Phoenix 2012 Real Estate Review

A Look  Back at 2012 for Phoenix Real Estate

The year in review of 2012 for homeowners was an encouraging one to be sure. 2011 was essentially a flat line, and there has not been any appreciation in home prices since 2005. Therefore, the 12 – 29% increase experienced in nearly all Phoenix metropolitan cities in 2012 was the perfect present indeed! If you’re interested in why prices finally made a U-turn and the chances of a repeat performance, feel free to read on.

 Foreclosures, Lender-Owned, Short Sales and Distressed Property in Phoenix

At one time bank owned properties accounted for over 50% of the sales, and when you added in short sales, distressed sales (foreclosures+short sales) were over 75% of the sales in many areas. That trend has been reversed and it is easy to see why when  you look at the number of homes receiving a Notice of Trustee Sale which is the mechanism advising the homeowner that the home is in foreclosure.  The graph above shows the number of Notices by quarter by year for Maricopa county.  Currently we’re approaching levels that were experienced prior to the bubble. The bottom line is with fewer homes going into foreclosure, the fewer bank-owned homes going up for sale.  And because Arizona practices non-judicial foreclosure the shadow inventory is minimal.

The  effect of this decrease of homes going into foreclosure can be seen in the

 

 

 

composition of the sales for the last 10 years.  The above graph shows the sales by month and the type of sales for the greater Phoenix area; normal in dark  blue, short sales in light blue and foreclosure (REO) in brown.  From 2008 through early 2011, foreclosures(brown bars) were a significant portion and normal sales fell significantly.  We also see that normal sales(dark blue) have increased since 2012 as prices have risen.  Short sales have not reduced as quickly as the foreclosures but will as prices rise and economic conditions improve.

Home Value Increases in Phoenix

As I mentioned nearly all Phoenix areas have seen increases in the sales prices and $/square foot of homes sold.  To the left is  a graph for Gilbert showing the average price per square foot for the last three years.  At the beginning of the year the average price/sq.ft. for homes sold was $89.  At the end of 2012, it has risen to $106/sq.ft., a 19% increase.

For the city of Queen Creek, we notice that prices on a per square foot basis started at around $58 and ended at approx. $78/sq.ft. reflecting a 34% gain for 2012.   This was one of the areas that was hardest hit during the decrease in home prices.

Remember these are averages and will vary depending on the house condition, location, age, size, amenities, upgrades and other variables.

If you’re interested in knowing the value of your home, please click on the following link, What is my home worth?

Inventory – Balancing Supply and Demand

In 2009 – 2010 Gilbert listings ranged between 1,400 – 1,900, during 2012 they were in the 350 – 600 listing range and ended 2012 at approximately 540.  This pattern is similar in many other cities.

In the beginning of 2010, Chandler  listings were approximately 1,200.  At the end of 2012, they were 440. This reduction in inventory of available listings has been the driving force in appreciating home values.

The best way to evaluate both supply and demand is to look at the supply of inventory.  The graph to the  left shows the months supply of inventory for various Phoenix area cities.  When the inventory goes up, this indicates that more houses are available on the market compared to the available demand.  A six month supply of inventory is considered normal.  Therefore, the graph shows that there is still robust demand for available homes as they come on the market.    It is still common for a property to receive multiple offers if it is priced appropriately.

 What is in store in 2013 for Phoenix real estate?

The inventory graph also gives us an indication of what is in store for 2013.  As prices rise, fewer homes will be under water and more traditional sales will come on the market at prices than typical short sales and foreclosures.  Some buyers may decide not to buy as prices rise and the supply will seek a more  balanced level between supply and demand. Again 6 months inventory supply is considered normal.   As you can see, each city is at a different stage in returning to balanced supply and demand.  I believe prices will continue to rise in 2013, but not at the rate we’ve experienced in 2012.  My guesstimate is about half the appreciation rate that we’ve seen in 2013.

If you’re interested in receiving home listings as they come on the market, click on Receive Listings Automatically, or if you’re interested in the market value of your home, go to What is my home worth?

Related Posts:

Distressed sales for 2012 compared to 2011

Who really loses on a foreclosure – the bank? Thing again!

In search of happily ever after with a short sale

Helpful Searches:

Gilbert Home Search

Mesa Homes  for Sale

Queen Creek Home Search

$515,000 :: 1326 W CORAL REEF Drive, Gilbert AZ, 85233

Property Photo

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3 beds, 2.5 baths
Home size: 2,048 sq ft
Lot Size: 2,178 sq ft
Added: 05/14/21, Last Updated: 05/14/21
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6234271
Community: TOWNHOMES ON CORAL REEF
Tract: TOWNHOMES ON CORAL REEF
Status: Active


Waterfront, lock and leave living at its best! This freshly updated townhome on the water in Islands is that perfect low maintenance, relaxing home you've been looking for. Dramatic double height ceilings in the living room welcome you to this well cared for and turn key property. Kitchen opens to the dining room and both share views of the water. Laundry, garage access, half bath and storage are downstairs. Upstairs you'll find 3 bedrooms and 2 more baths. Master bedroom boasts huge walk-in closet, snail shower & private, lakeside balcony. Solar tube skylights bring in lots of natural light while keeping the heat out. Secondary bedrooms have balcony access as well. Great location, close to freeways, shopping, schools and more. These units are rare in normal markets, so don't delay!

Listed with eXp 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/!


$500,000 :: 1438 W CORAL REEF Drive, Gilbert AZ, 85233

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3 beds, 2.5 baths
Home size: 2,289 sq ft
Lot Size: 1,743 sq ft
Added: 05/06/21, Last Updated: 05/13/21
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6232253
Community: TOWNHOMES ON CORAL REEF Islands
Tract: TOWNHOMES ON CORAL REEF Islands
Status: Active


You'll love this stunning waterfront home now available!! Enter home to see a dramatic entry with spiral-type staircase, a lovely den/office, and an open living room that overlooks the kitchen. Spotless kitchen has stainless steel appliances, center island w/breakfast bar, plenty of cabinets, and pantry. Upstairs, you'll find an adorable loft with a window bench! The master retreat includes sliding doors that open to a private balcony, large walk-in closet, a window bench, and a full bath w/dual sinks & separate tub/shower. Both of the additional bedrooms include private access to the balcony! Out back, spend relaxing evenings while gazing at the amazing lake which includes a private dock for your personal boat. This gem won't last on the market! Make an offer now!

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/!


$420,000 :: 1124 W EDGEWATER Drive, Gilbert AZ, 85233

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2 beds, 2.5 baths
Home size: 1,358 sq ft
Lot Size: 2,178 sq ft
Added: 05/13/21, Last Updated: 05/13/21
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6234997
Community: COVE AT THE ISLANDS LOT 1-173 TR A-Z AA-DD
Tract: COVE AT THE ISLANDS LOT 1-173 TR A-Z AA-DD
Status: Active


Absolutely gorgeous Waterfront Townhome in Gilbert's The Islands Lake Community. Completely updated in recent years: new kitchen cabinets w SS appliances & quartz countertops, updated baths (master has walk-in tile & glass), carpet & tile, lighting, fans, int. paint, water heater & HVAC in 2017. You'll absolutely love living on the lake (boating, fishing, sunsets!). Perfect full-time residence or ''lock & leave'' vacation retreat. HOA maintains community pool, front landscaping, roof & ext paint. The Islands offers 3 lakes, walking/biking paths, large community park & social events (Concerts in The Park, Easter Egg Hunt, Holiday Boat Parades, Fall Car Show & more!) You'll truly love this home & community... just minutes away from downtown Gilbert and Chandler restaurant district!!

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/!


$725,000 :: 1302 W Windrift Way, Gilbert AZ, 85233

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3 beds, 2.5 baths
Home size: 2,023 sq ft
Lot Size: 12,197 sq ft
Added: 04/22/21, Last Updated: 05/12/21
Property Type: Single Family
MLS Number: 6223848
Community: SANDCASTLE VILLAGE
Tract: SANDCASTLE VILLAGE
The price of this listing was last increased on 5/10/2021 by 4%
Status: Active


WELCOME TO YOUR PRIVATE ''OASIS'' IN THE ARIZONA DESERT! ** BRAND NEW TILE ROOF TO BE INSTALLED, JUNE 1ST! 10 YR WARRANTY! BRAND NEW A/C UNIT TO BE INSTALLED 5/20! INVESTOR VERY RARE OPPORTUNITY! ENJOY THE STUNNING VIEWS FROM THIS CORNER LOT WATERFRONT HOME! THE LAKE IS A PRIVATE LAKE THAT ALLOWS ELECTRIC PONTOON BOATS FOR YOUR EVENING COCKTAIL CRUISE!! THIS GORGEOUS HOME BOASTS A LARGE DIVNG POOL, HOT TUB AND PRIVATE DOCK THAT YOU CAN FISH FROM! RECENTLY REMODELED! PRIVATE LAKE DIRECT ACCESS! THREE BEDROOMS UPSTAIRS WITH AN ADDITIONAL LOFT! NORTH/SOUTH EXPOSURE!LIVE THE GOOD LIFE HERE IN THE ''ISLANDS!'' OWNER/AGENT

Listed with Apartments Now


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


$669,000 :: 395 W Sagebrush Street, Gilbert AZ, 85233

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4 beds, 2.5 baths
Home size: 2,993 sq ft
Lot Size: 9,148 sq ft
Added: 05/08/21, Last Updated: 05/08/21
Property Type: Single Family
MLS Number: 6233471
Community: LAGO ESTANCIA
Tract: LAGO ESTANCIA
Status: Active


Beautiful home on a premium lake front lot in the amazing community of Lago Estancia. Open floor plan with four bedrooms, loft and 2.5 baths. Amazing kitchen with upgraded cabinetry, plentiful pantry space. Flooring and bath finishes in tile, travertine, marble and slate. Upper level has solid French maritime pine flooring. 60k in upgrades since 2019 include new roof, high efficiency windows, AC system, exterior paint and pool. Serene backyard features two large covered patios, remodeled private pool, incredible lake views. One of very few homes with direct private lake access and no walking path traffic. Minutes from old town Gilbert on the water canal. Community has picnic area, walking and bike paths, children's park with playground. Don't miss this very special home.

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/!


$1,700,000 :: 188 N SHORE Lane, Gilbert AZ, 85233

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3 beds, 4 baths
Home size: 5,150 sq ft
Lot Size: 20,038 sq ft
Added: 05/07/21, Last Updated: 05/07/21
Property Type: Single Family
MLS Number: 6233011
Community: CRYSTAL POINT ESTATES
Tract: CRYSTAL POINT ESTATES
Status: Active


Amazing Custom home in your own gated Championship Private Water Ski lake with private dock. Heated Spa & Pool, commercial mist system, pool air conditioning & mist system. Fire pit system, back yard lake lined Tiki torches propane underground system, 40 ft slide gates at pool for lake view pool, 3 bedrooms + office on main level & 3.5 bathrooms. All bedrooms have private bathrooms, gas fireplaces and outside fire features, fire pits propane driven, game room upstairs with full bar, half bathroom, card room & deck overlooking the water and pool below. Gourmet kitchen with Dacor gas range, beautiful slab granite counters and monster walk in pantry. Full home security system & full property sound system, Property will convey AS IS - 50 Amp service at South side of home for RV hookup.

Listed with Prime House 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/!


$575,900 :: 1025 W PENINSULA Drive, Gilbert AZ, 85233

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4 beds, 3 baths
Home size: 2,787 sq ft
Lot Size: 10,019 sq ft
Added: 12/05/20, Last Updated: 01/27/21
Property Type: Single Family
MLS Number: 6156476
Community: WINDHAVEN
Tract: WINDHAVEN
Status: Active


BEST PRICED WATERFRONT ISLAND HM.N/S.EXP.OVER 10K SF WATERFRT VIEW LOT W/94 FEET OF WATER FRONT & APPROX.120FT DEEP LOT.PRVT DOCK BRIGHT&OPEN.FORMAL LVG;DININGNOOK+FR.VAULTED CEILING.UPDATED FLOORING;GRANITE COUNTER KITCHEN CABINETS;WHITE WOOD SHUTTERS.SECURITY DRS@ENTRY&BACK PATIO DBL FRENCH DOOR. OVER-SIZED COV'D PATIO.WET BAR W/GRANITE COUNTER.ALL BATHS HAVE BEEN REMODELED.MASSIVE MASTER BR W/HIS&HER'S CLOSETSSEP.TUB/SHOWER.2 SINKS W/SPACIOUS COUNTER SPACE&STORAGE.DBL FRENCH DOOR W/SEC.IRON GATE WALK ON TO PVT WATER FRONT VIEW DECK FOR YOUR LEISURE MORNING RELAXATION -THEN RETURN TO ENJOY THE INCREDIBLE ARIZONA SUNSET-LIFE IS JUST PERFECT HERE. HURRY! CALL NOW FOR YOUR PRIVATE TOUR ARRANGEMENT. MUST SEE TO APPRECIATE. MASKS REQUIRED WHILE ON THE PREMISE.

Listed with FDR 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/!


$495,000 :: 1352 W BLUE RIDGE Court, Chandler AZ, 85248

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3 beds, 2 baths
Home size: 1,533 sq ft
Lot Size: 6,970 sq ft
Added: 05/14/21, Last Updated: 05/14/21
Property Type: Single Family
MLS Number: 6235594
Community: OCOTILLO LAKES PARCEL H
Tract: OCOTILLO LAKES PARCEL H
Status: Active


Clean 3 bedroom, 2 bathroom home located in Ocotillo Lakes. Neutral paint and tile throughout the home. Great backyard with grass area and fenced in private pool. Large two car garage with built in cabinets. Located in a cul-de-sac, close to Chandler Traditional School.

Listed with Keller Williams Arizona 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/!


$775,000 :: 4983 S MEADOWS Place, Chandler AZ, 85248

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4 beds, 3 baths
Home size: 2,524 sq ft
Lot Size: 12,633 sq ft
Added: 05/11/21, Last Updated: 05/11/21
Property Type: Single Family
MLS Number: 6234502
Community: OCOTILLO LAKES
Tract: OCOTILLO LAKES
Status: Active


Elegant waterfront home in Ocotillo Lakes is waiting for you! Rare opportunity to own a corner lot with complete privacy. This single story 4 bed + office, 3 bath, and 3-car garage home also includes an open kitchen/family room, formal dining room, and living room with vaulted ceilings with porcelain floor tile throughout. Newly remodeled master bathroom shower in 2019. Outdoor living possibilities are endless with the covered patio featuring a built-in gas BBQ, fire pit, heated pool with waterfall, and mature citrus trees. All of this is conveniently located near Intel and the Price high tech corridor, Ocotillo Golf Course, highly sought-after CTA Independence Elementary School, exceptional dining, shopping, and more. All offers submitted by 2pm on May 16th will be reviewed 5 pm May 16th

Listed with Picture Perfect 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/!


$1,195,000 :: 1642 W LYNX Way, Chandler AZ, 85248

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5 beds, 3 baths
Home size: 3,854 sq ft
Lot Size: 18,296 sq ft
Added: 04/15/21, Last Updated: 05/10/21
Property Type: Single Family
MLS Number: 6220068
Community: OCOTILLO LAKES PARCEL I
Tract: OCOTILLO LAKES PARCEL I
Status: Conditional


Ocotillo Retreat living ! Largest home in the fabulous and quiet gated community of Ocotillo Lakes. Lake views and patio exits from formal/dining/family and master bedrooms! Home features 5 bedrooms including an oversized media-room/den/office. Split floorplan with beautiful hardwood flooring in all bedrooms! master suite has a fireplace, 2 walk in closets and a stunning upgraded master bath with standalone tub and oversized shower! Jack and Jill bedrooms and a separate bedroom with a full bath! The oversized room is perfect as a media room or an office or children play room! Tall 12+ ft ceilings, security system, formal room fireplace, plantation shutters in rooms.

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/!


 

More Chandler and Gilbert  waterfront properties are available at Gilbert-Chandler Waterfront Homes

 

 

 

 

 

 

 

 

 

 

 

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