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

$409,900 :: 2473 E KESLER Lane, Chandler AZ, 85225

4 beds, 2 baths
Home size: 2,134 sq ft
Lot Size: 8,712 sq ft
Added: 10/19/18, Last Updated: 10/19/18
Property Type: Single Family
MLS Number: 5835451
Community: KEMPTON CROSSING
Tract: KEMPTON CROSSING
Status: Active


Yep, you found it! This super clean and move-in ready home is located in Kempton Crossing. Original owners have made updates throughout the home: plantation shutters on every dual-pane window, oil-rubbed bronze interior door hardware, as well as travertine showers and vanities in master and guest bathrooms. The main living areas were recently painted in a neutral color that is warm on the eyes.The large kitchen features updated stainless steel appliances, Corian countertops, gorgeous kitchen cabinets and a large island. The buffet area provides even more counter space and storage. The kitchen is open to the great room creating the perfect space for entertaining.This home features tile throughout; there is no carpet. The main living areas include 17'' tile set diagonally.

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/!


$330,000 :: 574 S CHERI LYNN Drive, Chandler AZ, 85225

3 beds, 2 baths
Home size: 1,790 sq ft
Lot Size: 6,969 sq ft
Added: 10/19/18, Last Updated: 10/19/18
Property Type: Single Family
MLS Number: 5835454
Community: SAN MARCOS ESTATES LOT 1-214 T
Tract: SAN MARCOS ESTATES LOT 1-214 T
Status: Active


WOW! All of the windows were just replaced for energy efficiency & they also look great! Kitchen cabinets updated to white and granite has been installed to complement the stainless steel appliances. The large island has a convenient breakfast bar & the kitchen is open to the family room with a cozy fireplace flanked by beautiful windows overlooking the backyard. Extended patio/deck area overlooking the relaxing pool with rock waterfall. Enjoy some family time at the horseshoe pit installed on the large side yard and sit by a cozy firepit on your patio. Vaulted ceilings make this home feel even larger! Master suite has dual door entry, beautiful bay window overlooking the sparkling pool, dual vanity sinks, soaking tub & separate shower, water/toielt closet and a huge walk in closet!

Listed with Berkshire Hathaway HomeServices Arizona 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/!


$235,000 :: 850 W DEL RIO Street, Chandler AZ, 85225

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3 beds, 1.75 baths
Home size: 1,634 sq ft
Lot Size: 7,405 sq ft
Added: 10/18/18, Last Updated: 10/18/18
Property Type: Single Family
MLS Number: 5835385
Community: SUNNYCREST 3
Tract: SUNNYCREST 3
Status: Active


Great family home in Chandler. Cul-De-Sac lot with RV gate and plenty of room for a boat or RV parking. 3 bedroom, 2 bath home with separate office and bonus room. Granite counter tops and beautiful oak cabinets in the kitchen and hall bath. Hall bath has recent renovation of shower/bath tub. Home has many structural updates including dual pane windows and newer roof and French doors that open to the patio. Newer A/C with prepaid service agreement. Washer, dryer and refrigerator included. Close to downtown Chandler and Freeways. This is a great home and has been meticulously cared for by the owner.

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/!


$339,000 :: 4865 S TWINLEAF Drive, Gilbert AZ, 85298

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4 beds, 2 baths
Home size: 1,793 sq ft
Lot Size: 6,534 sq ft
Added: 10/18/18, Last Updated: 10/18/18
Property Type: Single Family
MLS Number: 5835391
Community: LAYTON LAKES PHASE 2 GILBERT P
Tract: LAYTON LAKES PHASE 2 GILBERT P
Status: Active


Welcome to your next home located in the desirable community of Layton Lakes!! Incredible open floor plan with hardwood floors, 4 bed, 2 bath, neutral paint, and natural light. Chef's kitchen includes black appliances, pantry, recessed lighting, high breakfast bar, and cabinet/counter space. Master suite offers walk-in closet and bath with double sinks. Backyard is perfect for enjoy the amazing Arizona sunsets right from your own covered patio and has potential for you to make it yours. Opportunities like this don't come often, don't wait any longer and schedule a showing today!!

Listed with Mark Brower Properties, 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/!


$263,000 :: 3005 E FRANKLIN Avenue, Gilbert AZ, 85295

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3 beds, 2 baths
Home size: 1,299 sq ft
Lot Size: 5,227 sq ft
Added: 10/18/18, Last Updated: 10/18/18
Property Type: Single Family
MLS Number: 5835442
Community: LYONS GATE PHASE 3 AND 4
Tract: LYONS GATE PHASE 3 AND 4
Status: Active


This wonderful home & award winning community has it ALL! Enjoy single level living in the heart of this growing, thriving area of Gilbert. 3 bed/2 bath home w/delightful open floor plan, 4'' baseboards, beautiful extended travertine patio & year round lucsious green artificial turf make this a perfect gathering spot for family & friends. Large WIC in master bed has glass doors leading directly to back yard. COMMUNITY boasts Clubhouse, 3 Pools, 6 parks (1 is just 1 block away), comm events year round, movies in park, etc. Talk about LOCATION! Loop 202, San Tan Mall (restaurants/shops galore), Top Golf, Main Event, Joe's Farm Grill to name a few, all w/in 2 miles. All this and exterior paint done just this past August! Don't wait ... won't last long!

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/!


$439,991 :: 4964 S BRIDAL VAIL Drive, Gilbert AZ, 85298

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5 beds, 4 baths
Home size: 3,456 sq ft
Lot Size: 4,791 sq ft
Added: 06/30/18, Last Updated: 10/18/18
Property Type: Single Family
MLS Number: 5787842
Community: The Bridges at Gilbert
Tract: The Bridges at Gilbert
The price of this listing was last reduced on 10/18/2018 by 0%
Status: Active


BEST price per square foot in the Bridges at Gilbert - STUNNING Home with modern upgrades in a lake community and walking distance to the new 272 acre Gilbert Regional Park! Open floor plan features: Formal Living Room, Large Family Room, 5 Spacious Bedrooms, 4 Bathrooms and a HUGE Loft/Bonus Rm. Beautifully upgraded Kitchen that opens to a Lrg. Family Room w/8ft. Sliding Glass Wall/Door to backyard. Kitchen features Staggered Rich Espresso Cabinetry w/Crown Molding, Quartz Counters with a gorgeous Waterfall Quartz Center Island & Breakfast Bar, Stainless Appliances, Decorative Glass Tile Backsplash, Walk-in Pantry & a Separate Eating Area w/access door to covered patio and gorgeous entertaining backyard area. One Bedroom with 3/4 Bath is located downstairs.

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/!


$361,500 :: 894 E AQUARIUS Place, Chandler AZ, 85249

Property Photo

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4 beds, 2 baths
Home size: 2,049 sq ft
Lot Size: 8,276 sq ft
Added: 10/03/18, Last Updated: 10/18/18
Property Type: Single Family
MLS Number: 5828434
Community: PASEO CROSSING PHASE 1 AMD
Tract: PASEO CROSSING PHASE 1 AMD
The price of this listing was last reduced on 10/18/2018 by 2%
Status: Active


Price reduced on this wonderful open 4 bedroom 2 bath floor plan. Master bedroom split from other bedrooms. Stainless steal appliances. 3 car garage that is split 2/1. A/C compressor replaced May 9, 2018. Large play pool. Owner has removable pool fence that will convey in as-is condition (owner hasn't use but 1 section). Overr-sized corner lot. Gated community.

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/!


$399,000 :: 742 E BROOKS FARM Road, Chandler AZ, 85249

Property Photo

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3 beds, 2 baths
Home size: 2,466 sq ft
Lot Size: 9,583 sq ft
Added: 10/18/18, Last Updated: 10/18/18
Property Type: Single Family
MLS Number: 5835363
Community: KERBY ESTATES
Tract: KERBY ESTATES
Status: Active


Highly sought-after single level home features 3 bedrooms plus office and 2 baths. Situated across from one of City of Chandler's most desirable parks, this 7-acre park has it all! The home has an open floor concept. Chef's kitchen with large center island/breakfast bar, upgraded stainless steel appliances and walk-in pantry. Formal dining room perfect for family gatherings.Large master suite with walk-in closet.Masterbath features dual sinks, separate tub and shower. Laundry room includes cabinets for storage and sink. North-South exposure helps keep your cooling bills low.3 car garage perfect for all the toys! Located near Chandler's top schools, biking paths, shopping and dining.

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/!


$389,000 :: 237 E CAROB Drive, Chandler AZ, 85286

Property Photo

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3 beds, 2.5 baths
Home size: 2,634 sq ft
Lot Size: 4,791 sq ft
Added: 10/18/18, Last Updated: 10/18/18
Property Type: Single Family
MLS Number: 5835360
Community: CACHET AT PASEO LINDO
Tract: CACHET AT PASEO LINDO
Status: Active


*This Meticulously Maintained Home is MODEL Perfect and MOVE IN Ready*. This Beautiful 3 Bed 2 1/2 Bath has a welcoming entry, spacious great room, gorgeous kitchen, bright laundry room, and a den/office with double French glass doors offering privacy. The kitchen boasts espresso cabinets, granite countertops, and upgraded stainless steel appliances. Upstairs you'll find the Master Bedroom Retreat and Master Bath with His and Her sinks, Spa like tub, and closet with built in shelving. The spacious Loft is currently used as a Theater Room. *Projector and Screen negotiable*. Enjoy the dream backyard with covered travertine paver porch and low maintenance artificial grass. Paseo Lindo is a gated community that enjoys easy access to shopping, dining, great schools, parks, and freeways

Listed with MacLay 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/!


$185,000 :: 421 S WASHINGTON Street, Chandler AZ, 85225

Property Photo

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3 beds, 2 baths
Home size: 960 sq ft
Lot Size: 7,405 sq ft
Added: 10/18/18, Last Updated: 10/18/18
Property Type: Single Family
MLS Number: 5835333
Community: DOBSON ADD
Tract: DOBSON ADD
Status: Active


Urban living! So much happening in downtown Chandler. Something for everyone and the new home owner will be able to stroll to the farmer's market, historical sites, popular nightlife, art galleries, shopping, and much more! These prices won't be low forever. Look to other cities to see how property prices near downtown have skyrocketed. Minutes from the 202 for quick access to the entire valley. http://w-retail.com/wp-content/uploads/2017/04/Downtown-Chandler.pdf

Listed with Delex 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/!


 

 

 

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