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

$275,000 :: 3532 S BUCKAROO Trail, Gilbert AZ, 85297

3 beds, 2 baths
Home size: 1,352 sq ft
Lot Size: 6,534 sq ft
Added: 11/22/17, Last Updated: 11/22/17
Property Type: Single Family
MLS Number: 5691256
Community: SAN TAN RANCH PARCEL 2
Tract: SAN TAN RANCH PARCEL 2
Status: Active


Your new home is super clean and ready for you to move in! Enjoy your time by your Pebble Tech play pool w/ rock water fall and grassy area for pets and kids. Your new home has 3 bedroom and 2 full baths and it beautifully upgraded to include all new carpet and paint. You have 18 in. tile in kitchen, hall and baths.Your ceiling is vaulted in your family room and you have pot shelves to decorate for Christmas and other Holidays. Your Master Bedroom has separate tub & shower and you also have upgraded window blinds, ceiling fans, single level homes all around making yard very private, low maintenance front yard landscaping with automatic drip.

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/!


$248,000 :: 1505 W LOBSTER TRAP Drive, Gilbert AZ, 85233

Property Photo

Mls Icon

3 beds, 2 baths
Home size: 1,407 sq ft
Lot Size: 4,356 sq ft
Added: 11/22/17, Last Updated: 11/22/17
Property Type: Single Family
MLS Number: 5691231
Community: PARCEL 31 AT THE ISLANDS AMD R
Tract: PARCEL 31 AT THE ISLANDS AMD R
Status: Active


This Harbor Cove home with backyard views to a common area has been renewed with fresh interior paint! Upon entry, the interior impresses with vaulted ceilings, plantation shutters, and pot shelves. The Great room flows into the formal dining area and has sliding glass doors leading to the covered back patio. The kitchen features tile countertops, breakfast bar, and a nook. The Master suite boasts dual vanities, a garden tub and shower combination, and a walk-in closet. Conveniently located less than a mile from the dining/shopping options at Corovado Village and Stonegate Park. Also near bus stops and US-60/AZ-202 access.Home comes with a 30-day satisfaction guarantee and one-year premium warranty. Terms and conditions apply.

Listed with Opendoor Homes


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


$550,000 :: 3769 E LIBRA Place, Chandler AZ, 85249

Property Photo

Mls Icon

8 beds, 4 baths
Home size: 4,935 sq ft
Lot Size: 15,245 sq ft
Added: 11/22/17, Last Updated: 11/22/17
Property Type: Single Family
MLS Number: 5691219
Community: SHADOW RIDGE
Tract: SHADOW RIDGE
Status: Active


Home Sweet Basement Home! This 8-bedroom home is gorgeous AND it is on the largest lot in the subdivision...over 15,000 square feet! The immense island kitchen flows into the family room making it perfect for family and entertaining. The kitchen boasts granite counters, double ovens and a plethora of cabinets. Beautiful tile, wood laminate and neutral carpet highlight this home's flooring. The split master suite boasts separate vanities and walk-in closets. The basement has 2 bedrooms, a full bath and living area. There's also a loft upstairs and home theater room on the main level. The 3rd bay of the garage features a rear garage door so that vehicles can be pulled thru to a 4-car parking slab. The backyard is HUGE with sport court, heated Pebble Tek pool, built-in BBQ and lots of grass!

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/!


$236,000 :: 3220 E SANDY Way, Gilbert AZ, 85297

Property Photo

Mls Icon

3 beds, 2 baths
Home size: 1,325 sq ft
Lot Size: 6,534 sq ft
Added: 11/22/17, Last Updated: 11/22/17
Property Type: Single Family
MLS Number: 5691190
Community: SAN TAN RANCH PARCEL 5
Tract: SAN TAN RANCH PARCEL 5
Status: Active


Nice home with open and light floor plan. Home features vaulted ceilings, bay window eat-in kitchen area and fireplace in the living room, as well as a behive fireplace on the back patio. Floors are tile, real wood and matching wood laminate~ no carpeting. A/C is about 4 years old. Large master suite has a walk in closet. Backyard has a fenced play pool and covered patio. This short sale is already conditionally approved by the lender.

Listed with Heritage Success 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/!


$388,775 :: 2360 E BINNER Drive, Chandler AZ, 85225

Property Photo

Mls Icon

4 beds, 3.5 baths
Home size: 3,460 sq ft
Lot Size: 7,405 sq ft
Added: 08/18/17, Last Updated: 11/22/17
Property Type: Single Family
MLS Number: 5648718
Community: DOBSON PLACE PARCEL 7
Tract: DOBSON PLACE PARCEL 7
The price of this listing was last reduced on 11/22/2017 by 0%
Status: Active


Beautifully upgraded 4 bedroom/3.5 bathroom home in highly desirable Chandler neighborhood walking distance to A+ CTA Liberty Elementary School. One bedroom with attached bathroom downstairs, perfect for an in-law suite. Beautifully upgraded open kitchen with granite countertops and roll outs in kitchen and hallway cabinets for easy access. Downstairs there is also a large bonus room off of the living room with a sound proof wall that would make a perfect game or movie room, HUGE master bedroom and bathroom upstairs. Master bedroom has an attached den that is perfect for an office or gym space. Two additional bedrooms upstairs as well. New water heater installed 2017! Low maintainance back yard with plenty of space to add a pool! Come see this house today, it will not last long!!

Listed with Cactus Mountain 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/!


$415,000 :: 2719 S BUTTE Lane, Gilbert AZ, 85295

Property Photo

Mls Icon

4 beds, 2.5 baths
Home size: 3,207 sq ft
Lot Size: 7,405 sq ft
Added: 10/11/17, Last Updated: 11/22/17
Property Type: Single Family
MLS Number: 5672865
Community: SPECTRUM AT VAL VISTA PARCEL 9
Tract: SPECTRUM AT VAL VISTA PARCEL 9
Status: Active


This home has it ALL!! Curb appeal w/extra long driveway leading to a 4 CAR GARAGE!! From the front porch enter your new home & notice the brand new carpet & neutral color palette. The 1st floor boasts formal lvg & dng, large family room open to kitchen/eat-in area, large bonus room w/big closet and powder room. Kitchen offers lots of upgraded 42" cabinets, granite counters & S/S appliances. Upstairs you'll find a loft, 3 large guest bedss & bath along w/a huge master bedroom & bath with enormous closet! Separate tub & shower w/double sinks. Don't miss the upstairs laundry for added convenience! Plantation Shutters t/o!! Outside you'll love to entertain in your very private yard (no rear neighbors! Backs to medical plaza's back side) with pebble tech pool and extended patio area. Click mo

Listed with RE/MAX Excalibur


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 :: 2300 E AUSTIN Drive, Gilbert AZ, 85296

Property Photo

Mls Icon

3 beds, 2 baths
Home size: 1,393 sq ft
Lot Size: 6,534 sq ft
Added: 11/02/17, Last Updated: 11/22/17
Property Type: Single Family
MLS Number: 5682296
Community: FINLEY FARMS
Tract: FINLEY FARMS
The price of this listing was last increased on 11/15/2017 by 2%
Status: Active


Upscale Finley Farms Master Planned Community. This property shows new exterior paint, new interior paint and new carpet. Neutral tile everywhere except bedrooms. Move in ready and looks sharp. Upscale Finley Farms, great room floor plan with vaulted ceilings, dual pain windows, covered patio, additional cement slab out back with side walkway and north/south exposure. Kitchen shows dark oak cabinets with pantry. Ceiling fans & garage cabinets. New covered patio roofing. New hot water tank. Desert Front yard with grass area out back. No two story homes around. Well maintained property. Owner/Agent.

Listed with FDR 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/!


$279,000 :: 727 W CHEYENNE Drive, Chandler AZ, 85225

Property Photo

Mls Icon

4 beds, 2 baths
Home size: 1,917 sq ft
Lot Size: 8,276 sq ft
Added: 11/22/17, Last Updated: 11/22/17
Property Type: Single Family
MLS Number: 5691157
Community: Womack East
Tract: Womack East
Status: Active


Beautiful 4 Bedroom 2 bath With pebble tech pool . Carpet, wood floors, tiled entry way and two tone paint throughout. Great room features fireplace and large windows overlooking the pool. Minutes from shopping and entertainment, U.S. 60 and the 101. Desert Landscaping in Front and small patch of grass in the backyard. Master Bedroom has French doors leading out to backyard patio. Roof shingles replaced last year.

Listed with Re/Max Infinity


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


$219,900 :: 4322 E JASPER Drive, Gilbert AZ, 85296

Property Photo

Mls Icon

4 beds, 2.75 baths
Home size: 1,576 sq ft
Lot Size: 871 sq ft
Added: 11/22/17, Last Updated: 11/22/17
Property Type: Single Family
MLS Number: 5691147
Community: GARDENS PARCEL 5 CONDOMINIUM A
Tract: GARDENS PARCEL 5 CONDOMINIUM A
Status: Active


Beautiful home sweet home in Gilbert! Bedroom and 3/4 bathroom on first floor. Second floor is the main living area with access to balcony and an open concept kitchen. Kitchen is complete with granite counters, a plethora of cabinets, and white appliances. Two guest rooms and full bathroom also on second floor. Third floor resides the extra large master suite with sitting room and walk in closet. Full bathroom with single sink vanity. Balcony has plenty of room for lounging or entertaining. This home is sure to go quick, so come see it today!

Listed with Keller Williams Arizona 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/!


$494,888 :: 1559 W SEA FOG Drive, Gilbert AZ, 85233

Property Photo

Mls Icon

4 beds, 3.5 baths
Home size: 2,211 sq ft
Lot Size: 7,840 sq ft
Added: 10/23/17, Last Updated: 11/22/17
Property Type: Single Family
MLS Number: 5678032
Community: PARADISE COVE AT THE ISLANDS
Tract: PARADISE COVE AT THE ISLANDS
The price of this listing was last reduced on 11/14/2017 by 1%
Status: Active


Don't miss out on one of the last opportunities to own a home that is under 1 year old in the Islands! This 4 Bedroom 3.5 Bath home has more upgrades than the model. When you walk into this amazing open floor plan, you will love the view as you gaze through your multi slide door that completely opens to extend your indoor living space to the outdoors. The kitchen is a chef's dream with a Pro Kitchen that has a 48 inch duel fuel range with a grill plus 6 burners, pro refrigerator and freezer, stainless microwave with regular and convection cooking options, and a 48 inch stainless hood with heating lamps. This kitchen has the highest grade of white painted maple stacked cabinets, an upgraded furniture style island, under cabinet light rail, and gorgeous granite.

Listed with The Beshk Group, 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/!