real estate market, the number of short sales and foreclosures continue to decrease.   Distressed Sales by City April 2013The graph to the left shows the percentage of sales of short sales /pre-foreclosures and lender owned/foreclosures by city.   Compared to a year ago, there has been significant improvement.  If you were to look at the same graph from a year ago, each city has experienced a reduction in distressed sales. For example, Gilbert went from 45% distressed sales to 21%!  Glendale saw a change from 54% to 31%. Mesa went from 46%  to 29%. Chandler saw distress sales fall from  51% to 28%.  Scottsdale fell from 25% to 12%.  Every city in  the Phoenix area saw a decrease in short sale and lender owned properties. To appreciate where we are,  you only need to look back  to 2011 when the distressed sales were over 60% of total sales in most Phoenix area cities.

Foreclosure graph by typeThe reduction in distressed properties, especially lender owned/foreclosures/REO properties can be demonstrated in the active listings over time.  To the  right is a graph for the last 2.5 years  of foreclosure inventory in varying stages for the Phoenix area.  Pending foreclosures represent  properties that have received a notice of trustee sale which may become foreclosures, short sales, or remedied through loan modifications.  The reduction has been significant.  When you look at Unlisted Foreclosures, please repeat – No Shadow Inventory!. Arizona is a non-judicial foreclosure state, but that is another blog.

Right Now Its All About Inventory or the lack of

The combination of record low interest rates and buyer awareness that prices are rebounding has created a real estate demand that cannot be satisfied by the Gilbert Months Supply 2013 Maycurrent supply.  The result is low inventory and multiple offers on many properties as they come on the market.  One way to compare supply and demand is to measure the supply in terms of months of supply.  Most cities are experiencing low months of inventory supply similar to the graph to the left for Gilbert, a popular east valley city.  The months of supply for Gilbert has not been this low since 2005.

Gilbert Homes for Sale

If you would like to receive listings of homes  for sale in any city, go to Send Active Listings.

What does this mean for prices?

Phoenix Avg. Sales Price April 2013Low inventory and strong demand translates into rising prices.  To the right is a graph for over the last 2 years for the city of Phoenix which contains a diverse cross section of real estate.  The appreciation that took hold in 2012 has continued in 2013.  Real  estate price appreciation can vary between cities  and even between neighborhoods. If you would like to know the average sales price/sq.ft. trend for your city, please e-mail me your city and I’ll forward it to you. If you would like to know the value of your home, click on What’s the Value of My Home.

What will the rest of 2013 bring?  One long running favorable trend is the decrease in distressed sales which appears will continue for the rest of the year.  And everyone has benefited from low interest rates.  These historically low rates have motivated buyers to lock in lower mortgage payments compared to years past. At the beginning of the year, I estimated that real estate would appreciate 8 – 12%. Right now I believe that we’ll end up at the higher end of that range.  Your thoughts?

Related Posts

Over-Priced Fannie Mae Foreclosures and Short Sales

Phoenix Area Distressed Sales 2012  compared to 2011

Who Really Loses on  a Foreclosure? The Bank – Think Again

A Look Back to Real Estate for 2012

Chandler Homes  for Sale

$300,000 :: 846 W KROLL Avenue, Gilbert AZ, 85233

3 beds, 2 baths
Home size: 1,458 sq ft
Lot Size: 6,099 sq ft
Added: 08/22/19, Last Updated: 08/22/19
Property Type: Single Family
MLS Number: 5968640
Community: SONESTA ESTATES UNIT 1
Tract: SONESTA ESTATES UNIT 1
Status: Active


Bring your buyers because this home will not last long! 3 bedroom 2 bath home with updated kitchen. Updated granite countertops, newer appliances including double oven, and black stainless steel fridge. Brand new neutral paint job on the interior, carpets update within the last 2 years. Located near all of the great restaurants in Downtown Gilbert! Back yard features extended covered patio with recently installed fans and shiplap ceiling.

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/!


$449,900 :: 2550 E COCONINO Way, Gilbert AZ, 85298

5 beds, 4 baths
Home size: 3,770 sq ft
Lot Size: 6,970 sq ft
Added: 08/22/19, Last Updated: 08/22/19
Property Type: Single Family
MLS Number: 5968668
Community: FREEMAN FARMS PHASE 3 PARCEL 4
Tract: FREEMAN FARMS PHASE 3 PARCEL 4
Status: Active


This beautiful 3,770 sq ft home located in desirable Freeman Farms has 5 bed and 4 full bathrooms plus a 3 car tandem garage!! This home has it all!! Large formal living/dining area, family room w/surround sound, eat-in gourmet kitchen w/stainless steel GE Profile appliances, recessed lighting, upgraded 36'' kitchen cabinets. Master suite w/large walk-in closet w/separate shower/tub. Laundry w/cabinets & sink, full-length covered patio, built-in gas fire pit w/pavers, double side gate, 9' ceilings first floor, ceiling fans throughout & 2 on patio. Separate office, extra-large loft, 8' wood front door & upgraded 8' inside doors community playground/basketball court/park at end of street. Plus Gilbert multi-acre water park under construction one mile away.

Listed with Phoenix Property 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/!


$299,500 :: 6884 W HARRISON Street, Chandler AZ, 85226

Property Photo

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3 beds, 2 baths
Home size: 1,428 sq ft
Lot Size: 5,663 sq ft
Added: 08/14/19, Last Updated: 08/22/19
Property Type: Single Family
MLS Number: 5964814
Community: CHANDLER CROSSING UNIT 2
Tract: CHANDLER CROSSING UNIT 2
Status: Active


This Beautiful 3 bed, 2 bath property is the one! Charming Light & Bright home features grassy front landscaping , 2 car garage and amazing curb appeal. Inside you will find living room with high vaulted ceilings, dining area, neutral paint, tile flooring and elegant light fixtures throughout. Fabulous kitchen includes stainless steel appliances, ample cabinets, pantry, and quartz counter-tops. Inside the master bedroom you will find a private exit, full bath w/ double sinks, his and hers walk-in closets and Large walk in shower. Spend a relaxing summer afternoon in the backyard which offers grassy area, covered patio and mature trees. Don't wait any longer! Schedule a showing before is gone!

Listed with American Traditions 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/!


$455,000 :: 3542 E POWELL Place, Chandler AZ, 85249

3 beds, 2 baths
Home size: 2,493 sq ft
Lot Size: 7,406 sq ft
Added: 08/22/19, Last Updated: 08/22/19
Property Type: Single Family
MLS Number: 5968642
Community: OLD STONE RANCH PHASE 3
Tract: OLD STONE RANCH PHASE 3
Status: Active


Very well maintained Tortola model with Loft located in the highly desirable neighborhood of Old Stone Ranch. This home is within walking distance to Ryan Elementary, an A+ rated school and the newly approved High School that is scheduled to open in 2021. Kitchen has stainless steel gas range, granite counters and large working chefs island. The kitchen, entry way, hallways, utility and baths have been beautifully updated with wood grain tile. All bedrooms and the den/office and loft have upgraded carpet for a cozy feel. Master bedroom has private entrance to the patio and pool area, with a large shower, separate bathtub, double sinks and a spacious walk in closet. This backyard has a covered patio space opening up to the beautiful pool and a nice lawn area for the family, kids and pets.

Listed with Long Realty West 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/!


$250,000 :: 6690 S CORAL GABLE Drive, Chandler AZ, 85249

2 beds, 2 baths
Home size: 1,017 sq ft
Lot Size: 3,485 sq ft
Added: 08/22/19, Last Updated: 08/22/19
Property Type: Single Family
MLS Number: 5968650
Community: SUNBIRD UNIT NINE
Tract: SUNBIRD UNIT NINE
Status: Active


RARE GOLF COURSE LOT in the popular Sunbird community in south Chandler. Beautiful 2 bed, 2 bath, Garage, ALL TILE flooring, Inside laundry w/cabinets, counter space, large sink & 2017 front load washer & dryer. Vaulted ceilings, Shutters throughout, remote controlled awning at back patio. Bright kitchen has glass cooktop, beautiful solid surface counters, built-in microwave, french door refrigerator. VIEWS from the Kitchen/Great Room are spectacular looking onto golf course, charming wrought iron fencing, Orange & Grapefruit trees. Front entry has beautiful security door to capture cross breeze. SunBird offers so many fantastic amenities: Golf, tennis, pickle-ball, swimming, fitness center, restaurant/lounge & more. Turnkey home comes fully furnished, dishes, towels, etc! Everything incl

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/!


$374,500 :: 235 E LOCUST Drive, Chandler AZ, 85286

4 beds, 2.5 baths
Home size: 2,135 sq ft
Lot Size: 7,406 sq ft
Added: 08/22/19, Last Updated: 08/22/19
Property Type: Single Family
MLS Number: 5968645
Community: CACHET AT PASEO LINDO
Tract: CACHET AT PASEO LINDO
Status: Active




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/!


$510,000 :: 6872 S BIRDIE Way, Gilbert AZ, 85298

4 beds, 3 baths
Home size: 2,640 sq ft
Lot Size: 6,970 sq ft
Added: 08/22/19, Last Updated: 08/22/19
Property Type: Single Family
MLS Number: 5968670
Community: SEVILLE PARCEL 17
Tract: SEVILLE PARCEL 17
Status: Active


Incredible golf course lot home in the excellent Seville neighborhood. Gorgeous sunset and clubhouse views. Great location on fairway. This home has been highly upgraded by current owner. All LED interior and exterior lights with dusk to dawn feature on the exterior lighting. Whole house water filter and reverse osmosis in the kitchen. SS appliances, granite counters.Recent interior and exterior painting, new french doors to back yard paradise with swimming pool with newer filter system. Newer ceiling fans throughout the home. Owner willing to leave the 5K LG refrigerator and 5K LG washer and dryer with acceptable offer. Hot water heater replaced in 2018.

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/!


$729,000 :: 4531 S ROY ROGERS Way, Gilbert AZ, 85297

Property Photo

Mls Icon

6 beds, 5 baths
Home size: 6,112 sq ft
Lot Size: 17,424 sq ft
Added: 08/22/19, Last Updated: 08/22/19
Property Type: Single Family
MLS Number: 5968528
Community: POWER RANCH NEIGHBORHOOD 3
Tract: POWER RANCH NEIGHBORHOOD 3
Status: Active


Gorgeous 6 bedroom + den/5 bath, 2-story Toll Brothers home w/BASEMENT! Private Cul-De-Sac lot for a family, residence features exquisite curb appeal, 3 car garage, professionally designed landscaping, dual RV gate/parking. Beautiful detail everywhere you look! Formal living room w/ gas fireplace, large dining, bright family room, dry bar, den & media room off bedrooms. Fabulous kitchen is a true Gem; built in Sub-Zero refrigerator, maple cabinets, spacious granite countertops, w/island w/breakfast bar, walk-in pantry and breakfast room. Upstairs master suite offers a sitting room, private balcony, large walk-in closet, and luxurious ensuite with all the must haves! The Basement has a large theater room surrounded by 2 bedrooms and 1 full bathroom. Lots of storage throughout the home.

Listed with RE/MAX Fine Properties


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


$399,000 :: 2748 S CUPERTINO Drive, Gilbert AZ, 85295

Property Photo

Mls Icon

5 beds, 3 baths
Home size: 2,933 sq ft
Lot Size: 7,841 sq ft
Added: 08/22/19, Last Updated: 08/22/19
Property Type: Single Family
MLS Number: 5968562
Community: COOLEY STATION PHASE 1
Tract: COOLEY STATION PHASE 1
Status: Active


Amazing 5 bedroom, 3 bathroom home with a loft in the popular Cooley Station!! Gorgeous upgraded kitchen has granite counter tops, raised panel maple cabinets, breakfast bar, kitchen island, large pantry & extra cabinets in dining area! Large family and living rooms! Beautiful custom fireplace in living room! 1 bedroom/bathroom down & 4 bedrooms, 2 bathrooms plus a loft up! Double sinks in hall bath & master bath! Ceiling fans in every room! Gated courtyard! Large lot has a synthetic grass backyard & backs up to a common area! No neighbors behind!

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/!


$259,000 :: 4758 E LAUREL Avenue, Gilbert AZ, 85234

Property Photo

Mls Icon

4 beds, 3 baths
Home size: 1,573 sq ft
Lot Size: 2,614 sq ft
Added: 08/22/19, Last Updated: 08/22/19
Property Type: Single Family
MLS Number: 5968537
Community: LA ALDEA
Tract: LA ALDEA
Status: Active


Wonderful corner lot home situated in a quiet cul-de-sac! This two story home features tons of natural light, charming living room with built-in media niche, formal dining room, 4 bed, and 3 bath. One bedroom is downstairs with its own bath, perfect for guests! Beautiful kitchen offers plethora of custom cabinets and black appliances. In the master suite you'll find his & her walk-in closets and full bath with tub/shower combination and double sinks. Lovely back patio with lush green grass is perfect to spend time with friends & family. Community amenities includes pool, spa, and playgrounds. Come take a look, you won't be disappointed!

Listed with Conway 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/!


 

 

 

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