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

$1,800,000 :: 193 N SKI Court, Gilbert AZ, 85233

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5 beds, 7 baths
Home size: 6,700 sq ft
Lot Size: 20,038 sq ft
Added: 10/14/19, Last Updated: 10/14/19
Property Type: Single Family
MLS Number: 5991650
Community: CRYSTAL POINT ESTATES AMD LOT 1-20 TR A-H
Tract: CRYSTAL POINT ESTATES AMD LOT 1-20 TR A-H
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/!


$659,000 :: 5115 S PEACH WILLOW Lane, Gilbert AZ, 85298

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2 beds, 2.5 baths
Home size: 2,551 sq ft
Lot Size: 6,970 sq ft
Added: 10/14/19, Last Updated: 10/14/19
Property Type: Single Family
MLS Number: 5991652
Community: TRILOGY UNIT 5
Tract: TRILOGY UNIT 5
Status: Active


A Beautiful Cimarron model located on the ninth green overlooking the lake and Superstition Mountains. This home has all upgraded cabinets in the kitchen & bathroom with granite all around. It has a paid up leased solar system, heated pool but lout covered patio with BBQ. The side patio has louvered cover to either open or shut. This house is a must seen and a great entertainment home.

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/!


$425,000 :: 1410 W CLEAR SPRING Drive, Gilbert AZ, 85233

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4 beds, 2 baths
Home size: 2,715 sq ft
Lot Size: 7,841 sq ft
Added: 09/26/19, Last Updated: 10/11/19
Property Type: Single Family
MLS Number: 5983925
Community: CORAL POINT REPLAT LOT 76-101
Tract: CORAL POINT REPLAT LOT 76-101
The price of this listing was last reduced on 10/4/2019 by 2%
Status: Active


Gorgeous 2715 sf home in beautiful gated community. The property is on a lagoon, graced by a cascading waterfall. You will find four bedrooms, 2 bathrooms, kitchen, family room and living room. You will enjoy two patios, one off the family room with a view of the waterfalls and lagoon. The second patio has room for alfresco dining. Additional features are vaulted ceilings, 2 fireplaces, plantation shutters and a master bath with jacuzzi tub. Portable sauna does not convey.HOA dues cover street maintenance, include front and rear weekly yard maintenance., and painting of home every 7 years. One bedroom has been used as an office. The community pool and spa are on the lake.This property is move-in ready!Please use Kelly Johnson at Security Title, 480-448-7066

Listed with Wright Realty 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/!


$995,000 :: 1320 E TREASURE COVE Drive, Gilbert AZ, 85234

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5 beds, 5.5 baths
Home size: 4,584 sq ft
Lot Size: 14,375 sq ft
Added: 10/05/19, Last Updated: 10/05/19
Property Type: Single Family
MLS Number: 5988143
Community: WEST LAKE ESTATES - VAL VISTA LAKES
Tract: WEST LAKE ESTATES - VAL VISTA LAKES
Status: Active


THE WAIT IS OVER! Luxurious WATERFRONT home in the exclusive gated enclave of West Lake Estates, Val Vista Lakes most prestigious custom communities offers TREMENDOUS VALUE! Showcasing spectacular sweeping lake views & lush gardens from nearly every room, this home offers an abundance of timeless architectural details and custom finishes. The grand entryway w/ a dramatic staircase leads to the large living and dining rooms w/ floor to ceiling windows, allowing an abundance of natural light and captivating LAKE VIEWS. Custom detailed features include elegant granite & wood floors, detailed millwork, custom built-ins & cabinetry, & varied tray ceilings. The light and open gourmet kitchen offers a classic pairing of white cabinetry & gleaming black granite counters, stainless steel

Listed with Russ Lyon Sotheby's International 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/!


$690,000 :: 1826 E Cascade Drive, Gilbert AZ, 85234

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4 beds, 3 baths
Home size: 2,870 sq ft
Lot Size: 10,455 sq ft
Added: 10/03/19, Last Updated: 10/03/19
Property Type: Single Family
MLS Number: 5987118
Community: Val Vista Lakes Crystal Shores
Tract: Val Vista Lakes Crystal Shores
Status: Active


Come experience waterfront living at Val Vista Lakes. Conveniently located near Dana Park and U.S. 60. This four bedroom 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/!


$629,900 :: 2112 E FREEPORT Lane, Gilbert AZ, 85234

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4 beds, 3 baths
Home size: 2,864 sq ft
Lot Size: 10,455 sq ft
Added: 07/29/19, Last Updated: 10/03/19
Property Type: Single Family
MLS Number: 5958260
Community: REGATTA AT VAL VISTA LAKES AMD LOT 1-108
Tract: REGATTA AT VAL VISTA LAKES AMD LOT 1-108
The price of this listing was last reduced on 9/6/2019 by 3%
Status: Active


PRICE REDUCED 20K! Prime Lake location in gated community, ''The Regatta'' at Val Vista Lakes! Lakefront living in this Single Level beautifully maintained home. Well designed floor plan to take advantage of the lake views with large windows across the expanse of the huge family room wall. You can see the views from the open kitchen as well with its large walk in pantry and wrap around counter space. Formal dining room has views of the lake as well along with the formal living room. The large Master suite features lake views, a full bath, double sinks, separate tub and shower, and large walk-in closet. Split large bedrooms, two in the front and two in the back that both have full baths to make two Master Suites Large 3 car garage with built in storage cabinets.

Listed with Homestree 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/!


$654,900 :: 2036 E Clipper Lane, Gilbert AZ, 85234

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4 beds, 2 baths
Home size: 2,493 sq ft
Lot Size: 10,019 sq ft
Added: 09/19/19, Last Updated: 09/20/19
Property Type: Single Family
MLS Number: 5980928
Community: Val Vista Lakes
Tract: Val Vista Lakes
Status: Active


Well this is a super nice home in a highly desirable East Valley lake community and its waiting for you, to call it HOME! Here we go, 4 bedrooms, 2 bathrooms with just under 2,500 square feet. Nice vaulted ceilings in the Living and Family Room. Large great room concept flows nicely into Family room with a massive Kitchen Island, perfect to use a breakfast bar-plus you have a spot for your Eat in Kitchen and still have a formal dining spot. Upgraded flooring in the entire house from tile to wood. The Upgrades over the past few years include New Roof (2015) New AC/Furnace in 2014, all 3 bedrooms have engineered hard wood as well. Master has wood flooring, bay window and gorgeous lake views. The community, in case you've never seen it, features a Million Dollar Clubhouse which

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/!


$755,000 :: 1455 W HEATHER Avenue, Gilbert AZ, 85233

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5 beds, 4 baths
Home size: 4,561 sq ft
Lot Size: 10,019 sq ft
Added: 07/05/19, Last Updated: 09/17/19
Property Type: Single Family
MLS Number: 5944062
Community: PLAYA DEL REY ESTATES
Tract: PLAYA DEL REY ESTATES
The price of this listing was last reduced on 9/17/2019 by 2%
Status: Active


Location is Everything! Direct Lake Access with Rare Private Covered Boat Slip and Lift. Wakeboard, Jet Ski and Kayak from Your Own Backyard in this Private Recreational Lake Community. Interior boasts spacious, light-filled rooms, wood plank flooring and beautiful South facing lake views. Home has been updated to include newer appliances, A/C, interior and exterior paint, Lutron Caseta smart home lighting system and more. Massive master suite opens to 450 square foot deck overlooking the lake. Split floor plan with multiple living spaces offer convenient options for guests and multi-generational living-3 bedrooms and 2 full baths downstairs plus large home office. Add the ultimate media and game room if desired! Expand the outdoor living space w/lakeside dock if desired.

Listed with Platinum Living 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/!


$849,900 :: 532 N ACACIA Drive, Gilbert AZ, 85233

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5 beds, 4 baths
Home size: 4,063 sq ft
Lot Size: 11,326 sq ft
Added: 09/16/19, Last Updated: 09/16/19
Property Type: Single Family
MLS Number: 5979288
Community: PLAYA DEL REY AMENDED
Tract: PLAYA DEL REY AMENDED
Status: Active


Incredible remodeled Waterfront Home w/covered patio, refreshing pool, spa, synthetic grass, private balcony/deck, and amazing views of the lake. Enjoy water skiing, jet skiing, and swimming! Dramatic soaring ceilings, sweeping stairway to second level, travertine floor, soothing interior palette, upgraded recessed lighting/ceiling fans, and Architectural details throughout. Decorative columns, arched windows, wet bar with tile, French Doors to patio, hardwood floor, and stacked stone fireplace. Gorgeous gourmet kitchen features x-large center island, granite counters, travertine backsplash, SS appliances, and plethora of upgraded wood cabinetry. Fantastic loft area with endless possibilities. New paver driveway, iron gates, and cement RV parking.

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/!


$630,000 :: 2119 E Clipper Lane, Gilbert AZ, 85234

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5 beds, 3 baths
Home size: 2,810 sq ft
Lot Size: 10,019 sq ft
Added: 06/27/19, Last Updated: 09/12/19
Property Type: Single Family
MLS Number: 5945164
Community: REGATTA AT VAL VISTA LAKES
Tract: REGATTA AT VAL VISTA LAKES
The price of this listing was last reduced on 9/12/2019 by 1%
Status: Active


Waterfront living*Single level* Many upgrades/recent improvements including: New roof underlayment plus sky lights; Bamboo wood flooring; newer carpet; updated cabinets; no salt H2o softener; stainless appliances; slab granite counter tops; plantation shutters; high efficiency A/C; remodeled MBR shower. Two fireplaces, one outside on patio next to in ground hot tub/spa. Boat dock! 3rd garage bay was converted to living space with extra insulation plus heated/cooled & Included in square footage. It can be converted back. Prestigious Val Vista Lakes resort living w/$10 Million Clubhouse, four lakes, junior Olympic heated pool, Jacuzzi, sandy beach entry lagoon, lighted tennis courts, racquetball, waterfalls, community activities, fishing, boating & workout facility w/cardio & weight rooms!

Listed with Choice One 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/!


 

 

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