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

$299,900 :: 1525 S SABINO Drive, Gilbert AZ, 85296

4 beds, 2.5 baths
Home size: 2,285 sq ft
Lot Size: 6,098 sq ft
Added: 02/17/18, Last Updated: 02/17/18
Property Type: Single Family
MLS Number: 5725158
Community: GARDENS PARCEL 1
Tract: GARDENS PARCEL 1
Status: Active


WOW! This is the home you've been waiting for! This property is gorgeous inside and out and sits on one of the best lots in the entire subdivision with View Fencing right behind a community park extending your backyard views to not feel closed in and enjoying being able to see your kids play. As you pull up, you will notice the charm of this home immediately and the low maintenance of the front yard with upgraded synthetic grass. Step in to this gorgeous home to notice the Crown Molding and tile flooring in all the right places. The Kitchen is complete with breakfast bar, a plethora of custom cabinetry, white appliances to keep it bright and inviting, and upgraded tile countertops. The Great room is wonderful for entertaining including a large dining area and family room.

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/!


$750,000 :: 2009 E CEDAR Place, Chandler AZ, 85249

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5 beds, 4.5 baths
Home size: 4,000 sq ft
Lot Size: 22,651 sq ft
Added: 01/08/18, Last Updated: 02/17/18
Property Type: Single Family
MLS Number: 5706151
Community: TIERRA LINDA
Tract: TIERRA LINDA
The price of this listing was last reduced on 1/8/2018 by 2%
Status: Active


Astonishing Custom Gated property with 4 Beds, 4.5 Baths- PLUS attached Guest Quarters or Office. Light and Bright! 5 Car Garage with Pull through and wash station. Cul de Sac Lot. The fabulous interior boasts split floorplan,formal dining room,sitting room or office, family room with cozy fireplace, new paint, neutral tile, new carpet, new lighting, custom front door, each bedroom has own Bath and Walk-in closet, central vac t/o. The gourmet kitchen is equipped with gas range, granite counters, walk in pantry, tile back splash, breakfast bar,b/i Fridge & island. The spacious master suite offers private exit, lavish bath, his & her sinks, soaking tub, step-in shower, 2 large walk-in closets. The lush backyard has an extended covered patio, built-in BBQ, and lots of trees. Large Lot!

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/!


$265,000 :: 2652 S SAILORS Way, Gilbert AZ, 85295

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3 beds, 2.5 baths
Home size: 1,837 sq ft
Lot Size: 3,920 sq ft
Added: 02/17/18, Last Updated: 02/17/18
Property Type: Single Family
MLS Number: 5725142
Community: VILLAGES AT THE SPECTRUM PARCE
Tract: VILLAGES AT THE SPECTRUM PARCE
Status: Active


Beautiful 3 bedroom home in the highly desirable Gilbert community of the Villages at Spectrum. Located minutes from San Tan Village and access to the Loop 202. Backyard has a covered patio and grass area for entertaining. Carpet throughout and tile in the kitchen. Kitchen also features granite counter tops and a separate dining area off the kitchen. Master suite is upstairs and features a spacious bedroom, bath and double sinks, shower and spacious lien closet. Ample sized guest bedrooms with large spacious closets. This home is a must see!

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/!


$539,900 :: 1141 E KAIBAB Place, Chandler AZ, 85249

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5 beds, 3.5 baths
Home size: 3,999 sq ft
Lot Size: 10,890 sq ft
Added: 02/17/18, Last Updated: 02/17/18
Property Type: Single Family
MLS Number: 5725143
Community: ALAMOSA ESTATES
Tract: ALAMOSA ESTATES
Status: Active


Beautiful home nestled in the prestigious single-level community of Alamosa Estates. This well-built Fulton basement home features 3999 sq.ft., 5bed/3.5 baths, bonus room, and den. Main level showcases a master suite w/ luxurious bathroom, double sinks, and walk-in closet. Gourmet kitchen w/newer ovens and cooktop, beautiful corian counters, & walk-in pantry. Kitchen opens to the great room, perfect for entertaining. Basement includes bonus room, 2 bedrooms, & 1 full bathroom. Enjoy the private resort style backyard with water feature, pool & spa, & low maintenance landscaping. Home features ample storage space throughout including 3-car garage. Conveniently located within minutes of Loop 202, shopping, & dining.

Listed with Arete Realty & Property Mgmt


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


$425,000 :: 1103 E BUCKINGHAM Avenue, Gilbert AZ, 85297

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4 beds, 3 baths
Home size: 2,594 sq ft
Lot Size: 8,276 sq ft
Added: 12/22/17, Last Updated: 02/17/18
Property Type: Single Family
MLS Number: 5701083
Community: LAYTON LAKES PARCEL 10 AMD
Tract: LAYTON LAKES PARCEL 10 AMD
The price of this listing was last reduced on 1/21/2018 by 5%
Status: Conditional


Most desirable NEXT GEN Oracle in Layton Lakes includes a main house and private suite with dual access doors. Main house includes 3 bedrooms, 2 full baths, 2 bay garage, spacious great room, laundry room, gourmet kitchen and dining area. Master bath features an over sized shower with rain head. Oracle's private suite includes separate exterior exit, full kitchenette with breakfast bar, great room, full laundry, and it's own private garage. The home is newly painted, shows like a model and is move in ready.

Listed with Long Realty Partners


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


$327,000 :: 2919 E RAVENSWOOD Drive, Gilbert AZ, 85298

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5 beds, 3 baths
Home size: 2,472 sq ft
Lot Size: 7,840 sq ft
Added: 02/17/18, Last Updated: 02/17/18
Property Type: Single Family
MLS Number: 5725125
Community: COUNTRY SHADOWS
Tract: COUNTRY SHADOWS
Status: Active


Perfectly charming 5 bed 3 bath home on a quiet street, conveniently located near great shopping and in the fantastic A+ Chandler School District! Feel a little like Joanna Gaines with the white kitchen and the pop of color on the island, not to mention the classic ship lap in the downstairs bedroom. The open floor plan is light and airy and versatile for any family. Raised beds on the east side of the home are ready to be planted for your organic kitchen garden. This house will immediately feel like home! Be sure to check out the virtual tour!

Listed with Top Rock 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/!


$270,000 :: 117 S SANDSTONE Street, Gilbert AZ, 85296

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3 beds, 2 baths
Home size: 1,401 sq ft
Lot Size: 6,098 sq ft
Added: 02/17/18, Last Updated: 02/17/18
Property Type: Single Family
MLS Number: 5725077
Community: VAL VISTA
Tract: VAL VISTA
Status: Active


Upgraded features include fresh interior paint, and new carpet in select rooms. You can instantly unlock and tour this home any day of the week from 6am to 9pm, no appointment required. Plus, every Opendoor home comes with a 30-day buyback guarantee. 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/!


$569,000 :: 362 S BAY SHORE Boulevard, Gilbert AZ, 85233

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4 beds, 2.5 baths
Home size: 3,211 sq ft
Lot Size: 6,534 sq ft
Added: 02/17/18, Last Updated: 02/17/18
Property Type: Single Family
MLS Number: 5725089
Community: DESERT SHORES AT THE ISLANDS
Tract: DESERT SHORES AT THE ISLANDS
Status: Active


Please text or call for Full Video Virtual Tour. This gorgeous home has been professionally remodeled and it shows! Flagstone & wood throughout all areas! Beautiful Kitchen has upgraded Alder Cabinets, Granite Counters, & Stainless Steel Appliances! Open layout to family room features a wrap around wall system & Corner Granite Eichler Gas Fireplace, Surround Sound, & wall to wall windows w/ amazing views of the lake! Master Suite, has highly upgraded bathroom w/ Carerra Marble Counters, porcelain tile shower & much more! Backyard features flagstone throughout all patio areas, gazebo w/outdoor cook center, Lynx BBQ, gas firepit, waterfall, newly renovated oversized dock & breathtaking views of the wateris a private small park on the lake.

Listed with Keller Williams Realty Sonoran Living


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


$288,600 :: 2725 S SOUTHWIND Drive, Gilbert AZ, 85295

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4 beds, 2.5 baths
Home size: 2,260 sq ft
Lot Size: 3,920 sq ft
Added: 02/17/18, Last Updated: 02/17/18
Property Type: Single Family
MLS Number: 5725015
Community: VILLAGES AT THE SPECTRUM PARCE
Tract: VILLAGES AT THE SPECTRUM PARCE
Status: Active


SPACIOUS TWO-STORY HOME WITH PRIVATE POOL IN THE HIGHLY SOUGHT-AFTER SPECTRUM COMMUNITY. UPDATED CABINETRY WITH BRUSHED NICKEL HARDWARE, LARGE 16'' TILE FLOORS IN THE KITCHEN AND BATHROOMS, RETREAT STYLE BACKYARD BOASTS A PEBBLE TECH POOL WITH DIVING BOARD AND COVERED PATIO. THE LANDSCAPING IS EASY CARE, THE MASTER SUITE FEATURES SEPERATE GARDEN TUB AND SHOWER, DUAL VANITY SINGKS AND WALK-IN CLOSET. IN ADDITION TO THE GREAT ROOM THERE IS A TERRIFIC BONUS LOFT, CEILING FANS IN THE MAIN AREAS. THE EXCELLENT LOCATION IS CLOSE TO SHOPPING, A-RATED SCHOOLS AND FREEWAY ACCESS. COME SEE!

Listed with Russ Lyon Sotheby's International 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/!


$775,000 :: 698 W COCONINO Place, Chandler AZ, 85248

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5 beds, 3.5 baths
Home size: 4,560 sq ft
Lot Size: 13,068 sq ft
Added: 02/17/18, Last Updated: 02/17/18
Property Type: Single Family
MLS Number: 5725052
Community: FULTON RANCH PARCEL 2
Tract: FULTON RANCH PARCEL 2
Status: Active


Stunning Chandler home situated on a premium corner lot! Beautifully upgraded throughout with designer touches at every turn! Gourmet kitchen features stainless steel appliances, a plethora of custom cabinets, granite counters, built in wine fridge and rack, and a large center island with breakfast bar. Linear fireplace with handsome stacked stone facade in the family room. Retreat to the master suite that boasts plush carpeting, a private exit, walk in closet, and soothing spa like bath with garden tub, separate shower, and his & her sink vanities. Enjoy the amazing Arizona sunshine in the serene backyard complete with a covered patio, lush green grass, and low care landscape! Put this home at the top of your MUST SEE list and see it today!

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/!