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

$338,000 :: 1326 W CLEAR SPRING Drive, Gilbert AZ, 85233

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3 beds, 3 baths
Home size: 2,016 sq ft
Lot Size: 3,920 sq ft
Added: 12/11/18, Last Updated: 12/12/18
Property Type: Condo/Townhouse/Co-Op
MLS Number: 5856478
Community: CORAL POINT REPLAT LOT 76-101
Tract: CORAL POINT REPLAT LOT 76-101
Status: Active


WATERFRONT LAKEFRONT LOT in a GATED COMMUNITY with a gorgeous backyard that backs up to the water. Sit out on the balcony and watch the beautiful waterfall. Home has bay windows in the dining room and kitchen. Awesome views from the dining room. Home has Two Zone Air Conditioners. Masterbath has separate Shower and Tub. Home flows smoothly and has great views. Also you can put your boat in the big lake and take it up to the community pool and spa.

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/!


$390,000 :: 1221 N KINGSTON Street, Gilbert AZ, 85233

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4 beds, 3 baths
Home size: 2,732 sq ft
Lot Size: 7,840 sq ft
Added: 07/05/18, Last Updated: 12/10/18
Property Type: Single Family
MLS Number: 5789175
Community: EL DORADO LAKES GOLF COMMUNITY TRACT E
Tract: EL DORADO LAKES GOLF COMMUNITY TRACT E
The price of this listing was last reduced on 12/10/2018 by 1%
Status: Active


El Dorado Lakes on Golf Course w/Lake View! 4+Den w/3 full baths boasts numerous upgrades. Gourmet kitchen upgraded w/large island, beautiful granite & stainless appliances. Formal living&dining rm provide space for special events.Experience a more casual evening in the family rm w/a cozy wood-burning fireplace. Wind down & escape upstairs to a cozy sitting rm off the master w/vaulted ceilings or pamper yourself in the upgraded master bath w/new tiled shower & Moen faucets. Outdoor living at its best- huge flagstone patio & balcony off master that overlooks a sparkling PebbleTec play pool, beautiful rock waterfall, #12 tee-box, a water feature & views of the Superstitions Mtns for year-round entertainment, fun & relaxation. Price incorporates a discount for carpet & future upgrades. ONLY

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/!


$349,900 :: 621 S PARADISE Drive, Gilbert AZ, 85233

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3 beds, 2 baths
Home size: 1,797 sq ft
Lot Size: 4,356 sq ft
Added: 12/08/18, Last Updated: 12/09/18
Property Type: Single Family
MLS Number: 5855616
Community: CORAL POINT REPLAT LOT 76-101
Tract: CORAL POINT REPLAT LOT 76-101
Status: Active


This is living at it best!! Move in ready and totally furnished (optional) beautiful, light, bright, and open waterfront home in the highly desirable, gated community of The Falls in the Islands.Home has a spacious eat in kitchen and a family room that overlooks the lagoon with its peaceful sounds of the cascading waterfalls. Large master bedroom has a deck that provides amazing sunriise views and overlooks the water features.Home is just minutes away from the large, sparkling community pool and heated spa which overlook the main lake. The Islands community features a beautiful entry fountain, community center, large parks, boating, fishing and much more...HOA covers street maintenance, homes painted every 7 years, and even includes both front and rear landscaping.

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/!


$695,000 :: 2020 E FREEPORT Lane, Gilbert AZ, 85234

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5 beds, 3 baths
Home size: 3,062 sq ft
Lot Size: 10,454 sq ft
Added: 06/25/18, Last Updated: 12/08/18
Property Type: Single Family
MLS Number: 5785216
Community: Regatta at Val Vista Lakes
Tract: Regatta at Val Vista Lakes
The price of this listing was last reduced on 12/8/2018 by 4%
Status: Active


Paver walk way leads to this beautiful waterfront home, completely remodeled and ready ** Enter to spacious living room and dining room ** Fireplace in family room with surround sound ** Gourmet kitchen with all new stainless steel appliances, granite counter tops, loads of storage and refrigerator will stay ** Master suite is kingsize with jacuzzi tub and separate shower, double sinks, gas fireplace and balcony with marble floors overlooking yard ** Large yard with pebble sheen swimming pool, separate jacuzzi, pomegranate, orange and lemon trees, loads of grassy play area, and boat dock ** There is so much to mention here and a few extras include shutters throughout, marble floors throughout, stone covered fireplaces and pillars outside, motorized chandelier can be lowered for cleaning,

Listed with Penfield 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/!


$720,000 :: 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: 12/08/18
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 12/8/2018 by 1%
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/!


$590,000 :: 1109 W PENINSULA Drive, Gilbert AZ, 85233

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3 beds, 2 baths
Home size: 2,613 sq ft
Lot Size: 9,583 sq ft
Added: 11/15/18, Last Updated: 11/29/18
Property Type: Single Family
MLS Number: 5847382
Community: WINDHAVEN LOT 1-65 TR A-C
Tract: WINDHAVEN LOT 1-65 TR A-C
The price of this listing was last reduced on 11/29/2018 by 2%
Status: Active


Spectacular waterfront Islands home in Gilbert is now on the market! This gorgeous 3 bed + Den, 2 bath home features a fabulous interior boasting vaulted ceilings, great room with tons of natural light, plantation shutters in all the right places, tile flooring throughout, den perfect for a game room, and cozy fireplace in family room. Gourmet kitchen is equipped with nice appliances, ample cabinets, granite countertops, island, and breakfast room. Spacious master suite has a lavish bath with dual sinks, soaking tub, shower with block glass, and backyard exit. Stunning backyard offers built-in BBQ, personal putting green, sparkling blue pool, private deck, and covered patio giving you a one of a kind lake view.

Listed with Dempsey Group 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/!


$1,775,000 :: 193 N SKI Court, Gilbert AZ, 85233

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6 beds, 7 baths
Home size: 6,700 sq ft
Lot Size: 20,037 sq ft
Added: 09/20/17, Last Updated: 11/28/18
Property Type: Single Family
MLS Number: 5662648
Community: CRYSTAL POINT ESTATES AMD LOT
Tract: CRYSTAL POINT ESTATES AMD LOT
The price of this listing was last reduced on 11/28/2018 by 1%
Status: Active


Beautiful Custom home on a private water ski lake. Water ski, tube, wakeboard, all out your back door. This home is the builders personal home. Custom in every way. Master Suite, plus office & guest bedroom all on the first floor. All bedrooms have their own full bathroom. Open great room with 21ft ceiling open wall of windows to the beautiful lake view. Granite counter tops, Top of the line stainless steel appliances, double ovens, warming draw, 6 burner Thermador Cook top, custom oak cabinets through out the home. Large center island with vegetable sink & eating area. Large covered patio with built in misters, built in BBQ & sink. Private boat dock with sink & small refrigerator. Large ski house to store tubes, wake boards, skis Large 5 car garage with built in cabinets, epoxy floor

Listed with The Hogan Group 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/!


$329,900 :: 628 S CATALINA Street, Gilbert AZ, 85233

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3 beds, 2 baths
Home size: 1,691 sq ft
Lot Size: 4,356 sq ft
Added: 11/15/18, Last Updated: 11/27/18
Property Type: Single Family
MLS Number: 5847317
Community: LAGO ESTANCIA
Tract: LAGO ESTANCIA
The price of this listing was last reduced on 11/27/2018 by 3%
Status: Active


Walk in & feel right at HOME in this waterfront home*Great view while you're entertained by the birds, ducks & cranes*Friendly lake community, tree lined streets*Walking paths*Well cared for clean home*Plantation shutters*Spacious island kitchen with lots of cabinets and new granite counters*Large pantry, New Microwave & DW*16'' Ceramic tile everywhere except new carpet in living room & bedrooms*new SS sink & faucet*Breakfast Bar*Spacious Master bath w/his & her vanities*Huge master walk-in closet*Family room opens to backyard*covered patio great for entertaining*Freshly painted interior*Brick borders new synthetic grass*Very low maintenance yard*Close to all the great entertainment, restaurants & shops in downtown Gilbert*NEW AC summer 2018

Listed with Realty Gallery


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


$799,900 :: 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: 11/15/18, Last Updated: 11/16/18
Property Type: Single Family
MLS Number: 5847599
Community: WEST LAKE ESTATES LOT 1-40 TRACT A-C
Tract: WEST LAKE ESTATES LOT 1-40 TRACT A-C
Status: Active


Exquisite highly desirable custom 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 and fridge. Gorgeous travertine and cherry wood floors. Combination family/game rooms w/pool table, wine cellar and bar area for indoor entertaining. Custom columns and designer's touches everywhere. 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. MUST SEE!!

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/!


$614,900 :: 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: 11/15/18
Property Type: Single Family
MLS Number: 5847112
Community: CATALINA BAY AT THE ISLANDS
Tract: CATALINA BAY AT THE ISLANDS
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/!


 

 

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