2014 Real Estate Market Update

How 2013 ended and where is the market going in  2014?Waterfront View II

The past 2 years have provided Phoenix area homeowners with double digit gains, and the market has been in the sellers’ favor.  But with higher prices and more sellers looking to take advantage, the balance between buyers and sellers is shifting.  Distressed sales (short sales and  foreclosures) which were a favorite of investors continue to see significant decreases. Are foreclosures coming back? Will more houses sell in 2014? How long will it take to sell a home in 2014? Are inventory levels still low?  Continue to read for answers to these questions.

Where have the distressed sales gone?

Dec 2013 Distressed Sales

It doesn’t seem too long ago that horror stories about getting a short sale closed were all too common. And those foreclosures and  short sales that investors eagerly sought after are all but gone.  And if you find a Fannie Mae foreclosure, it is probably over-priced when it comes on the market.  Foreclosure sales are now quickly becoming a minority of total sales.  In most all Phoenix area cities distressed sales have been cut in half or more in the last 12 months. The graph to the left shows distressed sales as a percentage of monthly sales for various cities.  Chandler distressed sales went from 36% in Dec. 2012 to 14%  in Dec. 2013.  Gilbert distressed sales reduced from 37% to 13%, and Glendale from  41% to 20%, and Avondale saw distressed sales change from 52% to 27% while Mesa sent from 35% to 17%.  These drops are very not suprising  since Notices of Trustee Sale which are a leading indicator of short sales and foreclosures are down to levels not seen since 2006!

Will more homes sell in 2014?Phoenix sales per week 2014

As prices have risen for the past three years, demand or sales of houses has responded to price changes, something economists call ‘Price elasticity of Demand’.   The chart to the right shows the sales for the city of Phoenix for years 2011 – 2013 and the first weeks  of January 2014.  This chart is representative of most valley cities. The bottom line is that demand or sales for houses has decreased as the prices have increased. Additionally, the number of homes for sale has gone up.  So it is understandable why sales during the first month of 2014 are lower than the previous 3 years and likely to continue for the year.

How long will it take to sell in 2014?

Months Supply Feb 2014If you are a seller and wondering how long it will take to sell your home, the graph to the left my be a guideline. It shows how many months of supply of homes are on the market for specific price ranges.  As you can see it will depend on the market value of the property. Gone are the days when homes would go on the market Friday and receive multiple offers over the weekend.  Even lower prices homes are taking longer than a year ago.

What’s ahead in 2014?Active Listings by Category

2014  will be a transition year for Phoenix real estate that seeks equilibrium from previous extremes and becomes a normal market(if that’s possible). One  of differences between 2013 and 2014 will inventory levels or available homes for sale, both in the number and type.  Since mid-2013 the available homes for sale has been rising, and fewer are short sales and foreclosures as noted above.

Price appreciation will be significantly less than in previous years.  Reasons for this slow down?

1.)  Interest rates will be higher than in the past.  A discussion with a good loan officer will be helpful in this regard.

2.)   There are not as many investors as there were a year ago when short sales and foreclosures were in high demand due to lower prices.

3.) Higher inventory levels provide buyers more leverage.

4.) Fewer properties will be sold in 2014 than in 2013 as noted above.  With more homes for sale in 2014, buyers will have more leverage and homes from which to choose which will dampen the price appreciation we’ve enjoyed for the last 2 years.

Pontoon boat viewIn 2014, it will be more important than ever to property price a home, make necessary preparations before going on the market, and getting maximum exposure to qualified buyers.
If you’d like me to review comparable sales for your property, click on What’s the Value of My Home. To receive available homes for sale, click on Send Me New Listings.

Related Posts

2013 First Half Real Estate Trends

How has Real Estate Started in 2013?

Over-Priced Fannie Mae Short Sales and Foreclosures

Boating in Phoenix Residential Lakes

Gilbert Home Search

$859,000 :: 1750 E COCO PALM Court, Gilbert AZ, 85234

4 beds, 3 baths
Home size: 3,421 sq ft
Lot Size: 12,197 sq ft
Added: 07/17/19, Last Updated: 07/17/19
Property Type: Single Family
MLS Number: 5953415
Community: LAKESIDE AT VAL VISTA LAKES
Tract: LAKESIDE AT VAL VISTA LAKES
Status: Active


Single Level Custom 4 bed, 3 bath, waterfront home with spectacular panoramic lake views in gated community. Huge kitchen-abundant cabinetry plus pantry with wonderful view of heated negative-edge pool, spa, and lake. Open Great Room has 18'ceiling, sunken wet bar & fridge. Beautiful, professionally designed, stained-glass front entry door & Travertine tile entryway. Unique 3 Dolphin water feature at pool. Monitor kids pool activity with a security camera system. New redwood deck on the boat dock. New AC evaporators using 410A coolant. New water heater and water softener. Instant hot water loop and pumps. New exterior paint, carpet and marble tile in master bath and Jack & Jill bath. Oversized extended garage with built in cabinets. Approx 725 sf patio under roof.

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/!


$418,900 :: 413 S LAKE MIRAGE Drive, Gilbert AZ, 85233

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3 beds, 2.5 baths
Home size: 1,946 sq ft
Lot Size: 4,792 sq ft
Added: 05/24/19, Last Updated: 07/17/19
Property Type: Single Family
MLS Number: 5930656
Community: LAKE MIRAGE LOT 1-38 TR A-I
Tract: LAKE MIRAGE LOT 1-38 TR A-I
The price of this listing was last reduced on 7/17/2019 by 0%
Status: Active


Must see this GORGEOUS, WATERFRONT home in the highly coveted Islands Community. This home was just recently updated including the flooring, Kitchen, Baths and More. Great eat-in kitchen with gorgeous views of the lake. Cozy up to the fireplace in the living room. Entertain your family and friends in this beautiful backyard. Fish or launch your boat from your own private dock. The Islands is a unique neighborhood that has a great sense of community. Enjoy the clubhouse and the many HOA / community sponsored events that take place through out the year. Come see this beautiful LAKEFRONT home and make it yours today! Lots of great memories to be made here!!

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/!


$599,000 :: 4722 S GRISWOLD Street, Gilbert AZ, 85297

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6 beds, 4.5 baths
Home size: 3,753 sq ft
Lot Size: 10,890 sq ft
Added: 07/16/19, Last Updated: 07/17/19
Property Type: Single Family
MLS Number: 5953142
Community: LAYTON LAKES PARCEL 1 2ND AMD
Tract: LAYTON LAKES PARCEL 1 2ND AMD
Status: Active


**WATERFRONT LOT WITH ONE OF THE BEST VIEWS IN ALL OF LAYTON LAKES!**MAIN LEVEL OF HOME HAS GUEST ROOM W/FULL BATH, FORMAL LIVING ROOM, FORMAL DINING, POWDER ROOM,GOURMET KITCHEN, PLUS A SEPARATE ASIAN KITCHEN; SPACIOUS FAMILY ROOM AND BREAKFAST ROOM WITH STUNNING WATER VIEWS**UPSTAIRS IS HUGE MASTER WITH HIS AND HERS WALK-IN CLOSETS, TWO SECONDARY BRS W/ JACK N JILL BATH AND TEEN SUITE W/PRIVATE BATH **OUTSIDE IS AN ENTERTAINER'S DREAM**TOP OF LINE SUN SHADES THROUGH OUT OF HOUSE TO PROVIDE XIMUM PRIVACY AND ENERGY EFFICIENCY** SO MUCH MORE, COME SEE IT TODAY!!!

Listed with Gold Trust 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 :: 1538 W LAUREL Avenue, Gilbert AZ, 85233

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4 beds, 3 baths
Home size: 2,809 sq ft
Lot Size: 8,712 sq ft
Added: 07/15/19, Last Updated: 07/15/19
Property Type: Single Family
MLS Number: 5952709
Community: PLAYA DEL REY
Tract: PLAYA DEL REY
Status: Active


This impeccably maintained house by the original owners. More than pride of ownership is shown in this home. If you like to be on the lake but don't want to drive there. This place is for you. Bring your jet ski or boat and enjoy a day in the lake in this neighborhood. 4 Bedroom 3 Bath split floor plan. The master bedroom boost separate tub and shower. His and her closets. Additionally done to the home 8 ceiling fans, of which 6 are Casa Blanca. 2016 rain gutters added to the exterior of the home. Renovated master bath shower in 2017, new Stove Top, Oven and Dishwasher in May 2019, Ro system to sink and Refrigerator, Solid wood shutters on every window, Flagstone in exterior walkway and on top of the propane Bbq island, Drivers side garage door opener in 2016, upgarded Chandeliers.

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/!


$410,000 :: 1421 W CLEAR SPRING Drive, Gilbert AZ, 85233

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3 beds, 2.5 baths
Home size: 2,156 sq ft
Lot Size: 6,099 sq ft
Added: 07/15/19, Last Updated: 07/15/19
Property Type: Condo/Townhouse/Co-Op
MLS Number: 5952517
Community: CORAL POINT REPLAT LOT 76-101
Tract: CORAL POINT REPLAT LOT 76-101
Status: Active


This spectacular 3 bedroom + DEN, 2.5 bath WATERFRONT HOME is located in one of the most sought-after gated communities in Gilbert. IMAGINE a lifestyle filled with sunsets, boating, and magnificent views... all from the privacy of your own backyard? Step inside this incredible home that features a DRAMATIC ENTRY... with a living room with souring vaults, a modern staircase, and a formal dining room all overlooking the lake. A cozy family room with a fireplace, an expansive kitchen with a modern breakfast bar and a nook look out to the backyard that truly sets this home apart from all other homes!!! The expansive covered patio and seating area has views and charm that you'll truly never want to leave!!!

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/!


$800,000 :: 2004 E FREEPORT Lane, Gilbert AZ, 85234

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5 beds, 4.5 baths
Home size: 3,716 sq ft
Lot Size: 10,890 sq ft
Added: 05/23/19, Last Updated: 07/15/19
Property Type: Single Family
MLS Number: 5930240
Community: REGATTA AT VAL VISTA LAKES
Tract: REGATTA AT VAL VISTA LAKES
The price of this listing was last reduced on 7/15/2019 by 3%
Status: Active


This is IT ! No need to remodel or update a thing in this professionally designed HOME. Beautiful Val Vista Lakes waterfront home in the REGATTA subdivision. Beauttiful kitchen with large bay breakfast room overlooking the pool & rear yard. Formal dining & living room with custom designed ceiling. Family room with electric fireplace (no messes to clean) travertine stone, and soaring ceilings. Large wall of glass sliding doors open out onto the covered patio, ideal for parties. Large master on main level with beautiful spa-like master bathroom. His & hers closets and vanities! Large room on main floor for office or 2nd bedroom! Upstairs are two XL bedrooms, 1 bath + ensuite bed & bathroom! Basement has a unique walk out patio off the game room. Large bedroom & full bath with huge storage

Listed with Keller Williams Integrity First


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


$925,000 :: 1709 E COCO PALM Court, Gilbert AZ, 85234

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5 beds, 4 baths
Home size: 4,945 sq ft
Lot Size: 13,068 sq ft
Added: 07/13/19, Last Updated: 07/13/19
Property Type: Single Family
MLS Number: 5951956
Community: LAKESIDE AT VAL VISTA LAKES
Tract: LAKESIDE AT VAL VISTA LAKES
Status: Active


Beautiful CUSTOM BUILD class R5 lakefront property in the sought after gated Lakeside @ Val Vista Lakes. This super durable and well insulated property was structured in 2'' x 8'' studs with many luxury add-ons. One of the best lake views in the Val Vista Lakes. East facing backyard ensures amazing sunrises and cool afternoons with heated edgeless pool and spa in the spacious backyard oasis. Expansive master bedroom overlooks backyard and amazing lake views. The interior features: a formal living room and dining, spacious gourmet kitchen, and family room that opens to the beautiful backyard and sparkling blue water of the lake. Step-up ceilings, NEW 48'' Kitchen-Aid French door fridge, like-new Maple cabinetry, like-New carpet, central vacuum, NEW pool and spa heater and more ...

Listed with Arizona United 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/!


$549,900 :: 1252 N PALMSPRINGS Drive, Gilbert AZ, 85234

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3 beds, 2.5 baths
Home size: 2,714 sq ft
Lot Size: 6,534 sq ft
Added: 05/24/19, Last Updated: 07/12/19
Property Type: Single Family
MLS Number: 5930808
Community: LANDING 2 AT VAL VISTA LAKES LOT 1-66 TR A-C
Tract: LANDING 2 AT VAL VISTA LAKES LOT 1-66 TR A-C
The price of this listing was last reduced on 7/12/2019 by 0%
Status: Active


Great new price on this EXTRA-SHARP WATERFRONT EXECUTIVE HOME! Over $40k in recent updates! Impressive entrance into formal Living & Dining Rooms featuring gorgeous travertine flooring & granite steps to upstairs. Amazing view from all windows overlooking elongated views of the lake! Kitchen features granite countertops, upgraded cabinets, backsplash & huge walk-in pantry plus island/ breakfast bar. Premium lot with incredible elongated lake views to enjoy Arizona's sunsets on the water! Everything is sharp including 2 1/2 car garage w/epoxy flooring. Prestigious Val Vista Lakes gated community w/$10 Million Clubhouse, heated pool, sandy beach lagoon, lighted tennis courts, racquetball, waterfalls, community activities, fishing, boating & workout room! Also for Lease at $2850/mo.

Listed with Keller Williams Integrity First


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


$799,000 :: 1455 W HEATHER Avenue, Gilbert AZ, 85233

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7 beds, 4 baths
Home size: 4,561 sq ft
Lot Size: 10,019 sq ft
Added: 07/05/19, Last Updated: 07/06/19
Property Type: Single Family
MLS Number: 5944062
Community: PLAYA DEL REY ESTATES
Tract: PLAYA DEL REY ESTATES
Status: Active


Enjoy Lake Life Year Round! Waterski, Wakeboard, Jet Ski and Kayak from Your Own Backyard in this Private Recreational Lake Community. Updated interior boasts spacious, light-filled rooms, espresso wood plank flooring and beautiful lake views. Home includes new appliances, A/C, paint and more while leaving room for a new owner's personal touches. Massive master suite includes 450 square foot deck overlooking the lake. Multiple bedrooms and living spaces offer flexible options for guests and multi-generational living with 3 bedrooms and 2 full baths downstairs. Plenty of room to expand by adding large waterfront deck and pool in the backyard and includes covered boat house (hydraulic lift available) for convenient lake access.

Listed with Platinum Living 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/!


$695,000 :: 4746 S GRISWOLD Street, Gilbert AZ, 85297

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5 beds, 4.5 baths
Home size: 3,843 sq ft
Lot Size: 14,375 sq ft
Added: 07/01/19, Last Updated: 07/02/19
Property Type: Single Family
MLS Number: 5947150
Community: LAYTON LAKES PARCEL 1 2ND AMD
Tract: LAYTON LAKES PARCEL 1 2ND AMD
Status: Active


Beautifully Maintained By Original Owners, Over 3,800sf, 5 Bedroom, 4 1/2 Bathroom, Waterfront Home On Over 14,000sf Private Lot In The Heart of Layton Lakes. The Freshly-Painted 8' Front Door (& Matching Exterior Trim) Welcome You Into The 20' Entry. Note The En Suite Bedroom Downstairs With Shower PLUS Additional Half Bath Near Entry. Formal Living With Crown Molding And Formal Dining, Currently Used As A Media Room, Lots Of Flexibility For The Space. Inviting Patio At South Side, Separates The Living From The Family Room Which also Has Surround Sound. Galley Kitchen w/ Island & Breakfast Bar, Features Maple Raised-Panel Cabinetry With Crown Molding As Well As Light Rail Molding Below, Beveled Subway Tile Backsplash, Bianco Romano Granite Countertops, Stainless Steel Appliances...

Listed with Sage Valley 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/!


 

 

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