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

$509,000 :: 3873 E SAN CARLOS Place, Chandler AZ, 85249

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4 beds, 3 baths
Home size: 2,575 sq ft
Lot Size: 8,276 sq ft
Added: 11/09/18, Last Updated: 03/26/19
Property Type: Single Family
MLS Number: 5845415
Community: AVIAN MEADOWS
Tract: AVIAN MEADOWS
The price of this listing was last reduced on 3/26/2019 by 1%
Status: Active


Rare 4 bedroom/3bath ''Next-Gen Style'' home with a full casita! Located in Chandler's very desirable Avian Meadows and the highly ranked Chandler Unified School district. Enter this unique neighborhood and you will notice the variety of Ashton Woods/Toll Brother's homes with beautiful tree lined streets. One front door leads to a casita w/ living room, bathroom, bedroom, and kitchenette which makes it amazing for guests. As you enter the main front door, you will see a multi use room and the beautiful wood look tile flooring. Enter the open great room and you will be astonished by custom touches including a brick accent wall, marble backsplash and coffered ceiling. Huge 12ft island great for entertaining. Master suite includes: Large walk-in shower, tub, split sinks, & walk-in closet.

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/!


$415,000 :: 3579 E MARLENE Drive, Gilbert AZ, 85296

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3 beds, 2.5 baths
Home size: 2,495 sq ft
Lot Size: 7,840 sq ft
Added: 03/13/19, Last Updated: 03/26/19
Property Type: Single Family
MLS Number: 5895450
Community: LAKEVIEW TRAILS NORTH AT MORRISON RANCH
Tract: LAKEVIEW TRAILS NORTH AT MORRISON RANCH
The price of this listing was last reduced on 3/26/2019 by 2%
Status: Active


Amazing location in Morrison Ranch. This home is situated next to one of the parks that the Morrison Ranch neighborhood is know for. With no neighbors to the east and south and a lot surrounded by pine trees, this home is all about privacy. Featuring 3 bedrooms, a den, 2.5 bathrooms and a 3 car garage this home is sure to impress. A solar water heater will provide some help on utility bills. This one won't last long, be sure to add it to your list to see today!

Listed with Haiduk Realty Experience


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


$309,900 :: 2204 N ARROWHEAD Drive, Chandler AZ, 85224

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3 beds, 2 baths
Home size: 1,605 sq ft
Lot Size: 12,632 sq ft
Added: 03/26/19, Last Updated: 03/26/19
Property Type: Single Family
MLS Number: 5901367
Community: COLLEGE PARK 14
Tract: COLLEGE PARK 14
Status: Active


Location, Location, Location! This gem is in the heart of North Chandler on a .28 Acre Lot with RV Gate and RV Parking with NO HOA is sure to go fast! Sellers have done some exceptional upgrades with to this home with all custom built windows, glass slider door, all new interior raised panel doors, new paint inside and out, newer garage door and opener, newer ceiling fans and new dishwasher. Front landscaping is newly installed, newer roof, water heater and disposal. This spacious 3 Bedroom/2 Bath with extra family room and huge laundry room is a great find! Kitchen with island has custom made cabinets and eat-in area. All appliances convey. Sellers had custom RV gate and man gate added as well. Block privacy fencing and tons of potential with this backyard! Beautiful home, see today!

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/!


$289,900 :: 3310 N APOLLO Drive, Chandler AZ, 85224

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3 beds, 2 baths
Home size: 1,521 sq ft
Lot Size: 6,969 sq ft
Added: 03/26/19, Last Updated: 03/26/19
Property Type: Single Family
MLS Number: 5901357
Community: WOODGLEN UNIT 4
Tract: WOODGLEN UNIT 4
Status: Active


*Fantastic Location *Lovely & Clean *3 Beds *2 Baths *2 Car Garage *POOL *RV Parking= 50' X 11' *NO HOA *New Paint Inside & Out *Great room *Dining area *Fireplace *Wood floors *Bright Kitchen *White Cabinets *Refri *New Stove *New Counters *New Carpet in Bedrms *LG Master *2 Closets *2 Sinks *Covered Patio *Sparkling Pool *N/S Exposure *Close to US 60, 101, 202, Mall, Golf, Schools, Parks, Shops & More!

Listed with JK 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/!


$245,000 :: 4761 W MONTEREY Street, Chandler AZ, 85226

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3 beds, 2 baths
Home size: 1,137 sq ft
Lot Size: 3,920 sq ft
Added: 03/25/19, Last Updated: 03/26/19
Property Type: Single Family
MLS Number: 5901328
Community: JOSHUA VILLAGE LOT 1-271 TR A-L PVT RDS
Tract: JOSHUA VILLAGE LOT 1-271 TR A-L PVT RDS
Status: Active


Great opportunity for a first time buyer or investor for rental property. Located on quiet street and close to shopping district. A great home at unbeatable price. Hardship forces sale - seller is motivated!!

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/!


$1,050,000 :: 12011 E VIA DE PALMAS --, Chandler AZ, 85249

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4 beds, 4 baths
Home size: 4,068 sq ft
Lot Size: 42,688 sq ft
Added: 03/25/19, Last Updated: 03/26/19
Property Type: Single Family
MLS Number: 5901333
Community: County Island
Tract: County Island
Status: Active


Updated pictures 3/30/19. Gorgeous Luxury Masterpiece! NO HOA! MASSIVE 50'x55' RV GARAGE w/ casita! Backyard paradise w/ custom pool, outdoor kitchen, huge patio, fire pit, grass and garden area all on 1 Acre Lot! 4 bedrooms, an office, 3 full baths, 1/2 bath, formal dining & breakfast area. Huge great room off kitchen so everyone is part of the action. Soaring ceilings at entry! Gourmet kitchen to meet the chefs needs; gas cooktop, granite counter tops, tons of counter space, large island, pantry, and super built in home command center! Expansive master bedroom, huge closet, relaxing tub and walk in shower, all for the owner's pleasure! Attached 4 car garage leads directly into large laundry room. Wood floors & travertine. Don't miss this once in a lifetime opportunity!

Listed with Premier Realty 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/!


$324,000 :: 2205 E SHERRI Drive, Gilbert AZ, 85296

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3 beds, 2 baths
Home size: 1,561 sq ft
Lot Size: 7,405 sq ft
Added: 03/25/19, Last Updated: 03/26/19
Property Type: Single Family
MLS Number: 5901265
Community: COTTONWOODS CROSSING PHASE 2
Tract: COTTONWOODS CROSSING PHASE 2
Status: Active


This Gilbert one-story offers an in-ground pool, stainless steel appliances, a covered patio, and a three-car garage. Upgraded features include fresh interior paint throughout. A park, trails, and sports courts are part of the HOA. Home comes with a 30-day buyback guarantee. Terms and conditions apply.

Listed with Opendoor Brokerage, 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/!


$439,900 :: 460 E TORREY PINES Place, Chandler AZ, 85249

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4 beds, 3 baths
Home size: 2,352 sq ft
Lot Size: 8,276 sq ft
Added: 02/28/19, Last Updated: 03/25/19
Property Type: Single Family
MLS Number: 5889374
Community: AUTUMN PARK
Tract: AUTUMN PARK
The price of this listing was last reduced on 3/25/2019 by 2%
Status: Active


Beautiful Fulton Home! Cul De Sac! Upgrades Galore! 4 bed 3 Full Bath Home. Upgraded Gourmet Kitchen with Beautiful Espresso staggered Cabinets with crown molding, Stainless Steel Appliances,36'' Gas Cooktop with Designer Hood, Built-in Convection Oven, SS Apron Sink, Beautiful Granite Countertops with Huge Island with buffet area, Brushed nickel fixtures Large Pantry. 16' Atrium Glass Sliding Doors Open to Paved courtyard off Formal Dining and Living Room. Large Master with Full bathroom with dual sink vanity and Large Extended shower. Spacious walk in closet! Large Laundry room with sink and Cabinets. Large Backyard with Lush Green Grass, and Paved Covered Patio!

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/!


$324,900 :: 1453 S Kadota Drive, Gilbert AZ, 85296

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4 beds, 2.5 baths
Home size: 1,991 sq ft
Lot Size: 2,613 sq ft
Added: 03/20/19, Last Updated: 03/25/19
Property Type: Single Family
MLS Number: 5899039
Community: Agritopia
Tract: Agritopia
The price of this listing was last reduced on 3/25/2019 by 2%
Status: Active


Location, Location, Location in beautiful Agritopia. Close to all the amenities Agritopia has to offer. This 4 bedroom 2.5 bath home shows the pride of ownership and has been beautifuly maintained. There is a Open concept kitchen with granite counter tops and custom backsplash and stainless steel sink. There is an eat-in kitchen and separate dinning room. Plus a family room and formal living room. This home boast nearly 2,000 sq ft. Bedrooms are upstair with large master, and bathroom on-suite with double sinks. The bedrooms are spacious with plenty of closet space and built in hall desk. Come check out this beauty before its gone.

Listed with JK 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/!


$409,900 :: 2841 E BROOKS Court, Gilbert AZ, 85296

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4 beds, 2.5 baths
Home size: 3,597 sq ft
Lot Size: 9,147 sq ft
Added: 01/14/19, Last Updated: 03/25/19
Property Type: Single Family
MLS Number: 5867599
Community: RANCHO CORONA
Tract: RANCHO CORONA
The price of this listing was last reduced on 3/14/2019 by 1%
Status: Active


Former model home. Freshly painted 4 bedroom, 2.5 bath, tri-level home, has large game room upstairs for entertaining with large balcony and custom wall shelf. Steps lead to a spacious master bedroom with custom drapes, large bathroom with double sinks and walk-in master closet. Kitchen features include: new lighting, stainless steel appliances, granite counter tops, rollout cabinet shelves, optional gas stub for stove and decorative roman window shades. Family room includes a handcrafted stone built entertainment center with a fire place. Speakers throughout, along with a security system. Custom shelves in bottom office. Large laundry room has upper and lower cabinets. Backyard includes large patio with new paver pad, mature trees and fire pit for entertaining. Prime Gilbert location!!

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/!


 

 

 

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