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

$441,300 :: 4383 E MORRISON RANCH Parkway, Gilbert AZ, 85296

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4 beds, 2.5 baths
Home size: 2,877 sq ft
Lot Size: 5,663 sq ft
Added: 04/24/19, Last Updated: 06/24/19
Property Type: Single Family
MLS Number: 5915961
Community: ELLIOT GROVES AT MORRISON RANCH
Tract: ELLIOT GROVES AT MORRISON RANCH
The price of this listing was last reduced on 5/31/2019 by 1%
Status: Conditional


Fabulous cul de sac lot with mountain views in Morrison Ranch! Featuring grassy front yard and shady North-facing front porch! This beautiful two story home features, tile roof, vaulted ceilings, spacious den, formal dining room, 4 bed, 2.5 bath, ample loft, and bright living room. Kitchen includes stainless steel appliances, granite counters, island with breakfast bar, pantry, plenty of cabinets, built in recycling, and tile back-splash. Master suite comes with gorgeous en-suite bath w/dual sinks, step-in shower, separate tub, and walk-in closet. Great backyard with kid friendly play area. 3 car tandem garage & RV gate! See Docs Tab for list of Upgrades and Updates!

Listed with List 3K, 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/!


$614,000 :: 6202 S CLAIBORNE Avenue, Gilbert AZ, 85298

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4 beds, 3.5 baths
Home size: 4,919 sq ft
Lot Size: 18,296 sq ft
Added: 06/24/19, Last Updated: 06/24/19
Property Type: Single Family
MLS Number: 5941533
Community: Shamrock Estates
Tract: Shamrock Estates
Status: Active


This exquisite home has nearly 5,000 square feet of beautiful and functional living space on a expansive, lush, cul-de-sac lot. Cool off this summer by floating in the salt river water diving pool or lounging under the pergola. Inside, the home has been meticulously maintained with fresh interior paint, updated bathrooms and new flooring throughout much of the home. In addition to the 4 bedrooms there is a huge loft AND gigantic game room, either which could be converted to more bedroom space if needed. The Master bedroom. The Master bedroom has a spectacular large closet. Tons of additional storage in the home, with a large pantry, walk in closets in all the bathrooms, plus cabinets in the game room and extra storage in the garage.

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/!


$875,000 :: 3064 E BLACKHAWK Drive, Gilbert AZ, 85298

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5 beds, 5 baths
Home size: 3,998 sq ft
Lot Size: 20,474 sq ft
Added: 06/24/19, Last Updated: 06/24/19
Property Type: Single Family
MLS Number: 5937824
Community: ACACIA REPLAT
Tract: ACACIA REPLAT
Status: Active


*LUXURY LIVING*ALL THE UPGRADES*Beautiful Spacious Home* 5 BD*5 BA*4 Car Garage* RV Gate & Parking* Private Pool/Spa*Grilling Gazebo*Covered Patio*Separate Entertaining Spaces*LG Side Yard & Grass Areas For Outdoor Fun*Gated Community*Amazing Gourmet Kitchen W/ Beautiful Island*Upgraded Cabinets*Lg. Pantry & Laundry Areas - Perfectly Designed For Beauty & Function*Spa-Like Master Bath W/ Walk-In Shower*Huge Closets*Private Wing W/ 3 En-suites Bedrooms W/ Spacious Bathrooms & Closets* Huge Double French Doors Opens To Covered Patio Extending The Entertaining Area W/ The Outdoor Spaces* Many More Extras: It's A MUST SEE* GREAT HOME FOR A GREAT PRICE!! Make An Offer & Make It Yours!!

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/!


$260,000 :: 1405 N IRONWOOD Street, Gilbert AZ, 85234

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3 beds, 2 baths
Home size: 1,122 sq ft
Lot Size: 7,841 sq ft
Added: 06/24/19, Last Updated: 06/24/19
Property Type: Single Family
MLS Number: 5943677
Community: SUN VIEW ESTATES 1 LOT 1-84
Tract: SUN VIEW ESTATES 1 LOT 1-84
Status: Active


Don't miss out on this amazing investment home approximately 1.5 miles from Downtown Gilbert and no HOA! This gorgeous home has tile wood flooring throughout, updated kitchen with quartz countertops, soft close cabinets and drawers, and stainless steel appliances! Step out to the HUGE backyard perfect for entertaining with a covered patio. This home has been meticulously maintained and a rare find and is perfect to be continued as an investment property! Tenants are in place until February 2020.

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/!


$489,900 :: 2445 E NARROWLEAF Drive, Gilbert AZ, 85298

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5 beds, 3 baths
Home size: 3,704 sq ft
Lot Size: 8,277 sq ft
Added: 05/25/19, Last Updated: 06/24/19
Property Type: Single Family
MLS Number: 5931081
Community: FREEMAN FARMS PHASE 2 PARCEL 1
Tract: FREEMAN FARMS PHASE 2 PARCEL 1
The price of this listing was last reduced on 6/24/2019 by 2%
Status: Active


5 BED | 3 FULL BATH | LOFT | 3 CAR GARAGE | POOL | ONE BEDROOM & BATHROOM DOWNSTAIRS! This beautiful home boasts oversized tile, new interior paint (including trim), new light fixtures, new faucets, and celling fans in every room. You will love the large bedrooms, loft, game room, laundry room and pantry. There is so much storage in this house. There is plenty of room to relax, play and hang in this 3,704 sq ft. property. The backyard is a tropical oasis. Soak up the AZ sun or BBQ and dine under the large patio. Schedule your showing today!

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/!


$449,990 :: 650 W CANTEBRIA Drive, Gilbert AZ, 85233

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4 beds, 4 baths
Home size: 2,710 sq ft
Lot Size: 6,534 sq ft
Added: 03/11/19, Last Updated: 06/23/19
Property Type: Single Family
MLS Number: 5894823
Community: WHITE FENCE ESTATES
Tract: WHITE FENCE ESTATES
The price of this listing was last reduced on 6/23/2019 by 2%
Status: Active


Come experience this stunning gem in the heart of Gilbert...a fresh, newer, gated community minutes from Downtown Gilbert, the US60 & Loop 202 freeways, as well as incredible schools, new employment centers and exciting retail & dining. This bright and airy home has private courtyards & shady covered patios, tons of natural light through a wall of sliding glass in the great room, and an innovative floorplan with a loft, as well as a casita that's just perfect for guests, a home office, or your own art studio. With over $60K in upgrades from the builder, no detail is left unattended...from custom tile backsplashes & premium finishings in the kitchen & master bathroom to granite countertops, stainless steel appliances, and tons of gorgeous cabinetry in the kitchen...this home has it all!!!

Listed with Carvalho 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/!


$375,000 :: 3844 S BRIDAL VAIL Drive, Gilbert AZ, 85297

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4 beds, 2 baths
Home size: 2,136 sq ft
Lot Size: 7,406 sq ft
Added: 06/23/19, Last Updated: 06/23/19
Property Type: Single Family
MLS Number: 5943764
Community: SAN TAN RANCH PARCEL 7
Tract: SAN TAN RANCH PARCEL 7
Status: Active


Model Perfect Fulton home will not last long! This home is loaded with upgrades. Backyard oasis boasts a beautiful pool with water feature. Pool has removable fencing which will convey with the property. This home shows pride of ownership in every area - fresh paint throughout, upgraded flooring and carpet, large open floor plan with eat in kitchen. Kitchen boasts the highly sought after gas stove. 4 bedrooms will accommodate your buyers family and friends. Home is prewired for multiple TV's and outdoor entertaining area. This house has many wireless features-Nest thermostat and Rachio Wireless Irrigation control. The local schools are all A+ rated. The neighborhood and neighbors are incredible. Bring us your offers! Your clients will love this home. Owner occupied yet very easy to show.

Listed with Call Realty, Inc.


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


$362,500 :: 3520 E LAFAYETTE Avenue, Gilbert AZ, 85298

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3 beds, 2 baths
Home size: 2,097 sq ft
Lot Size: 6,534 sq ft
Added: 05/03/19, Last Updated: 06/23/19
Property Type: Single Family
MLS Number: 5917001
Community: SEVILLE PARCEL 22
Tract: SEVILLE PARCEL 22
The price of this listing was last reduced on 6/1/2019 by 2%
Status: Conditional


Skip building! Move-in today! Simply Sensational! A stunning home in wonderful Seville. A top spot to be. Just minutes from the soon to-be completed 272 acre Gilbert Entertainment & Sports Park with a playground for every age! Step into high style with this delightful open floor plan designed for entertaining. Magazine perfect with huge granite island, polished marble backsplash, top of the line stainless appliances and custom built cabinetry featuring soft close and under cabinet lighting. Savor your morning coffee at the island bar or outside on your comfy covered patio. The exterior and interior of the home are freshly painted. Cabinets installed in the garage provide plenty of additional storage. Plus a high quality water softener, upgraded hardware & light fixtures throughout!!

Listed with Visionary 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/!


$273,000 :: 3931 E SAN REMO Avenue, Gilbert AZ, 85234

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3 beds, 2 baths
Home size: 1,283 sq ft
Lot Size: 4,792 sq ft
Added: 06/14/19, Last Updated: 06/23/19
Property Type: Single Family
MLS Number: 5939732
Community: CAROL RAE RANCH
Tract: CAROL RAE RANCH
The price of this listing was last reduced on 6/23/2019 by 2%
Status: Active


Welcome to this charming 3 bed 2 bath home in Carol Rae Ranch! This home has vaulted ceilings in the master bedroom and living area that add an open airy feeling, stainless steel appliances in kitchen, spacious backyard with a covered patio, extra cabinets in the garage, a newer water heater, and much more! Come see this lovely, well-kept home. It will not last long!

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/!


$285,000 :: 4119 E ENCINAS Avenue, Gilbert AZ, 85234

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3 beds, 2 baths
Home size: 1,539 sq ft
Lot Size: 6,534 sq ft
Added: 06/17/19, Last Updated: 06/23/19
Property Type: Single Family
MLS Number: 5940762
Community: TOWNE MEADOWS AMD LOT 1-591 TR A
Tract: TOWNE MEADOWS AMD LOT 1-591 TR A
Status: Active


Sweet 3 Bedroom/2 Bath. Kitchen updated with Granite counters and Stainless Steel Maytag Appliances in 2018. Great Split floor plan. North/South exposure Fulton Home. Walking distance to all Public schools. Grassy, Treed backyard. Easy to maintain front yard.

Listed with Realty One Scottsdale 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/!


 

 

 

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