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

$336,450 :: 1326 W CLEAR SPRING Drive, Gilbert AZ, 85233

Property Photo

Mls Icon

3 beds, 3 baths
Home size: 2,016 sq ft
Lot Size: 3,920 sq ft
Added: 12/11/18, Last Updated: 02/10/19
Property Type: Condo/Townhouse/Co-Op
MLS Number: 5856478
Community: CORAL POINT REPLAT LOT 76-101
Tract: CORAL POINT REPLAT LOT 76-101
The price of this listing was last reduced on 2/10/2019 by 0%
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/!


$475,000 :: 6788 S BIRDIE Way, Gilbert AZ, 85298

Property Photo

Mls Icon

5 beds, 2.5 baths
Home size: 2,341 sq ft
Lot Size: 7,405 sq ft
Added: 02/08/19, Last Updated: 02/08/19
Property Type: Single Family
MLS Number: 5880586
Community: SEVILLE PARCEL 17
Tract: SEVILLE PARCEL 17
Status: Active


This picturesque custom 5 bedroom/2.5 bath home situated on a Golf Course lot with Lake Views is ready for you! Come and relax in this resort style backyard that includes low maintenance landscaping, synthetic grass, and your own private gas heated pool and spa. At night huddle around the outdoor custom fireplace with friends and family or under the covered patio enjoying the open golf course acreage the lot provides before retiring for the night. You will enjoy the split master floor plan and separate exit out to your own oasis. Your guests will enjoy their own ''Casita'' with separate entrance and bath along with the many amenities that the community has to offer. Don't miss out on this updated and meticulously maintained home in the prestigious golf course community of Seville

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/!


$675,000 :: 1808 E CASCADE Drive, Gilbert AZ, 85234

Property Photo

Mls Icon

4 beds, 2.5 baths
Home size: 2,501 sq ft
Lot Size: 13,503 sq ft
Added: 02/07/19, Last Updated: 02/07/19
Property Type: Single Family
MLS Number: 5880034
Community: CRYSTAL SHORES AMD LOT 1-82 TR A-I
Tract: CRYSTAL SHORES AMD LOT 1-82 TR A-I
Status: Active


WOW! AWESOME HOME! Welcome to this remarkable, waterfront Gilbert home located in the highly desirable Val Vista Lakes community! This gorgeous home offers over $60,000 in upgrades for you and your guests to enjoy. The beautiful, open kitchen includes stainless steel appliances, high end granite countertops, dark beechwood cabinets, a wine cooler and a huge kitchen island with plenty of counter space for meal prep or entertaining. Stay warm by the cozy fireplace in the family room on those chilly Arizona nights and enjoy the 180 degree views of the lake! This open and split floor concept includes cherry hardwood floors throughout the main living spaces and the entire home has been recently painted inside and out.

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/!


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

Property Photo

Mls Icon

3 beds, 2 baths
Home size: 1,797 sq ft
Lot Size: 4,356 sq ft
Added: 12/08/18, Last Updated: 02/04/19
Property Type: Single Family
MLS Number: 5855616
Community: CORAL POINT REPLAT LOT 76-101
Tract: CORAL POINT REPLAT LOT 76-101
Status: Active


Back on the market! 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 and 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/!


$799,000 :: 1717 E Coco Palm Court, Gilbert AZ, 85234

Property Photo

Mls Icon

5 beds, 4 baths
Home size: 4,052 sq ft
Lot Size: 12,196 sq ft
Added: 02/01/19, Last Updated: 02/01/19
Property Type: Single Family
MLS Number: 5876441
Community: VAL VISTA LAKES
Tract: VAL VISTA LAKES
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/!


$749,000 :: 1834 E Coral Tree Drive, Gilbert AZ, 85234

Property Photo

Mls Icon

4 beds, 2.5 baths
Home size: 3,085 sq ft
Lot Size: 13,939 sq ft
Added: 10/10/18, Last Updated: 01/29/19
Property Type: Single Family
MLS Number: 5831466
Community: Val Vista Lakes
Tract: Val Vista Lakes
The price of this listing was last reduced on 1/29/2019 by 1%
Status: Active


Single story home nestled behind the Lakeside gates in Val Vista Lakes. Situated on a 13,500+ sq ft lot with a preferred North / South exposure. Located on the highly desirable main lake for long boat rides! Floor plan is elegant and ideal for entertaining yet comfortable for everyday living. Upon entering the home you are immediately drawn to the lake views providing that WOW factor! Formal living room and dining room have large windows and French doors providing natural abundant light. Kitchen opens up nicely to the family room! Impressive views of the lake can be seen from the entire back of the home. Outdoor living is abundant here! Covered patio over looks the negative edge pool and spa, built in barbecue, grassy areas, large side yards, mature citrus trees and boat dock! Split floor

Listed with DPR 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/!


$1,750,000 :: 378 N SHORE Lane, Gilbert AZ, 85233

Property Photo

Mls Icon

6 beds, 6 baths
Home size: 7,120 sq ft
Lot Size: 20,037 sq ft
Added: 11/01/18, Last Updated: 01/29/19
Property Type: Single Family
MLS Number: 5840948
Community: CRYSTAL POINT ESTATES AMD LOT 1-20 TR A-H
Tract: CRYSTAL POINT ESTATES AMD LOT 1-20 TR A-H
The price of this listing was last reduced on 1/29/2019 by 5%
Status: Active


Exquisite Custom Home on Private water ski lake! Water ski, wake board, tubing or paddle board from you own back yard! 6 BR,4 Full & 2 half Baths. Luxury custom home featuring 164' of Waterfront living. OWNED SOLAR SYSTEM WITH CURRENT ELECTRIC AT ONLY $225/MONTH! Fabulous formal living room w/wall of windows w/lake views greats you upon entry. Exquisite master suite on main level w/sitting room & fireplace. Huge master bath w/his & hers vanities, jetted tub, huge walk in snail shower, & a large custom built closet, every ladies dream! 3 other bedrooms and 2 1/2 baths on main level.Chef's kitchen w/new top of the line stainless steel appliances, double ovens, induction cook top, subzero refrigerator, beverage refrigerator drawers,

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/!


$865,000 :: 1414 E CORAL COVE Drive, Gilbert AZ, 85234

Property Photo

Mls Icon

4 beds, 3 baths
Home size: 4,055 sq ft
Lot Size: 15,245 sq ft
Added: 01/26/19, Last Updated: 01/26/19
Property Type: Single Family
MLS Number: 5873941
Community: WEST LAKE ESTATES, Val Vista Lakes
Tract: WEST LAKE ESTATES, Val Vista Lakes
Status: Active


Prestigious Executive Single Level in Val Vista Lakes gated West Lake Estates! Updated Waterfront Custom has 4 bedrooms Plus an Office off Foyer & 4th Bedroom/Guest Suite is Split! Amazing Oversized Kitchen w/Dual Ovens, Dual Dishwashers, Center Island, Pull-out Shelves & Walk-in Pantry - tons of Storage Space throughout! Fabulous Covered Pato for Outdoor Entertaining Overlooking the Lake! Huge Master Retreat w/Sitting Room, See-through Fireplace shared with Master Bath, Jetted Tub, Stone Shower, Marble Countertops & Enormous Closet w/10' Ceilings and Loads of Custom Built-ins! Formal Dining with Marble Flooring & Private Sitting Room/Patio. Private Boat Dock & all Val Vista Lakes Clubhouse Amenities - $10 million clubhouse, heated Jr. Olympic pool, Sandy Beach, Tennis Club & Raquetball!

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/!


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

Property Photo

Mls Icon

4 beds, 2.5 baths
Home size: 2,521 sq ft
Lot Size: 7,405 sq ft
Added: 05/24/18, Last Updated: 01/18/19
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/!


$1,059,000 :: 285 N Ski Court, Gilbert AZ, 85233

Property Photo

Mls Icon

5 beds, 4 baths
Home size: 3,678 sq ft
Lot Size: 20,037 sq ft
Added: 08/29/18, Last Updated: 01/18/19
Property Type: Single Family
MLS Number: 5813254
Community: Crystal Point Estates
Tract: Crystal Point Estates
The price of this listing was last reduced on 1/18/2019 by 4%
Status: Active


Arizona Waterfront Living, with a newly Adjusted Price! Beautiful Custom Home in sought after Crystal Point Estates , Gilbert Az. Live Arizona your way in your waterfront custom home with it's own sandy beach and boating!! If you are looking for stunning Arizona Lakeviews and a Waterfront Lifestyle you can enjoy every single day,this is the Community for you!! Boating on the Lake includes a regulation slalom course, jump ramp and trick skiing, tubing, paddle boating & more.This beautiful property offers 5 BR, 4 BA, 3678 sf builder,almost a half acre lot at 19,985sf and approx. 164 feet of water frontage. Formal Living Room touts stunning views upon entry into this lovely property. -click More-

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/!


 

 

Leave a Reply

Your email address will not be published. Required fields are marked *