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

$414,500 :: 52 S DEBRA Drive, Gilbert AZ, 85296

4 beds, 2 baths
Home size: 2,222 sq ft
Lot Size: 13,068 sq ft
Added: 05/21/19, Last Updated: 05/21/19
Property Type: Single Family
MLS Number: 5929198
Community: ESTATES AT FINLEY FARMS
Tract: ESTATES AT FINLEY FARMS
Status: Active


Beautiful house on an oversize corner lot! Great location, close to Downtown Gilbert, Freestone park, and the Riparian Preserve! Upgraded with tile throughout, and shutters. Backyard is huge with a sparkling pool, built in BBQ, slab for parking, dog run and grass to play!

Listed with Burton Brokerage


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


$365,000 :: 3015 E WINGED FOOT Drive, Chandler AZ, 85249

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3 beds, 2 baths
Home size: 2,170 sq ft
Lot Size: 7,406 sq ft
Added: 05/21/19, Last Updated: 05/21/19
Property Type: Single Family
MLS Number: 5929093
Community: SPRINGFIELD LAKES BLOCK 1B
Tract: SPRINGFIELD LAKES BLOCK 1B
Status: Active


Beautiful 2170 Sq. ft. home in the Springfield lakes subdivision. 3 bedrooms + den, 2 bathrooms, Master bedroom with walk-in closet. Master bath has a separate shower and tub. Formal living/dining. Beautiful kitchen with lower roll-out drawers in all the base cabinets. Walk-in pantry. All appliances included. Great room is wired for surround sound. Tile in the right places. No carpet, replaced in 2019 for laminated wood flooring. Inside laundry with washer and dryer included. All interior walls newly painted. Covered back yard patio with ceiling fan. 2 car extended garage with water softener included. Low maintenance front and back yard landscaping. Windows has sunshades. 2 x 6 Construction. Very Clean. Ready to move in.

Listed with Century 21 Arizona Foothills


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 :: 6971 S BELL Place, Chandler AZ, 85249

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5 beds, 3 baths
Home size: 3,303 sq ft
Lot Size: 8,712 sq ft
Added: 05/21/19, Last Updated: 05/21/19
Property Type: Single Family
MLS Number: 5928955
Community: SUN RIVER PARCEL C
Tract: SUN RIVER PARCEL C
Status: Active


Great 5 bedroom 3 bathroom floorplan with OPTIONS... could be perfect for mother-in-law suite downstairs with full bathroom; also could have 2 masters upstairs with oversized bedroom 4 with direct access to hall bathroom. 1 bedroom down; 4 bedroom up (including both masters) or perfect for man cave or inside she shed or kids playroom! Options galore. Large kitchen with granite, lg. pantry, built in desk area, butlers pantry area, plenty of countertop space with barstools and refrigerator stays too! Family room adjacent to kitchen with stone fireplace, laundry sink and washer and dryer convey too. No carpet downstairs! Water softener and RO system... Fresh exterior paint, custom hardscape on back patio with ceiling fan and light.

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/!


$337,500 :: 1159 W KROLL Avenue, Gilbert AZ, 85233

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4 beds, 2 baths
Home size: 2,050 sq ft
Lot Size: 7,406 sq ft
Added: 05/21/19, Last Updated: 05/21/19
Property Type: Single Family
MLS Number: 5929033
Community: CAYMAN SQUARE
Tract: CAYMAN SQUARE
Status: Active


Come visit this beautiful Fulton Homes floor plan! This neighbor friendly, 3 car garage with RV parking, 4 bedroom, 2,050 square foot home is near the US 60, MCC, Banner Desert, 101 and the Airport. Home interior features upgraded crown molding, ceiling fans, and freshly painted neutral colors. Exterior features a large shaded yard with north/south exposure. Just cleaned and ready for the next owner to call it 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/!


$360,000 :: 5963 W GAIL Drive, Chandler AZ, 85226

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4 beds, 2 baths
Home size: 1,903 sq ft
Lot Size: 6,099 sq ft
Added: 04/25/19, Last Updated: 05/21/19
Property Type: Single Family
MLS Number: 5916259
Community: WARNER RANCH PHASE 3 LOT 1-265 TR A-G
Tract: WARNER RANCH PHASE 3 LOT 1-265 TR A-G
Status: Active


CHARMING & well maintained single level home in the coveted Warner Ranch community with 4 bedrooms & 2 baths! Beautiful move-in ready home with gorgeous NEWER kitchen cabinetry, quartz counters and NEVER USED stainless appliances-- enjoy the HUGE island! The kitchen is open to the family room with a tons of windows for lots of natural light. The formal living/dining has high vaulted ceilings and loads of windows. Carpet was replaced in April, 2019 plus the entire interior was recently painted. The master bath & closet are spacious! The back yard has an extended covered patio and fruit trees. Warner Ranch surrounds a large park with tennis, tot lot & the highly rated elementary school. The neighborhood is close to freeways, shopping, dining and major employers such as Honeywell and Intel

Listed with Key Results 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/!


$550,000 :: 1174 W HORSESHOE Avenue, Gilbert AZ, 85233

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5 beds, 4 baths
Home size: 3,644 sq ft
Lot Size: 7,841 sq ft
Added: 05/09/19, Last Updated: 05/21/19
Property Type: Single Family
MLS Number: 5923486
Community: ARTEMINA
Tract: ARTEMINA
Status: Active


Rare opportunity to own one of the most impressive homes in Artemina. The finishes and quality craftsmanship exhibited in this home are nearly impossible to find at this price point.Enjoy gatherings with friends and family in the private courtyard with fireplace and bistro lights. Make your way into the generous sized open concept living/kitchen area perfect for entertaining. Kitchen has been fitted with commercial grade appliances and large walk in pantry. Step out into the resort style backyard where owners have spent over $30,000 creating a private oasis with lush ficus trees surrounding the putting green, heated pool, and spa. The upstairs features all bedrooms and large game/media room. Perfect family home, investment property, or 2nd home.This won't last long!

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/!


$849,970 :: 14030 E OCOTILLO Road, Chandler AZ, 85249

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8 beds, 5.5 baths
Home size: 5,607 sq ft
Lot Size: 50,530 sq ft
Added: 12/01/18, Last Updated: 05/21/19
Property Type: Single Family
MLS Number: 5850822
Community: Metes & Bounds
Tract: Metes & Bounds
The price of this listing was last reduced on 5/21/2019 by 0%
Status: Active


Wow a Custom Basement Home featuring attached three bedroom, 2.5 Bathroom Guest House and cool Basement with Game Room two bedrooms 1 Bathrooms. Guest House perfect for elderly parents and/or young family. Main floor has a Great Room, Dining Room, Expansive Kitchen with Granite Slab Tops and 42'' Hickory Custom Cabinetry. The remaining rooms are the oversized master bedroom, master bathroom, two bedrooms, and hall bathroom. All this with horse privileges. The main house and basement has 3800 square feet and guest house has 1800 square feet, approximately. Situated on 1.16 acres with horse privileges. Solar, remote-controlled front gate & circle drive leads you to the gated courtyard front entry that is shared by both homes. Accessibility for a person in a wheel chair throughout.

Listed with Occasio 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/!


$525,000 :: 1808 W CANARY Way, Chandler AZ, 85286

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4 beds, 3 baths
Home size: 3,524 sq ft
Lot Size: 9,584 sq ft
Added: 04/26/19, Last Updated: 05/21/19
Property Type: Single Family
MLS Number: 5917638
Community: CLEMENTE RANCH PARCEL 8A
Tract: CLEMENTE RANCH PARCEL 8A
The price of this listing was last reduced on 5/21/2019 by 2%
Status: Active


Lovely customized Miramonte plan by Shea being sold by original owner. Owners had builder remove walls and make some other custom features to open up the floorplan in the living spaces but also provide more privacy in other areas. Master bedroom is upstairs with two others plus a bonus/game room. Fourth bedroom is downstairs and makes a terrific guest suite. Expanded 300 square foot office between family room and garage is perfect for a home-based business, music or art studio,or pool table and game room. RV gate with shaded cement slab provides perfect on-site parking for work trailer, pop up tent, small boat, or other toys. Expanded north-facing patio provides lots of shade overlooking grassy area and horseshoe pit. Terrific party backyard! Roof was fully redone in Mar 2019.

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/!


$490,000 :: 4250 E Rawhide Street, Gilbert AZ, 85296

5 beds, 4 baths
Home size: 3,463 sq ft
Lot Size: 5,663 sq ft
Added: 05/21/19, Last Updated: 05/21/19
Property Type: Single Family
MLS Number: 5929155
Community: Heritage Park at Morrison Ranch
Tract: Heritage Park at Morrison Ranch
Status: Active


Upgrades are found throughout this 5 Bedroom / 4 Bath Gilbert home. Wood look tile planks throughout the first floor and wet spaces, carpet in all the bedrooms, 8 foot interior doors, upgraded lights and plumbing fixtures, 2-tone paint. Kitchen upgrades include sleek Silestone countertops, 42'' upper cabinets, white maple cabinets, gas range, stainless steel appliances, large island and pantry. Grassy backyard includes a large covered patio and full wall of floor to ceiling sliders perfect for indoor-outdoor seamless entertaining. Take advantage of the wonderful location of Morrison Ranch close to shopping and highways. Morrison Ranch is full of tree lined streets with sidewalks, parks, playgrounds and greenbelts everywhere you look. You don't want to miss out on this home and community

Listed with Shadow Hawk 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/!


$629,900 :: 5175 S SANDSTONE Place, Chandler AZ, 85249

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5 beds, 3.5 baths
Home size: 3,415 sq ft
Lot Size: 12,633 sq ft
Added: 05/03/19, Last Updated: 05/21/19
Property Type: Single Family
MLS Number: 5920259
Community: FINESTERRA AT VALENCIA 2
Tract: FINESTERRA AT VALENCIA 2
The price of this listing was last reduced on 5/21/2019 by 3%
Status: Active


Gorgeous 3415 sq.ft single story home in the Upscale Gated Finnestera subdivision at Valencia in Chandler. Custom blinds, Oversized Corner Lot across from the Park. Comes with builder upgrades including a stacked stone entry in a large courtyard. Beautiful split floor plan with a large master suite that has a separate entry to the backyard. Large master bath and extra spacious walk-in closet. Three other spacious bedrooms with walk-in closets, 5th bedroom can be used as an office/den/bedroom with a closet. Fireplace with stone accents off of the kitchen area. Stainless steel appliances with granite counters and extended kitchen cabinets. The hallway has a built-in desk with overhead cabinets. Mature low maintenance landscaping all around the house.

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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