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

$1,975,000 :: 11019 E CLOUD Road, Chandler AZ, 85248

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6 beds, 6.5 baths
Home size: 5,517 sq ft
Lot Size: 33,542 sq ft
Added: 06/13/20, Last Updated: 10/01/20
Property Type: Single Family
MLS Number: 6090600
Community: GILA BUTTE ESTATES
Tract: GILA BUTTE ESTATES
The price of this listing was last reduced on 10/1/2020 by 5%
Status: Active


Welcome to your immaculate, Custom Estate!!! Over 5,500sq ft, 6 bedroom, 6.5 bathroom, single level, custom new build with separate Guest House. Beautiful grand entry complimented by a modern steel gate. Upon entry you will find exposed beams and towering vaulted ceilings. Gourmet kitchen delivers Butler's Pantry, Brand New Wolf & Sub-Zero Appliances, 2 dishwashers, Custom Cabinetry and Hardware, Icemaker, Steam Oven, RO, gorgeous Leathered Granite, Limestone, and Quartz. Master Suite features glass fireplace, safe room, spa-like bathroom with a standalone tub, flawless tiled shower with top of the line Brizo fixtures, and oversized master closet. Each bedroom has its own full bath and walk-in closet. 5-car garage in addition to oversized RV garage. Built in garage cabinets. Enough 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/!


$359,999 :: 1594 E MEGAN Street, Chandler AZ, 85225

3 beds, 2 baths
Home size: 1,441 sq ft
Lot Size: 6,099 sq ft
Added: 10/01/20, Last Updated: 10/01/20
Property Type: Single Family
MLS Number: 6140020
Community: SUPERSTITION RANCH-PARCEL 2
Tract: SUPERSTITION RANCH-PARCEL 2
Status: Active


Fabulous 3 bedroom, 2 bath home in desirable Chandler neighborhood with a sparkling pool & spa. Great open concept kitchen with island, stainless steel appliances and breakfast nook.Split floor plan. Interior laundry. 2 car garage. Master bath has dual sinks & separate tub & shower. Perfect backyard for entertaining with covered patio and spill over spa water feature. Close to shopping & restaurants. Schedule your showing today!

Listed with Networth Realty of Phoenix


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


$420,000 :: 3367 E MORELOS Court, Gilbert AZ, 85295

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4 beds, 2 baths
Home size: 2,345 sq ft
Lot Size: 7,406 sq ft
Added: 09/23/20, Last Updated: 10/01/20
Property Type: Single Family
MLS Number: 6136428
Community: PECOS PARK
Tract: PECOS PARK
The price of this listing was last reduced on 10/1/2020 by 2%
Status: Active


Single level home in Pecos Ranch. Popular split floorplan design with a formal living and dining room. Kitchen has lots of cabinets for storage and includes a breakfast bar and room for a table. There's a huge walk in closet in the master and a separate tub and shower. Wood blinds and warm, neutral colors throughout, carpeting is brand new. The home is positioned on a corner lot at the end of a cul-de-sac and backs to the green belt.

Listed with Erickson Realty Group L.L.C.


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


$689,000 :: 3310 E CherryWood Place, Chandler AZ, 85249

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4 beds, 3 baths
Home size: 3,164 sq ft
Lot Size: 13,068 sq ft
Added: 08/20/20, Last Updated: 10/01/20
Property Type: Single Family
MLS Number: 6120101
Community: FINESTERRA AT VALENCIA 2
Tract: FINESTERRA AT VALENCIA 2
The price of this listing was last reduced on 10/1/2020 by 1%
Status: Active


$10,000 Price Reduction! WOW! This beautiful TW LEWIS Home in LUXURIOUS GATED LAKE community. Large split floor plan, travertine, tile wood, and a fireplace. HUGE premium lot with inviting grass front yard, and Resort Style pool and pergolas ready to entertain in the backyard! Homes are selling quickly, don't miss this one!

Listed with ProSmart 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/!


$599,900 :: 4660 S DANYELL Drive, Chandler AZ, 85249

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3 beds, 2.5 baths
Home size: 2,514 sq ft
Lot Size: 7,841 sq ft
Added: 10/01/20, Last Updated: 10/01/20
Property Type: Single Family
MLS Number: 6139040
Community: CALABRIA
Tract: CALABRIA
The price of this listing was last reduced on 10/1/2020 by 0%
Status: Active


4660 S Danyell Dr. is an exquisite single level, almost new home with a great room floorplan on a private corner lot without neighbors directly behind! The chef's kitchen flaunts a walk-in pantry, KitchenAid stainless steel appliances, upgraded range hood, staggered cabinets with soft close drawers with pullouts; a subway back-splash, granite sink, and the oversized center island with quartz counters will definitely catch your eye. The dining room with a Tray ceiling, accent wall and an additional sliding door to patio is sure to make you feel right at home. The luminous great room with custom drapes and 16' sliding doors open to the private backyard with an in ground pool with spa (Pentair equipment with automatic pool cleaning popups), pergola with bar seating and a built in barbec

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/!


$342,500 :: 1139 S NANCY Lane, Gilbert AZ, 85296

3 beds, 2 baths
Home size: 1,802 sq ft
Lot Size: 4,792 sq ft
Added: 10/01/20, Last Updated: 10/01/20
Property Type: Single Family
MLS Number: 6140008
Community: COOLEY STATION NORTH PARCEL 3
Tract: COOLEY STATION NORTH PARCEL 3
Status: Active


Beautiful Single Story 3 Bedroom, 2 Bathrooms with designer touches. Fabulous Kitchen with Upgraded Cabinets, Stainless Steel Appliances and Granite Counters. Split Bedroom Floorplan. Master Bathroom with dual sinks and separate tub and shower. Large Master Closet. Close to Shopping and Freeways. Community Parks, Pools and Walkways.

Listed with Strategic Points Realty & Investments, 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/!


$1,025,000 :: 1192 W ISLAND Drive, Chandler AZ, 85248

3 beds, 3 baths
Home size: 3,513 sq ft
Lot Size: 15,246 sq ft
Added: 10/01/20, Last Updated: 10/01/20
Property Type: Single Family
MLS Number: 6139218
Community: VISTAS at OCOTILLO
Tract: VISTAS at OCOTILLO
Status: Active


CUSTOM Southwest Contemporary design in the GATED premier Ocotillo community of the Vistas. Your arrival is welcomed by a courtyard with a sitting area & water fountain. VIEWS from the moment you enter the bright & beautiful interior! DOUBLE FAIRWAY & LAKE, North/South SETTING. Expansive Great Room design. Accent lighted, glass display 300+ bottle WINE CELLAR. Chef's Kitchen featuring abundant 42'' cabinets, GRANITE counters w/4-seat breakfast bar, built-in refrigerator, farm sink, large pantry. Moving WALL OF GLASS opens from the Kitchen to extended Patio. Travertine stone floors throughout interior & exterior living spaces. Spacious owner's suite with patio door. Soaking jetted tub & walk-in tiled shower, split vanities, large closet with CUSTOM ORGANIZERS. Secondary bedrooms are split

Listed with Keller Williams Legacy One


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


$339,900 :: 1913 E CORTEZ Drive, Gilbert AZ, 85234

3 beds, 2 baths
Home size: 1,627 sq ft
Lot Size: 4,792 sq ft
Added: 10/01/20, Last Updated: 10/01/20
Property Type: Single Family
MLS Number: 6140024
Community: ANCHOR POINT AT VAL VISTA LAKES LOT 1-106 TR A-F
Tract: ANCHOR POINT AT VAL VISTA LAKES LOT 1-106 TR A-F
Status: Active


Location, location, location!! Beautiful 3 bedroom 2 bath home in the amazing Val Vista Lakes community. Home has been incredibly maintained and includes a new AC unit. Open concept floorplan and vaulted ceilings. Low maintenance back yard and luscious front yard with natural grass. The home is located in a very desirable cul-de-sac next to a secluded park. Full access to Val Vista Lakes facilities and recreational areas.

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/!


$335,000 :: 2535 S Martingale Road, Gilbert AZ, 85295

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3 beds, 2 baths
Home size: 1,623 sq ft
Lot Size: 6,970 sq ft
Added: 10/01/20, Last Updated: 10/01/20
Property Type: Single Family
MLS Number: 6134659
Community: Chaparral Estates
Tract: Chaparral Estates
Status: Active


Just what you've been looking for! Energy efficient, Split floor plan, 3 bedroom 2 bath home with a pool and R/V gate in Gilbert! The backyard boasts a grassy area, storage shed and pool with a built in ice chest. This home has been well maintained and has one year old A/C, brand new double oven and convection microwave. Six month old R/O drinking water and dishwasher. The exterior of the home was painted in 2017. Just a mile from San Tan Village and 3 miles from Gilbert Regional Park. Don't let this one slip away. Agent related to Seller.

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/!


$399,900 :: 3637 E RED OAK Lane, Gilbert AZ, 85297

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3 beds, 2 baths
Home size: 2,036 sq ft
Lot Size: 8,277 sq ft
Added: 10/01/20, Last Updated: 10/01/20
Property Type: Single Family
MLS Number: 6139956
Community: SAN TAN RANCH PARCEL 11
Tract: SAN TAN RANCH PARCEL 11
Status: Active


Amazing single level home on a premium corner lot. Home has 3 bedrooms + den, 2 baths, and a 3 car garage. Inviting curb appeal with highly desired N/S exposure includes a beautiful shade tree, front patio, and green belt along the east side of home. Vaulted ceilings and soft color palette. Home office has double french door entry and beautiful wood tile floors. Spacious open floor plan for the kitchen, dining and family room is the perfect entertaining space! The large eat-in kitchen has white cabinets, breakfast bar seating, and SS appliances. Master has a full bath and walk-in closet. The serene backyard has a brick paver covered patio, built-in BBQ, bar top with seating, lush lawn area and a RV gate. Across the street from park w/ playground. Close to freeway, shopping and schools!

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/!


 

 

 

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