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

$390,000 :: 1401 W CORAL REEF Drive, Gilbert AZ, 85233

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3 beds, 2.5 baths
Home size: 1,783 sq ft
Lot Size: 2,178 sq ft
Added: 05/22/20, Last Updated: 05/22/20
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6081608
Community: TOWNHOMES ON CORAL REEF
Tract: TOWNHOMES ON CORAL REEF
Status: Active


WOW! Beautiful waterfront home in Gilbert's fantastic Lake Community ''The Islands''. Completely remodeled, gorgeous 3 bed, 2.5 bath town home with soaring 2-story ceilings, open floor plan, and 2-way fireplace between LR & DR. Terrific views of the water from large patio or balcony. You'll love the updated kitchen w stainless steel appliances, wood cabinets, granite counter tops & large center island -- perfect for entertaining. Master bedroom offers private balcony overlooking lake & updated Master Bath with spacious walk-in shower. Two more bedrooms upstairs and guest bath. Downstairs features convenient half bath, laundry room in pantry (w/d included) & access to 2-car garage. This home is directly across from community pool. Join us in The Islands and Love Where You Live!

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/!


$799,000 :: 1700 E LAKESIDE Drive #31, Gilbert AZ, 85234

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4 beds, 3 baths
Home size: 3,169 sq ft
Lot Size: 5,228 sq ft
Added: 05/22/20, Last Updated: 05/22/20
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6081572
Community: BRECKENRIDGE BAY LOT 1-65 TR A-I
Tract: BRECKENRIDGE BAY LOT 1-65 TR A-I
Status: Active


Waterfront and beautifully remodeled. No expense was spared in putting this classic gem together. Everything is custom, clean and ready to move into. An upstairs and downstairs family room. Upstairs is easily changed into a theater room with surround sound. master bath is complete with a soaking tub and glass enclosed open shower. The entry stairs and steel doors are classic one of a kind designs by the seller. A stone wine closet can be found under the stairs. The exterior landscaping was professionally installed and is exquisite. Relax on your oversized dock overlooking the lake or take your boat out to visit your neighbors. See documents for all upgrades. We cant forget the multimillion dollar clubhouse with its tennis, pickleball and racquetball courts and two pools.

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/!


$349,500 :: 695 S SAHUARO Drive, Gilbert AZ, 85233

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3 beds, 2 baths
Home size: 1,672 sq ft
Lot Size: 6,970 sq ft
Added: 02/26/20, Last Updated: 05/22/20
Property Type: Single Family
MLS Number: 6041975
Community: PARCEL 3 OF LAGO ESTANCIA LOT 31-90 TR A-E
Tract: PARCEL 3 OF LAGO ESTANCIA LOT 31-90 TR A-E
The price of this listing was last increased on 5/22/2020 by 3%
Status: Active


LAKE HOME in Beautiful LAGO ESTANCIA. Enjoy premium lot with surrounding lake views. A desirable lake community in the heart of GILBERT. You will enjoy the privacy of a corner lot with lake views in this beautiful park setting. Home features 3 bedroom/2 bath, OPEN FLOOR PLAN, large living room, formal dining, breakfast nook, natural light, neutral 20 x 20 tile, VAULTED CEILINGS and NEW GRANITE. The kitchen has a pantry, lots of cabinet space, matching appliances and a breakfast bar. Split floor plan features a large master suite, walk in closet, double sinks, garden tub and separate shower. The backyard is perfect for ENTERTAINING with a large extended patio and view fencing to enjoy the BEAUTIFUL LAKES. Home has new paint and is MOVE IN READY.

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/!


$480,000 :: 1321 W CLEAR SPRING Drive, Gilbert AZ, 85233

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3 beds, 2.5 baths
Home size: 2,156 sq ft
Lot Size: 3,921 sq ft
Added: 05/21/20, Last Updated: 05/21/20
Property Type: Single Family
MLS Number: 6081185
Community: CORAL POINT REPLAT LOT 76-101
Tract: CORAL POINT REPLAT LOT 76-101
Status: Active


Beautiful waterfront in resort -like setting!**Enjoy the fishing (c/r) off your yard/ dock, birds,boating -electric boats ,kayaks, paddle boats- allowed **Gorgeous view from balcony**Recently updated home: new flooring, paint, 2 electric FP's , stone accents, lighting, bathroom fixtures, stained glass windows.**Vaulted ceilings,granite counters, shutters and blinds**Large patio, boat dock**The gated Coral Point (The Falls) offers Community pool/spa with BBQ/party area, tropical setting w/waterfalls/tropical vegetation** HOA provides the landscaping maintenance of homeowners yards, exterior house paint**The Islands community has 3 lakes, large park-walking distance, basketball, volleyball, playground, picnic ramadas, club house , walking and biking trails, greenbelts**Convenient location

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/!


$349,999 :: 1346 W CLEAR SPRING Drive, Gilbert AZ, 85233

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3 beds, 2 baths
Home size: 1,602 sq ft
Lot Size: 5,228 sq ft
Added: 04/16/20, Last Updated: 05/21/20
Property Type: Single Family
MLS Number: 6067071
Community: CORAL POINT REPLAT LOT 76-101
Tract: CORAL POINT REPLAT LOT 76-101
The price of this listing was last reduced on 5/21/2020 by 2%
Status: Active


Rare one owner single level home with extended width garage in one of the Valley's most unique gated communities. Looking for a low maintenance resort lifestyle? The HOA maintains the front and rear landscaping and even does exterior home painting! Relax on your waterfront island-view covered patio or stroll down the street to the lakeside community pool & ramada area complete with relaxing heated spa. One look and you'll want to live here! Check out the Virtual Tour in the photo section.

Listed with Richard C Eissinger


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


$895,000 :: 2103 E CLIPPER Lane, Gilbert AZ, 85234

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6 beds, 3 baths
Home size: 4,248 sq ft
Lot Size: 11,326 sq ft
Added: 03/19/20, Last Updated: 05/21/20
Property Type: Single Family
MLS Number: 6053139
Community: VAL VISTA LAKES
Tract: VAL VISTA LAKES
The price of this listing was last reduced on 5/21/2020 by 3%
Status: Active


Imagine yourself living on the water in the highly desirable, gated Regatta Community in fabulous Val Vista Lakes! This gorgeous remodeled home is in immaculate condition and ready to move in tomorrow! When you enter this home, through the custom iron and glass doorway, you are immediately greeted by amazing natural light, through the clerestory windows and soaring ceilings. Step through the full wall of glass doors out into your lakefront resort backyard, complete with designer pool and spa, extensive flagstone decking, low maintenance artificial turf, custom landscape and walkway lighting, complete with WIFI controlled lights and water feature. Enjoy the built in gas BBQ center, fire-pit, palm trees, bistro lights and your own dock to launch your canoes and kayaks....all included!

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/!


$638,500 :: 4732 S GRISWOLD Street, Gilbert AZ, 85297

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4 beds, 3 baths
Home size: 2,899 sq ft
Lot Size: 10,890 sq ft
Added: 04/18/20, Last Updated: 05/20/20
Property Type: Single Family
MLS Number: 6067788
Community: LAYTON LAKES PARCEL 1 2ND AMD
Tract: LAYTON LAKES PARCEL 1 2ND AMD
The price of this listing was last reduced on 5/20/2020 by 2%
Status: Active


Rare Opportunity! This incredible single-level home has loads of high-end upgrades and is on a sensational, hard to find lake lot in Gilbert. Home has recently had a new hot water heater and soft water system installed and is freshly painted. Office can be easily converted into a bedroom to make this a 5 bedroom home. The Layton Lakes community offers several walking/biking trails, playgrounds, splashpad and so much more. This home is truly move-in ready!!

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/!


$785,000 :: 1441 E CATAMARAN Drive, Gilbert AZ, 85234

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4 beds, 2.5 baths
Home size: 3,378 sq ft
Lot Size: 12,633 sq ft
Added: 05/09/20, Last Updated: 05/18/20
Property Type: Single Family
MLS Number: 6076420
Community: MISSION BAY ESTS AT VAL VISTA LAKES AMD 1-73 A-D
Tract: MISSION BAY ESTS AT VAL VISTA LAKES AMD 1-73 A-D
The price of this listing was last reduced on 5/18/2020 by 1%
Status: Active


Immaculate, Rare Waterfront Single Level in Val Vista Lakes! Lake Views visible from Entry, Formal Living, Family Room, Kitchen, Breakfast Room & Master Suite! Gorgeous Views of Lake & West Lake Homes. Full-length South-facing Cov'd Patio across entire back of home + Lighted Steps leading to Lake. Custom Floating Ceiling in Formal Dining, 3-way Gas Fireplace visible from Entry, Formal Living & Dining Rooms. Extensive use of Engineered Hardwood flooring. Complete-Home Sound System, Nest System, Refrigerator, Washer, Dryer & Home Warranty all included! Val Vista Lakes features a $10 Million Clubhouse, Heated Jr. Olympic Pool, Sandy Beach, Spa, Tennis/Pickle Ball Club, Racquetball, Fishing, Boating and More! Very close to Dana Park Shops, Restaurants! Award-winning Gilbert Schools!!

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/!


$707,000 :: 1401 W SANDPIPER Drive, Gilbert AZ, 85233

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4 beds, 3 baths
Home size: 3,884 sq ft
Lot Size: 10,019 sq ft
Added: 04/11/20, Last Updated: 05/13/20
Property Type: Single Family
MLS Number: 6063784
Community: TRES VISTAS LOT 1-26 PARCEL A-B
Tract: TRES VISTAS LOT 1-26 PARCEL A-B
The price of this listing was last reduced on 5/13/2020 by 1%
Status: Active


Custom home ON the water! RARE opportunity to live in the sought after community of THE ISLANDS in Gilbert. This is the street of dreams, nestled in a cul-de-sac with all custom homes. This is resort style living at its finest! Wait till you see these lake views. The back porch extends the length of the home, perfect for lakeside dining and entertaining, also has a boat dock. Inside a foyer with marble tile, open floor plan, waterfront windows, 20 ft ceilings, 2nd story balcony, oversized master bedroom with 2 walk in closets. This home has everything you need to grow your family and create new memories.

Listed with Hague Partners


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


$445,000 :: 517 S MARINA Drive, Gilbert AZ, 85233

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3 beds, 2.5 baths
Home size: 2,003 sq ft
Lot Size: 4,356 sq ft
Added: 03/13/20, Last Updated: 05/08/20
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6050491
Community: CORAL POINT TRACT A-K
Tract: CORAL POINT TRACT A-K
Status: Active


Lakefront Property! Upon entering, notice the soaring 26ft ceilings in your open and airy living room. This charming home has an updated kitchen with white cabinets, granite countertops, granite backsplash, and beautiful views. 2 large glass sliding doors that open onto a tile patio compete with 2 fire pits, a pond, an in ground spa and amazing views of the lake. Upstairs the large master suite includes his and hers closets, vaulted ceilings and a deck overlooking the lake. Don't miss out on the chance to live in your own ''Island'' paradise.

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/!


 

 

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