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

$725,000 :: 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: 10/18/18
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 10/18/2018 by 3%
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/!


$360,000 :: 409 S LAKE MIRAGE Drive, Gilbert AZ, 85233

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2 beds, 2 baths
Home size: 1,744 sq ft
Lot Size: 6,534 sq ft
Added: 09/21/18, Last Updated: 10/18/18
Property Type: Single Family
MLS Number: 5823538
Community: LAKE MIRAGE LOT 1-38 TR A-I
Tract: LAKE MIRAGE LOT 1-38 TR A-I
The price of this listing was last reduced on 10/6/2018 by 1%
Status: Active


This immaculate move in ready home is located in The Islands, one of Gilbert's most highly desirable communities! This home features beautiful wood flooring and a neutral grey color pallet in the main living space making it perfect for your finishing touches. The kitchen features granite counter tops, gorgeous tile backsplash and stainless-steel appliances. The master bathroom features a claw foot soaking tub and separate walk-in shower. Your backyard oasis is perfect for entertaining with a large covered patio, gorgeous lake views, and lush green mature landscaping, built in planters, and landscape lighting. Do not miss this one!

Listed with Keller Williams Realty Phoenix


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


$399,500 :: 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: 10/17/18
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 10/3/2018 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/!


$719,900 :: 1817 E Willow Tree Court, Gilbert AZ, 85234

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4 beds, 2.5 baths
Home size: 2,970 sq ft
Lot Size: 12,196 sq ft
Added: 09/21/18, Last Updated: 10/16/18
Property Type: Single Family
MLS Number: 5823607
Community: LAKESIDE AT VAL VISTA LAKES
Tract: LAKESIDE AT VAL VISTA LAKES
The price of this listing was last reduced on 10/16/2018 by 1%
Status: Active


Million Dollar Views for a fraction of the price! Amazing Lakefront property on the market for first time in 8 years. Newly renovated 3000 sqft. 4 bedroom w/Office & Formal Dining Room. Split floor plan, 3-car garage w/Spa inspired Block Glass Walk-in Shower in Master Suite shows like a model. Marble Tile, Wood Floors & Plantation Shutters on every window! Open concept Great Room/Kitchen overlooks extraordinary lake views. Stainless Steel Appliances. Resort style negative edge swimming pool on 12,000 sqft premium cul-de-sac lake lot. Clubhouse features 8-court championship tennis complex, indoor racquetball courts, cardio & weight training facilities, Jr Olympic swimming pool, spa, banquet/meeting rooms, waterfalls, tropical lagoon swimming pool w/sandy beach. WOW!! This home won't last!!

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/!


$775,000 :: 1834 E Coral Tree Drive, Gilbert AZ, 85234

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4 beds, 2.5 baths
Home size: 3,085 sq ft
Lot Size: 13,939 sq ft
Added: 10/10/18, Last Updated: 10/10/18
Property Type: Single Family
MLS Number: 5831466
Community: Val Vista Lakes
Tract: Val Vista Lakes
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/!


$1,099,000 :: 285 N Ski Court, Gilbert AZ, 85233

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5 beds, 4 baths
Home size: 3,478 sq ft
Lot Size: 20,037 sq ft
Added: 08/29/18, Last Updated: 10/05/18
Property Type: Single Family
MLS Number: 5813254
Community: Crystal Point Estates
Tract: Crystal Point Estates
The price of this listing was last reduced on 10/5/2018 by 4%
Status: Active


Beautiful Custom Home in sought after Crystal Point Estates Gated Community, Gilbert Az. Arizona Living Your Way!! 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, 3478sf,almost a half acre lot at 19,985sqft and approx. 164 feet of waterfront. Formal Living Room touts stunning views upon entry into this lovely property. Great Room is Open to spacious kitchen with granite counter tops, custom maple cabinets, breakfast bar, eat in kitchen area with bay window for enjoying brunch with a view.Great room touts lots of space, Cantera fireplace,

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/!


$679,000 :: 1825 E CYPRESS TREE Drive, Gilbert AZ, 85234

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4 beds, 2 baths
Home size: 2,493 sq ft
Lot Size: 13,939 sq ft
Added: 08/12/18, Last Updated: 09/28/18
Property Type: Single Family
MLS Number: 5806089
Community: LAKESIDE AT VAL VISTA LAKES
Tract: LAKESIDE AT VAL VISTA LAKES
The price of this listing was last reduced on 9/28/2018 by 3%
Status: Active


A rare find, this one-story home is on the big lake at Val Vista Lakes Community with a boat to ride to the Clubhouse which features a sandy beach pool and a heated Jr. Olympia swimming pool with lap lanes. Tennis, racquet ball, pickle ball, weight & cardio rooms for a great workout. Private locker rooms with showers. The home is on a quiet cul-de-sac and walking distance to clubhouse, elementary school & playground. 4 spacious bedrooms, walk-in closets. Baths have double sinks, master has separate shower and soak tub. 2nd bath as full-size tub and shower with privacy door. A rare opportunity, a one story on open water, the VACANT lot across the lake from this home recently sold for $450,000, a new home is under construction. Double boat dock with seating area.

Listed with USELLSMART 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/!


$700,000 :: 1910 E CORAL TREE Drive, Gilbert AZ, 85234

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4 beds, 2.5 baths
Home size: 2,686 sq ft
Lot Size: 13,939 sq ft
Added: 07/13/18, Last Updated: 09/21/18
Property Type: Single Family
MLS Number: 5793500
Community: LAKESIDE AT VAL VISTA LAKES
Tract: LAKESIDE AT VAL VISTA LAKES
The price of this listing was last reduced on 9/21/2018 by 3%
Status: Active


Must see this beautiful single level custom waterfront home on a very large lot ** This home is on the ''big'' lake in the much sought after gated Lakeside community ** Enter to spacious living room and dining room ** Island kitchen features granite counters, built in gas stove, built in oven and microwave, plus walk in pantry ** Cabinets all the way around the island plus separate breakfast area ** Lake views from almost every room ** Jacuzzi tub and walk in closet in master suite ** Huge yard with swimming pool and jacuzzi, loads of grass area plus huge side yards ** Fabulous view down the lake ** This home was built with sheer walls all the way around the house and there are no load bearing walls inside ** Plank travertine floors ** See supplement below for Val Vista Lakes amenities

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/!


$600,000 :: 1442 W EMERALD KEY Court, Gilbert AZ, 85233

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4 beds, 2.75 baths
Home size: 3,470 sq ft
Lot Size: 8,712 sq ft
Added: 09/20/18, Last Updated: 09/20/18
Property Type: Single Family
MLS Number: 5822966
Community: THE ISLANDS
Tract: THE ISLANDS
Status: Active


Stunning waterfront home in the beautiful Islands community of Gilbert. Located in a cul-de-sac, this large family home sits ideally on the waters edge with stunning views. Enjoy all of lakes in the Islands community for fishing, boating, rowing, etc. This home is ready for your custom final touches- create your masterpiece with this spacious floorplan. 4 bedrooms, 3 baths and 3 car garage, and gorgeous resort backyard and pool. This home is just steps away from the A+ school of excellence-Islands Elementary, and minutes to award winning downtown Gilbert restaurants. Come see this home for yourself in person and you will be impressed, these rare beauties on the water don't come along often.

Listed with RE/MAX Alliance 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/!


$724,900 :: 2111 E CLIPPER Lane, Gilbert AZ, 85234

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5 beds, 3 baths
Home size: 3,025 sq ft
Lot Size: 10,018 sq ft
Added: 09/17/18, Last Updated: 09/17/18
Property Type: Single Family
MLS Number: 5821409
Community: Regatta at Val Vista Lakes
Tract: Regatta at Val Vista Lakes
Status: Active


Exquisite, Lake Front home in The gated community of The Regatta in Val Vista Lakes, The grand staircase greets you as you enter the large cast front door, The Kitchen boasts Granite, stainless, breakfast nook, breakfast bar & an oversized walk-in pantry, the kitchen overlooks a large great room, perfect for entertaining & family, The beautiful backyard speaks for itself, it's a masterpiece with a gazebo, firepit, grassy area, sparkling pool with water feature & of course an incredible view of the lake with your own dock, the Luxurious Master Suite is a sanctuary with tile shower & surrounds & marble vanities, the private upstairs balcony has a stunning view of the lake, it's perfect for that morning cup of coffee or just relaxing & reading,

Listed with United Brokers 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/!


 

 

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