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

$995,000 :: 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: 08/17/18, Last Updated: 08/17/18
Property Type: Single Family
MLS Number: 5808435
Community: PLAYA DEL REY AMENDED
Tract: PLAYA DEL REY AMENDED
Status: Active


Luxury Waterski Community in the heart of Gilbert! The rarest combination of Location AND Lifestyle! This home has been designed and built with Lifestyle, Family, and Thoughtful Functionality in mind. 5 Beds, 5 baths, Sound-dampened Office, 2 full kitchens, 3 laundry rooms, 4-car air-conditioned garage, loads of storage, and, of course a corner lot with north-facing lake view with private dock and beach front on one of only 3 waterski lakes in the East Valley. The ski lake has a 5 buoy course for competition training or learning. You won't find another one like this! When you come in from activities on the lake, you find a 17-ft kitchen island highlighting a fantastic kitchen/family room.

Listed with THG 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/!


$1,145,000 :: 340 N SHORE Lane, Gilbert AZ, 85233

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5 beds, 3 baths
Home size: 3,100 sq ft
Lot Size: 20,037 sq ft
Added: 02/22/18, Last Updated: 08/15/18
Property Type: Single Family
MLS Number: 5726800
Community: CRYSTAL POINT ESTATES AMD LOT
Tract: CRYSTAL POINT ESTATES AMD LOT
The price of this listing was last reduced on 8/15/2018 by 5%
Status: Active


Arizona Lifestyle at its Finest! Outstanding Waterfront Home located in the beautiful gated community of Crystal Point Estates. Walk out to your boathouse, push a button to lower the boat and enjoy water skiing, wakeboarding, or tubing in your own backyard or enjoy a peaceful cruise around the lake on a paddleboard. It's all about the Arizona Waterfront Lifestyle and Watersports and it's all in Your Backyard! This GORGEOUS 5 BR 3 Bath 3100 sq ft home has been recently updated and is Move-in Ready. A perfect home for entertaining inside and out. It features all new tinted, double pane, low E windows, complete new roof in 2016, newer A/C units, new natural looking wood grain tile throughout, soaring ceilings, soothing palette, large windows,new carpet. Chefs kitchen features-see 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/!


$750,000 :: 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: 08/14/18
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 8/14/2018 by 6%
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/!


$415,000 :: 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: 08/12/18
Property Type: Single Family
MLS Number: 5789175
Community: EL DORADO LAKES GOLF COMMUNITY
Tract: EL DORADO LAKES GOLF COMMUNITY
The price of this listing was last reduced on 8/12/2018 by 2%
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/!


$385,000 :: 1418 W CORAL REEF Drive, Gilbert AZ, 85233

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3 beds, 3 baths
Home size: 2,459 sq ft
Lot Size: 2,178 sq ft
Added: 08/09/18, Last Updated: 08/09/18
Property Type: Condo/Townhouse/Co-Op
MLS Number: 5804789
Community: TOWNHOMES ON CORAL REEF LOT 1-
Tract: TOWNHOMES ON CORAL REEF LOT 1-
Status: Active


Resort style living at ''The Islands'' in Gilbert. This 2 story family Townhome has beautiful Lake Views. Home boasts 3 bedrooms, 3 baths plus a Den/Bonus room downstairs as well as a 2 car garage. Home features new flooring, carpet and wood look porcelain tile. Kitchen features Granite and Stainless Steel appliances. Upstairs features a spacious Master with balcony overlooking the lake. Also upstairs are 2 additional bedrooms, very spacious bathroom and living area. *Don't forget to look under the stairs for the hidden storage area*

Listed with RE/MAX Fine 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/!


$409,900 :: 1765 W ASPEN Avenue, Gilbert AZ, 85233

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4 beds, 3 baths
Home size: 2,732 sq ft
Lot Size: 13,503 sq ft
Added: 06/07/18, Last Updated: 08/08/18
Property Type: Single Family
MLS Number: 5777263
Community: EL DORADO LAKES GOLF COMMUNITY
Tract: EL DORADO LAKES GOLF COMMUNITY
The price of this listing was last reduced on 8/8/2018 by 5%
Status: Active


A SUMMER GIFT FOR YOUR BUYER! HUGE $40,000 in price drops on this great WATERFRONT home in El Dorado Lakes Golf community. Big yard with lots of space for anything. Double side gate for ez access. Big covered patio overlooking the lake and golf course. Attached is a well laid out,updated,almost 2800 sqft 2-story home with plenty of space for everyone. Downstairs separate bedroom with full bath next to it is perfect Mother-in-law/generational set-up. Big laundry room. Big and open kitchen w/island & highly upgraded cabinets and family room area all w/windows to the fabulous backyard lake view. Formal living, formal dining, breakfast area too. Upstairs are big bedrooms and master with walk out deck and big master bath w/dual closets and dual vanities.Check the pics then come and see it!

Listed with Imperial Realty Services, 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/!


$649,900 :: 518 S BAY SHORE Boulevard, Gilbert AZ, 85233

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4 beds, 3.5 baths
Home size: 3,249 sq ft
Lot Size: 7,840 sq ft
Added: 08/04/18, Last Updated: 08/04/18
Property Type: Single Family
MLS Number: 5802698
Community: HARBOR POINT LOT 1-78 LAKE EAS
Tract: HARBOR POINT LOT 1-78 LAKE EAS
Status: Active


WOW WOW! Wow ! Honey stop the car !Finally a 2018 looking remodeled home. Ready to move in next week !! Luxury lake home on the wide part of the water with a pool !! This one is loaded up like a model home, plank tile floors throughout first floor except master suite. White cabinetry in kicthen, new granite through entire house. carpets replaced, new light gray paint, white doors, all new door hardware, built in office cabinets, built in master suite. Custom wood shutters throughout, 6'' baseboard and 6'' coffered ceiling, seller really customized this home to stay. This lake allows electric boats too, you hav eto see the boat parades, what a great neighborhood and community, won't last long !!Please note seller will add closet to den as originally built at sellers expense.

Listed with Arizona Real Estate Services


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


$467,499 :: 542 N MONDEL Drive, Gilbert AZ, 85233

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4 beds, 3 baths
Home size: 2,913 sq ft
Lot Size: 8,712 sq ft
Added: 01/29/18, Last Updated: 08/01/18
Property Type: Single Family
MLS Number: 5715811
Community: PLAYA DEL REY AMENDED
Tract: PLAYA DEL REY AMENDED
The price of this listing was last reduced on 8/1/2018 by 1%
Status: Active


WOW! Honey stop the car, this is a great location close to schools, parks & shopping. A highly desirable area with a ski lake. This home is on the water with a fountain you can see from all your rear facing windows. 4 bedroom with one bedroom downstairs & a full bath downstairs, formal living & dining, Gourmet kitchen with granite counter tops open to the great room,3 bedrooms upstairs & loft, tile in all the right spots. Huge covered patio with barbecue great views to enjoy all year long. 2 car garage with cabinets, new water heater & dishwasher and fresh paint. Truly a must see, it won't last long.

Listed with Southwest Mountain 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/!


$465,000 :: 1248 N PALMSPRINGS Drive, Gilbert AZ, 85234

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3 beds, 2.5 baths
Home size: 2,083 sq ft
Lot Size: 6,534 sq ft
Added: 05/27/18, Last Updated: 07/16/18
Property Type: Single Family
MLS Number: 5772091
Community: Val Vista Lakes
Tract: Val Vista Lakes
The price of this listing was last reduced on 7/16/2018 by 2%
Status: Active


WATERFRONT LOT! SPECTACULAR REGATTA LAKE VIEW! A former model home w/3BR+loft. Casual elegance in LR/DR with plantation shutters, vaulted ceilings & a gracious stairway. Family room boasts a fireplace. Kitchen has solid surface counters. Relax on the 2nd story balcony w/awsome views of the lake. All new upgraded carpet, large tile & light fixtures. The garage has professionally installed epoxy floors and cabinets. Backyard features heated play pool and flagstone. Enjoy the ammenities which include the multi-million dollar clubhouse, heated pool, sandy beach, tennis, racquetball, weight rm., banquet areas, plus 4 lakes and many walking paths w/low HOA. Great Gilbert schools.thank you!

Listed with LRA Real Estate 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/!


$749,888 :: 1912 E CATAMARAN Court, Gilbert AZ, 85234

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5 beds, 3 baths
Home size: 3,798 sq ft
Lot Size: 13,939 sq ft
Added: 01/11/18, Last Updated: 07/02/18
Property Type: Single Family
MLS Number: 5707695
Community: VAL VISTA LAKES
Tract: VAL VISTA LAKES
Status: Active


THIS HOME IS IDEALLY SITUATED ON ONE OF THE LARGEST NORTH/SOUTH FACING WATERFRONT LOTS & HAS ONE OF THE MOST OPEN SPACIOUS FLOORPLANS IN REGATTA. (A Val Vista Lakes Community)IDEALLY LOCATED ON A CUL DE SAC, THE HOME IS SET BACK WITH A LONG WIDE DRIVEWAY THAT ACCOMMODATES PARKING FOR 3 CARS DEEP AND 3 CARS WIDE IN ADDITION TO THE OVERSIZED 3 CAR GARAGE.ADDITIONALLY, THIS HOME BOASTS ONE OF THE LARGEST BACK YARDS IN REGATTA WITH A REMODELED PEBBLE TEC SALTWATER POOL WITH NEW FILTER AND VARIABLE SPEED PUMP, SALTWATER SPA AND LARGE TRAVERTINE PAVER PATIO. ENJOY THE PRIVACY AND ABSOLUTELY GORGEOUS VIEWS FROM THE COVERED ENTERTAINING AREA OR MASTER BALCONY. YOU CAN SIMPLY RELAX IN THE SPARKLING POOL OR TAKE THE BOAT OUT FROM YOUR PRIVATE DOCK THAT INCLUDES ELECTRIC AND WATER. Home features

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/!


 

 

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