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

$389,900 :: 3550 E Dublin Street, Gilbert AZ, 85295

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5 beds, 3 baths
Home size: 3,046 sq ft
Lot Size: 6,969 sq ft
Added: 08/11/17, Last Updated: 09/20/17
Property Type: Single Family
MLS Number: 5645577
Community: Lyons Gate Phase 6
Tract: Lyons Gate Phase 6
The price of this listing was last reduced on 8/28/2017 by 3%
Status: Active


Gorgeous, upgraded & roomy- This home has 5 bedrooms, 3 bathrooms PLUS a large loft and amazing, open floorplan! Lots of quality touches, from the wrought iron stair railing, to the synthetic grass back yard, to the entire kitchen! Master Br is downstairs, along with 1 guest bedroom and 3 more upstairs. Kitchen has upgraded cabinets, SS appliances, gorgeous fixtures and gas range. Upgrades continue with tankless gas water heater, water softener and filtered drinking water in the kitchen. Bright with high ceilings and ceiling fans throughout- This home feels wonderful. Split 3 car garage, paver driveway and stone facing. Close to beautiful community pool & spa, multiple greenbelt areas and playground. Also close to 202 Santan freeway, Mesa Gateway airport, San Tan Village and so much more!!

Listed with Desert Dimensions 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/!


$315,000 :: 3361 E HAMPTON Lane, Gilbert AZ, 85295

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3 beds, 2 baths
Home size: 2,173 sq ft
Lot Size: 6,969 sq ft
Added: 09/20/17, Last Updated: 09/20/17
Property Type: Single Family
MLS Number: 5662961
Community: CHAPARRAL ESTATES
Tract: CHAPARRAL ESTATES
Status: Active


Beautiful Single level, move in ready home!! The open floor plan, large kitchen, and natural lighting are perfect for entertaining. The backyards pool, covered patio, and privacy is too perfect. Close to the mall, parks, and schools.

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/!


$344,900 :: 4580 E HAZELTINE Way, Chandler AZ, 85249

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5 beds, 3 baths
Home size: 3,098 sq ft
Lot Size: 6,969 sq ft
Added: 09/14/17, Last Updated: 09/20/17
Property Type: Single Family
MLS Number: 5660442
Community: SUN GROVES PARCEL 19 20 AND 22
Tract: SUN GROVES PARCEL 19 20 AND 22
The price of this listing was last reduced on 9/15/2017 by 1%
Status: Active


Got Family? This Home has room for everyone! Custom conversion Bonus room makes a great Teen room or Parents Suite downstairs and that is just the start! Besides the Bonus room, this floor plan also includes one downstairs bedroom with full bath adjacent. Upstairs you find the over-sized Master Suite w/very large closet, separate tub/shower & dual vanities, split plan with Huge loft and 3 other bedrooms. Open eat in kitchen with Island & breakfast bar, granite counters, maple cabinets, walk-in pantry and stainless appliances is open to large great room. RV gates lead to the Back yard which backs to community green-belt and includes custom landscape and extended patio pavers. 3 Car Tandem Garage w/ epoxy floors, includes shelves and storage rack, making a perfect workshop area or parking

Listed with United Brokers 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/!


$400,000 :: 717 W EBONY Way, Chandler AZ, 85248

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4 beds, 3 baths
Home size: 2,545 sq ft
Lot Size: 8,712 sq ft
Added: 04/21/17, Last Updated: 09/20/17
Property Type: Single Family
MLS Number: 5594469
Community: FOX CROSSING UNIT 1
Tract: FOX CROSSING UNIT 1
The price of this listing was last reduced on 9/11/2017 by 1%
Status: Conditional


This beautiful home is a must see and w/in walking and/or biking distance to award winning schools! This floor plan is 1 of 10 & rarely goes on the market. Great entertaining space inside! Spacious Master Bedroom and Bath, & 1 room downstairs for guests and/or home office. Upgraded lighting and amenities in the Kitchen with a full Pantry (hard to find these days!) & a large Laundry w/utility sink. Lots of recent updates make it a move in ready home! *Note:home decorated & used to Seller preference-be sure to re-imagine the space to your preference* (Front LR/DR has been set up as GR w/Dining in the FR) Home has not been overdone w/recent popular decor and has room for YOUR touches!

Listed with US Preferred 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/!


$264,900 :: 3823 E CAMPBELL Avenue, Gilbert AZ, 85234

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4 beds, 3 baths
Home size: 2,569 sq ft
Lot Size: 8,276 sq ft
Added: 09/20/17, Last Updated: 09/20/17
Property Type: Single Family
MLS Number: 5662964
Community: EL DORADO AT THE HIGHLANDS
Tract: EL DORADO AT THE HIGHLANDS
Status: Active


IMMACULATE Gilbert Home on an oversized lot! Brand New UPGRADED tile floors throughout! This gorgeous home features 4 spacious rooms plus DEN! Master Bedroom with master bath including wlk/in closet. A formal Living and Dining room w/ vaulted ceilings and an open and BRIGHT kitchen with WHITE cabinets and granite countertops overlooking HUGE backyard. NO neighbors behind! Lots of room to entertain and enjoy around the Pebble-tec play POOL featuring rock waterfall. 3 CAR garage and an RV GATE with Large RV slab. Added SECURITY cameras and system. Close by jogging trail and spacious playground park. Located near fantastic dining and shopping! Move In Quickly!

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/!


$465,000 :: 1555 W ASTER Court, Chandler AZ, 85248

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5 beds, 2.5 baths
Home size: 3,126 sq ft
Lot Size: 11,761 sq ft
Added: 03/24/17, Last Updated: 09/20/17
Property Type: Single Family
MLS Number: 5580649
Community: COTTONWOOD SPRINGS
Tract: COTTONWOOD SPRINGS
The price of this listing was last reduced on 3/25/2017 by 2%
Status: Active


From the curb appeal to the backyard, this home has it all. Clu-de-sac home, on a oversized premium lot.Formal Living and Dining areas. Great room with wood burning fireplace and large travertine tile as far as the eye can see. Upgraded cabinets and Granite counters are sure to catch the eye. Downstairs master with full bath and door to the lower patio, along with his and hers walk-in closets. Upstairs Master with walk-in closet and access door to the upper deck, which overlooks built in pool with pebble sheen. This backyard is sure to delight a big family gathering. Mature landscaping will provide the right amount of shade to enjoy watching your family as they grow! All located in prestigious golf community. Close to Intel & Orbital, and shopping.

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/!


$929,000 :: 3044 E Blackhawk Drive, Gilbert AZ, 85298

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7 beds, 6 baths
Home size: 5,355 sq ft
Lot Size: 20,473 sq ft
Added: 07/09/17, Last Updated: 09/20/17
Property Type: Single Family
MLS Number: 5630843
Community: Acacia Estates
Tract: Acacia Estates
The price of this listing was last reduced on 7/25/2017 by 2%
Status: Active


Spanish Colonial home by T.W. Lewis in Gated Acacia Estates features a backyard oasis, separate casita & basement. Sparkling salt water pool, wifi controls, LED lighting, water feature, travertine pavers & pergola. A 2,000 sq ft putting green by Southwest Greens. Custom knotty alder shutters w/5 1/2" louvers & custom crown rope framing, hardwood flooring & 20" Tile. Chef's kitchen, alder cabinets, center island, granite counter-tops & stainless steel appliances. Spacious Owner's Suite, Dual Walk-In closet & Snail Shower. Split bdrm floor-plan, 6 Bdrm /5 Bath in main house, large bonus room & 4-Car side load garage. Casita has private entrance, an additional bedroom, walk in closet & full bath."La Robla" Floor Plan, spray foam insulation, located next to grassy common area, no neighbor behind

Listed with Re/Max Results


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


$320,000 :: 3243 S PONDEROSA Drive, Gilbert AZ, 85297

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4 beds, 2 baths
Home size: 2,318 sq ft
Lot Size: 8,276 sq ft
Added: 09/20/17, Last Updated: 09/20/17
Property Type: Single Family
MLS Number: 5662935
Community: SAN TAN RANCH PARCEL 3
Tract: SAN TAN RANCH PARCEL 3
Status: Active


You will not want to miss the opportunity of calling this wonderful property home! Pride of ownership reflects this beautifully designed and well maintained home! This home features a grand entrance with the perfect flowing floor plan to each of the rooms. Enjoy the spacious open kitchen to the family room with family and guests. Formal dining and living room is wonderful for celebrations and holidays! Private pool, grill and covered patio is perfect for this time of year! Four bedrooms and two baths nicely compliment the size of the home. There is a two car garage as well as a single garage space. We invite you to see for yourself. It will be a wonderful experience.

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/!


$320,000 :: 6145 S TERESA Drive, Chandler AZ, 85249

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3 beds, 2 baths
Home size: 2,162 sq ft
Lot Size: 7,405 sq ft
Added: 09/20/17, Last Updated: 09/20/17
Property Type: Single Family
MLS Number: 5662932
Community: COOPER COMMONS
Tract: COOPER COMMONS
Status: Active


Amazing single level home in highly desirable neighborhood of Cooper Commons in Chandler! 3 car garage, with an RV gate. Neutral flooring and picture windows throughout. Eat in kitchen is complete with breakfast bar, a plethora of cabinets, and white appliances. Garage has built in shelving. Master suite has a huge sitting room with ceiling fan and spacious giant in closet! Full bathroom with dual sink vanity and separate soaking tub + shower. Backyard features a covered patio with sparkling pool and plenty of room for entertaining. This home is sure to go quick, so come see it today!

Listed with Mavericks Real Estate, 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/!


$400,000 :: 1050 W PENINSULA Drive, Gilbert AZ, 85233

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3 beds, 2 baths
Home size: 2,613 sq ft
Lot Size: 7,405 sq ft
Added: 09/20/17, Last Updated: 09/20/17
Property Type: Single Family
MLS Number: 5662939
Community: WINDHAVEN LOT 1-65 TR A-C
Tract: WINDHAVEN LOT 1-65 TR A-C
Status: Active


You'll love this spacious, updated, move-in ready, meticulous 3 bedroom + Den, 2 bath home in The Islands lake community. This popular UDC model is a perfect home for relaxing or entertaining friends & family. Spacious LR & DR. Large Family Rm features cozy fireplace and Wet Bar. Updated kitchen & bathrooms, plus NEW roof in 2016. Kitchen has refinished cabinets, granite counters, under mount sink, plenty of storage and Stainless Steel Appliances. Gorgeous master bathroom off spacious Master Retreat. 2 guest bedrooms plus office (possible 4th bedroom). Backyard features covered patio and pool plus area for dining table/umbrella. Freshly painted walls and epoxy flooring in 3-car garage. The Islands offers a wide variety of special events throughout the year. Come check this one out!

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/!