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

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Gilbert Home Search

$775,000 :: 1518 E TREASURE COVE Drive, Gilbert AZ, 85234

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5 beds, 3 baths
Home size: 3,323 sq ft
Lot Size: 17,424 sq ft
Added: 03/14/19, Last Updated: 04/20/19
Property Type: Single Family
MLS Number: 5895944
Community: WEST LAKE ESTATES LOT 1-40 TRACT A-C
Tract: WEST LAKE ESTATES LOT 1-40 TRACT A-C
The price of this listing was last reduced on 4/20/2019 by 1%
Status: Active


REDUCED,BACK ON THE MARKET W/ NEW UPDATES! Custom, luxury waterfront home in prestigious West Lake Estates on a huge lot. 5 beds/3 baths. Beautiful chefs kitchen w/cherry cabinets, granite countertops, all stainless steel appliances, double convection ovens, fridge. Travertine+cherry wood floors. Beautiful custom window treatments. Combination family/game rooms w/pool table, wine cellar and bar area for indoor entertainment. Master bed has balcony overlooking large backyard, lake and mountain views. Huge master bath w/jacuzzi. Fabulous resort backyard w/ heated pool, spa, travertine patio, custom fireplace and lush landscaping. 2 RV gates. Everything has been highly upgraded! Access to Val Vista Lake amenities: pools, beach, spa, lagoon, tennis, racketball, gym, clubhouse. Home Warranty.

Listed with Arizona Oasis 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/!


$382,000 :: 1342 W CORAL REEF Drive, Gilbert AZ, 85233

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3 beds, 2.5 baths
Home size: 2,289 sq ft
Lot Size: 1,743 sq ft
Added: 04/19/19, Last Updated: 04/19/19
Property Type: Condo/Townhouse/Co-Op
MLS Number: 5914005
Community: TOWNHOMES ON CORAL REEF LOT 1-53 TRACT A-G
Tract: TOWNHOMES ON CORAL REEF LOT 1-53 TRACT A-G
Status: Active


Fantastic waterfront home with incredible views! This elegant 3 bed, 2.5 bath cul-de-sac home is located in the fabulous Islands Community. Relax and enjoy fishing from your backyard! Your gourmet kitchen boasts a functional island, breakfast bar, and lovely maple cabinets. Your living room has great water views and natural lighting. Upstairs, your master suite has a private balcony and a full master bath. Fabulous wood flooring and neutral carpeting in all the right places enhance the living spaces. Schedule your showing today!

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/!


$699,000 :: 1717 E Coco Palm Court, Gilbert AZ, 85234

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5 beds, 4 baths
Home size: 4,052 sq ft
Lot Size: 12,197 sq ft
Added: 02/01/19, Last Updated: 04/18/19
Property Type: Single Family
MLS Number: 5876441
Community: VAL VISTA LAKES
Tract: VAL VISTA LAKES
The price of this listing was last reduced on 4/18/2019 by 4%
Status: Active


Welcome to your DREAM HOME with a basement! Gorgeous 5 bed / 4 bath, 3 car extended depth garage and side double gate!! This lakeside home in the HIGHLY DESIRABLE Val Vista Lakes, GATED ''Lakeside'' community. New exterior and interior paint, carpet, most of the interior hardware and light fixtures and many other various trim work!!! Home features a wide open floor plan, easy clean-up tile flooring and beautiful finishes throughout. Outstanding chef's kitchen fully equipped with stainless steel appliances, granite countertops and tons of wood cabinet storage. LARGE living room has stunning wood flooring, custom stone fireplace, built-in entertainment center and double doors to backyard access. Backyard has grassy area, nice patio areas and a custom boat dock!!! This is a stunning home!!

Listed with Results 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/!


$453,000 :: 1346 W WINDRIFT Way, Gilbert AZ, 85233

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3 beds, 2.5 baths
Home size: 2,121 sq ft
Lot Size: 5,227 sq ft
Added: 04/05/19, Last Updated: 04/17/19
Property Type: Single Family
MLS Number: 5907215
Community: SANDCASTLE VILLAGE LOT 1-31 TR A-D
Tract: SANDCASTLE VILLAGE LOT 1-31 TR A-D
The price of this listing was last reduced on 4/17/2019 by 3%
Status: Active


Stunning WATERFRONT property with unbelievable VIEWS nestled in Sandcastle Village! This cozy 3 bedroom, 2.5 bath with a loft/den is full of custom amenities. As you enter the home you're greeted with vaulted ceilings, bamboo floors and an unmatched view of the lake. You will find stainless steel appliances in the kitchen and extra storage throughout the home and garage. A new water heater was installed March 2019, the new upstairs AC unit installed August 2018, and the roof is warrantied through 2024. Relax in the backyard while barbecuing on the built-in grill and enjoying the natural scenery in this highly desired community.

Listed with American Realty Brokers


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 :: 1422 W COMMERCE Avenue, Gilbert AZ, 85233

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5 beds, 5 baths
Home size: 6,298 sq ft
Lot Size: 10,018 sq ft
Added: 04/12/19, Last Updated: 04/12/19
Property Type: Single Family
MLS Number: 5910662
Community: PLAYA DEL REY AMENDED
Tract: PLAYA DEL REY AMENDED
Status: Active


Do you love skiing & lake life? Would you like to be able to ski, wakeboard, jet-ski or paddle board every day of the year? If so, we have the PERFECT LAKEFRONT PROPERTY for you! This 5 bed (plus loft) / 5 bath two-story home w/ NEXT GEN SUITE is in the private lake community of Play del Ray on a crystal blue lake w/ a 1/2 mile loop which allows all types of motorized boats & jet skis, as well as swimming. The backyard/dock has brand new, heat resistant deck (no burning feet!), boat dock w/ motorized lift, crank shade structure, fully organized ''gear wall'' w/ racks, 2 outside heated showers, water fountain, sandbox (with auto water filler) & natural gas line for your BBQ. The side storage area is HUGE & can fit multiple vehicles, off-road ''toys'' and/or a RV.

Listed with Rachael Richards 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/!


$589,900 :: 826 S COPPER KEY Court, Gilbert AZ, 85233

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5 beds, 3.5 baths
Home size: 4,032 sq ft
Lot Size: 8,276 sq ft
Added: 11/15/18, Last Updated: 04/10/19
Property Type: Single Family
MLS Number: 5847112
Community: CATALINA BAY AT THE ISLANDS
Tract: CATALINA BAY AT THE ISLANDS
The price of this listing was last reduced on 3/2/2019 by 4%
Status: Active


Blending relaxation and sophistication to create the ideal home! Masterful design and luxury are uniquely embodied in this 5 bedroom 3.5 bath 2 story home with 4032 SF! Travertine walkway leads to the front door, and upon entering your eye catches the sweeping grand staircase ahead and the expansive open floor concept. The incredible island kitchen features dark cabinetry, plant shelving, pantry, white appliances, breakfast bar, and recessed lighting. This home includes its very own movie room, with a 110 inch projection screen, surround sound speaker system, custom Venetian plaster walls, LED lighting, and ramp access to each tiered level. Please see more remarks for more info.

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/!


$530,000 :: 1509 W SILVER KEYS Court, Gilbert AZ, 85233

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3 beds, 2.5 baths
Home size: 2,409 sq ft
Lot Size: 13,504 sq ft
Added: 03/15/19, Last Updated: 04/09/19
Property Type: Single Family
MLS Number: 5896779
Community: SHORES AT THE ISLANDS
Tract: SHORES AT THE ISLANDS
The price of this listing was last reduced on 4/9/2019 by 1%
Status: Active


Looking for a new place to call home? Then this fabulous 3 bed, 2.5 bath waterfront lot property located in Gilbert is just for you! This lavish home boasts desert landscaping, 2 car garage, vaulted ceilings, formal dining and living areas, plantation shutters, neutral paint throughout, and more! The elegant kitchen offers ample cabinetry, a pantry, granite countertops, tile backsplash, matching appliances, and a lovely island with a breakfast bar. Inside the grandiose master bedroom you will find a full bath with double sinks, separate tub and shower, and a spacious walk-in closet. The wonderful backyard includes a covered patio, grassy area, built-in BBQ, and a sparkling blue pool! Homes this great never last long, don't waste any time and schedule a showing NOW!

Listed with Realty Executives


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


$967,123 :: 2764 E WILDHORSE Drive, Gilbert AZ, 85297

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5 beds, 4.5 baths
Home size: 4,292 sq ft
Lot Size: 13,503 sq ft
Added: 03/31/19, Last Updated: 03/31/19
Property Type: Single Family
MLS Number: 5904166
Community: SOMERSET PHASE 1
Tract: SOMERSET PHASE 1
Status: Active


Located in Gilbert's Newest Master Planned, Gated, Lake Community - Somerset at Belmont. Single level 4,292 Sq. Ft., 5 bedrooms, 4.5 baths, 4 car tandem garage. 12' ceilings in open great room, kitchen & dining room. Kitchen has large island, large prep kitchen and walk in pantry. Wolf 48'' Gas range and Hood with 11'' infrared griddle, 6 burners & dual ovens. 42'' maple cabinets with 18'' stacked cabinets and crown included. Kohler fixtures. Master bath has tub & walk-in shower, dual sinks and large closet. Large courtyard/covered patio. Rinnai tankless water heater, energy efficient EMC spray foam insulation and LED lighting. Under Construction. Best Location in Gilbert! Minutes from Shopping, Freeway access, Discovery Park - More Ready to move in MAY

Listed with The New Home Company


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


$548,000 :: 432 S BAY SHORE Boulevard, Gilbert AZ, 85233

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4 beds, 2.5 baths
Home size: 2,521 sq ft
Lot Size: 7,405 sq ft
Added: 05/24/18, Last Updated: 03/31/19
Property Type: Single Family
MLS Number: 5770856
Community: HARBOR POINT LOT 1-78 LAKE EASMT
Tract: HARBOR POINT LOT 1-78 LAKE EASMT
The price of this listing was last reduced on 1/18/2019 by 2%
Status: Active


Beautiful remodel on the water in the Islands! New wood floors greet you as you open the door to the living and dining areas. It then flows into the kitchen & greatroom which overlook the sparkling pool, lake & grassy backyard. The kitchen has stainless appliances & plenty of counter space including a perfect area for a coffee bar! Upstairs is the master with a balcony with views of the lake. The master has a large ensuite bathroom and large walk in closet. The secondary bedrooms are also upstairs and are all a generous size. The second full bath is adjacent to the other bedrooms. The home also has a 3 car garage! New carpet, new wood floor, new lighting, new kitchen design, newly resurfaced pool, freshly painted inside and out and much more! This home is move in ready!

Listed with Coldwell Banker Residential 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/!


$699,500 :: 1826 E Cascade Drive, Gilbert AZ, 85234

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4 beds, 3 baths
Home size: 2,870 sq ft
Lot Size: 10,454 sq ft
Added: 11/30/18, Last Updated: 03/31/19
Property Type: Single Family
MLS Number: 5852673
Community: Val Vista Lakes Crystal Shores
Tract: Val Vista Lakes Crystal Shores
The price of this listing was last reduced on 3/31/2019 by 3%
Status: Active


Come experience waterfront living at Val Vista Lakes. Conveniently located to Dana Park and U.S. 60. This three bedroom with den/3 bath home is completely updated with tile floors, plush carpeting and granite counter tops. Balcony off master suite overlooking the lake. Take in all the breathtaking views Val Vista Lakes has to offer. See video and 3D tour links and be sure to visit the clubhouse to see all that is included in your low HOA fees, including tennis complex, indoor racquetball courts, cardio and weight training facilities, junior Olympic swimming pool and spa, banquet and meeting rooms, waterfalls and a tropical lagoon swimming pool with a sandy beach. Drive through the neighborhood to see the many sports parks and bicycle paths.

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/!


 

 

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