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

$360,000 :: 434 E STOTTLER Drive, Gilbert AZ, 85296

4 beds, 3 baths
Home size: 2,038 sq ft
Lot Size: 6,969 sq ft
Added: 08/18/18, Last Updated: 08/18/18
Property Type: Single Family
MLS Number: 5806710
Community: NEELY FARMS UNIT 2
Tract: NEELY FARMS UNIT 2
Status: Active


This home is located in a highly desired neighborhood, close to everything. The pride of ownership shows the moment you walk in the door. The home has newer tile in all the right places. The home has been freshly painted on the inside and out. The bright and cheery eat-in kitchen has plenty of cabinet, counter space and a pantry, with brand new granite counter tops and appliances. There is also a formal dining area, separate living and family room. The bedrooms are very spacious with plenty of closet space. The private backyard features a covered patio and lovely flagstone area, a great place to entertain with friends and family.

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/!


$950,000 :: 5750 W LINDA Lane, Chandler AZ, 85226

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5 beds, 4.5 baths
Home size: 5,000 sq ft
Lot Size: 17,859 sq ft
Added: 03/16/18, Last Updated: 08/17/18
Property Type: Single Family
MLS Number: 5737752
Community: WELLINGTON ESTATES
Tract: WELLINGTON ESTATES
The price of this listing was last reduced on 8/17/2018 by 3%
Status: Active


Luxurious Basement Home with a Full Guest House with Kitchen and Bath, and a Master Suite with Full His and Hers Bathrooms. Features custom wood work throughout, wood ceiling in library, gorgeous fireplace, French doors to patio, beautiful hardwood floors, soaring ceilings, plantation shutters, crown moulding, and ceiling fans. Stunning chefs kitchen features two island, breakfast bar, marble counters, wine cooler, tiled backsplash, and complimentary wood cabinetry with stylish hardware. Perfect Home for entertaining inside and out. Large laundry room with storage cabinets. Fantastic Media Room in finished basement along with exercise room, bedroom, and bathroom. Grand master retreat boasts vaulted ceiling, His and Hers Bath, large walk-in closet, and private en suite. Walkable to Intel

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/!


$925,000 :: 6179 S 172ND Street, Gilbert AZ, 85298

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6 beds, 3.5 baths
Home size: 4,230 sq ft
Lot Size: 85,377 sq ft
Added: 08/01/18, Last Updated: 08/17/18
Property Type: Single Family
MLS Number: 5801006
Community: METES AND BOUNDS
Tract: METES AND BOUNDS
The price of this listing was last reduced on 8/17/2018 by 3%
Status: Active


Horse Property!! Stop and take time to click the link for the virtual tour and to watch the drone video. This will allow you to appreciate the 2 acres of paradise and all its amenities. Sitting on two lots and being adjacent horse riding trails gives the property lots of ''elbow room''. There is an adjacent flood irrigated 0.85 acre pasture lot to the east, also owned by same owner. Together the two lots make 2 acres. The backyard immediate to the house is surrounded by block fence and view fence, giving privacy to the saltwater pool and grass lawn. Outside this mini-backyard the rest of the property is desert landscape, for low water. There is a 3 stall mare motel on the south end, with an enclosed tack room. A separate storage shed. A concrete horse wash area

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/!


$439,950 :: 1640 E YELLOWSTONE Place, Chandler AZ, 85249

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3 beds, 2 baths
Home size: 2,803 sq ft
Lot Size: 10,454 sq ft
Added: 08/17/18, Last Updated: 08/17/18
Property Type: Single Family
MLS Number: 5808633
Community: COOPER CORNERS WEST
Tract: COOPER CORNERS WEST
Status: Active


Beautiful, semi custom Fulton home located in a highly desirable Chandler community. Boasting popular split bedroom floor plan, high ceilings, an office & a large bonus room. The kitchen offers upgraded cabinets, 2 pantries and stainless steel appliances opening to the family room. In addition, there is a separate living and dining area with natural stone flooring looking out to the lush back yard creating the perfect space for entertaining. Sitting on a 1/4 of an acre lot, it offers an expansive back yard with a large pool with water features, mature trees and a small koi pond. Don't miss out on this stunning home!

Listed with eXp 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/!


$227,000 :: 2317 E FOLLEY Street, Chandler AZ, 85225

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3 beds, 2 baths
Home size: 1,396 sq ft
Lot Size: 7,405 sq ft
Added: 08/17/18, Last Updated: 08/17/18
Property Type: Single Family
MLS Number: 5808621
Community: COLONIA CORONITA
Tract: COLONIA CORONITA
Status: Active


PRICED TO SELL! Renovated comps have sold for more than $250K in this NON-HOA neighborhood! This wide open, single level home is ready for it's new owner. With fresh interior paint in the great room and newer floors throughout this home has a lot of potential!

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/!


$324,900 :: 3912 S BRIDAL VAIL Drive, Gilbert AZ, 85297

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3 beds, 2 baths
Home size: 1,844 sq ft
Lot Size: 7,405 sq ft
Added: 08/17/18, Last Updated: 08/17/18
Property Type: Single Family
MLS Number: 5808594
Community: SAN TAN RANCH
Tract: SAN TAN RANCH
Status: Active


This home will hit everything on your checklist! Located in one of the most desirable parts of Gilbert, it has all of the key features that everyone is searching for such as: single story, 3 Bedrooms, 2 bathrooms, with an enclosed den that could easily be used as a 4th bedroom or office if needed! As you enter through the front door you will find upgraded diagonally laid tile, upgraded tall baseboard, and tall vaulted ceilings. This home also features a 3 car garage, RV Gate on the side of the home with tons of room for a small trailer, vehicle, or small boat, private pool, and fully landscaped with grass front and back yards!Home like this do not come on the market very often at this price, so go see it, fall in love, and put in an offer!

Listed with Ashby Realty 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/!


$250,000 :: 1373 E CONSTITUTION Drive, Chandler AZ, 85225

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3 beds, 2 baths
Home size: 1,600 sq ft
Lot Size: 4,791 sq ft
Added: 08/17/18, Last Updated: 08/17/18
Property Type: Single Family
MLS Number: 5808606
Community: FULTON HOMES AT THE PROVINCES
Tract: FULTON HOMES AT THE PROVINCES
Status: Active


Nestled in the Provinces, a beautiful master-planned community of mature trees and greenbelts is a 1600 sf Fulton Homes charmer giving you the best value for your money! First Impressions security doors, NEW roof with warranty and wood plank tile flooring added in 2017. New SS glass cook top range and dishwasher, fresh interior, exterior paint (including block fence) and new fans t/o. 3.5 ton heat pump 2014, 50 gallon hot water heater 2015. Extras like comfort height master bath toilet, 1 HP Waste King disposal, dusk to dawn security light, new washing machine plus a dryer convey. N/S exposure. Close to Downtown Gilbert/Chandler eateries/shops, San Tan 202, 101 freeways. Best-rated school district in AZ. Original owners. Home just needs your personal touch. The important stuff is DONE!

Listed with Hometown USA, 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/!


$349,900 :: 685 N LONGMORE Street, Chandler AZ, 85224

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4 beds, 2 baths
Home size: 1,958 sq ft
Lot Size: 7,840 sq ft
Added: 08/17/18, Last Updated: 08/17/18
Property Type: Single Family
MLS Number: 5808571
Community: ANDERSEN SPRINGS
Tract: ANDERSEN SPRINGS
Status: Active


Walk in to be WOWed in this specially UPGRADED & freshly painted complete home with 4 bedrooms and 3 car tandem garage. Being in master-planned Andersen springs, it is walking distance from lakes, parks and shopping. Inviting large yard leads into the sprawling formal living/dining area that leads into a super upgraded kitchen with GRANITE, backsplash and stainless steel appliances. It has a cute family dining area that is overlooking the yard. Family room has upscale flooring and wood burning fireplace! Master bathroom has been remodeled with designer shower and jet faucets. Master bedroom has it's own separate access to private patio area. Other bedrooms are large and the 4th bedroom can be showcased as a den or gym and has 2 doors with flowing access to formal living room.

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/!


$825,000 :: 2442 S HERITAGE Drive, Gilbert AZ, 85295

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4 beds, 4.5 baths
Home size: 3,684 sq ft
Lot Size: 20,473 sq ft
Added: 08/17/18, Last Updated: 08/17/18
Property Type: Single Family
MLS Number: 5808605
Community: CASA RICA
Tract: CASA RICA
Status: Active


Beautiful Semi-Custom, Single-Level, Split Floorplan home on nearly half-acre lot (20,397 sq ft). Enjoy the upgraded, gourmet kitchen with a plethora of white-paneled cabinets, slab-granite countertops, travertine backsplash, stainless steel appliances, gas stove, walk-in pantry and huge island. The great room extraordinaire is spacious and boasts gorgeous hardwood floors (Mayan Pecan), which are carried t/o traffic areas, and a 20-foot wall of glass transitions you to the lush, green backyard; truly inside/outside AZ living in the heart of Gilbert. Split floorplan & each bedroom has its own bath. Master bedroom retreat has 10-ft ceiling and a master bathroom with extended walk-in closets. Foam exterior insulation, 3 Zone AC and fresh air circulation system make for low utility bills.

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/!


$1,190,000 :: 5725 S TOPAZ Place, Chandler AZ, 85249

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4 beds, 3.5 baths
Home size: 4,571 sq ft
Lot Size: 20,473 sq ft
Added: 08/17/18, Last Updated: 08/17/18
Property Type: Single Family
MLS Number: 5808589
Community: VASARO
Tract: VASARO
Status: Active


This Stunning Traditional Contemporary, Open Concept Living w/high end amenities is located in the exclusive gated community of Vasaro. Nestled on a 1/2 Acre w/views of the SanTan Mtns. Well appointed w/Wolf & Sub Zero Appliances, the Chef's Kitchen has everything you need to create and entertain, including custom designed cabinetry, concrete countertops, and a huge working island w/bar seating. The home features wood plank porcelain flooring throughout, a fully tiled entertainment center w/gas fireplace & custom art piece, custom iron doors throughout, w/matching gates, classy closets w/built in storage drawers, dual tankless H20 heaters, soft H20 & carbon filtration w/RO spigot. The lush private backyard features a one of a kind Ramada w/built in Delta Grill & Rec Tec Smoker,

Listed with eXp 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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