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
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$639,000 :: 1357 W PORT A SAIL Drive, Gilbert AZ, 85233
3 beds, 3 baths
Home size: 1,797 sq ft
Lot Size: 3,921 sq ft
Added: 09/29/23, Last Updated: 10/02/23
Property Type: Single Family
MLS Number: 6608744
Community: CORAL POINT REPLAT LOT 1 & 2
Tract: CORAL POINT REPLAT LOT 1 & 2
Status: Active
Come see this stunning, updated waterfront home in the highly coveted gated community - the Falls in the Islands! This home features an eat-in kitchen with granite countertops, cherry cabinetry, a wine nook, beverage cooler and new stainless steel appliances. Cozy up next to the fireplace in the Livingroom which overlooks the serene waterfront, with sounds of the waterfalls. The granite countertops and cherry cabinetry continue throughout the laundry room, office and 3 ba. Gorgeous marble tiles adorn the floors, along with the master shower and tub. This home is just steps away from the community pool and Spa. HOA includes both the front & backyard landscaping as well as exterior painting every 7 yrs. There's a Tesla EV Charger and Ring security sys. 2 New ACs, Roof and Water Heater
Listed with Real Broker AZ, 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/!
$1,499,999 :: 1232 W EDGEWATER Drive, Gilbert AZ, 85233
5 beds, 3.5 baths
Home size: 4,032 sq ft
Lot Size: 10,019 sq ft
Added: 09/15/23, Last Updated: 10/01/23
Property Type: Single Family
MLS Number: 6605570
Community: CATALINA BAY AT THE ISLANDS UNIT 4
Tract: CATALINA BAY AT THE ISLANDS UNIT 4
The price of this listing was last reduced on 10/1/2023 by 3%
Status: Active
**FULLY RENOVATED WATERFRONT HOME** Located in the highly sought-after Islands community of Gilbert, this home has undergone a breathtaking remodel from the inside out. From the moment you arrive, you'll be captivated by the stunning curb appeal and the serene water views. This is a once-in-a-lifetime opportunity to own a truly exceptional home in a remarkable location. **See docs tab for a full list of upgrades including: artificial turf in the back/front yards, fresh interior/exterior paint, all new flooring, high end appliances, waterfall quartzite countertops, shaker cabinets, contemporary tile, recessed lighting, elegant chandeliers, and so much more! 3 Car garage w/4th bay + Golf Cart Parking. This exceptional property offers not just a home, but a lifestyle. Make it yours today!
Listed with Real Estate Brokers of Arizona
Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!
$699,999 :: 610 S MARINA Drive, Gilbert AZ, 85233
3 beds, 2.5 baths
Home size: 2,128 sq ft
Lot Size: 5,663 sq ft
Added: 09/24/23, Last Updated: 09/24/23
Property Type: Single Family
MLS Number: 6606365
Community: CORAL POINT REPLAT LOT 1 & 2
Tract: CORAL POINT REPLAT LOT 1 & 2
Status: Active
Private gated community waterfront house with gorgeous water & waterfall views! Amazing floor plan with loft & skylights. Beautiful hickory hardwood floors on stairs & upper level with tile on lower level. New HVACs (both replaced 8/2023); New windows dual pane (2016). New interior paint (9/2023). Stove is electric but has gas stub. HOA maintains front/rear landscaping, exterior paint, streets, gates, pool area. Short walk to the community pool with more water views, plenty of shade & BBQ's. The Islands has a plethora of paths/trails, playgrounds, basketball, sand volleyball, bocce, community dock, catch & release fishing, shaded ramadas with grills and much more. Welcome Home!
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/!
$659,000 :: 1353 W CRYSTAL SPRINGS Drive, Gilbert AZ, 85233
3 beds, 2.5 baths
Home size: 2,150 sq ft
Lot Size: 3,921 sq ft
Added: 09/21/23, Last Updated: 09/21/23
Property Type: Single Family
MLS Number: 6606304
Community: CORAL POINT REPLAT LOT 1 & 2
Tract: CORAL POINT REPLAT LOT 1 & 2
Status: Active
Embrace this newly remodeled Home. New luxury vinyl plank flooring throughout. American maple white cabinets, quartz counters with walk-in pantry. Both bathroom have matching cabinetry ,tile and countertops keeping the symmetry of the home. Tile patio deck. Cozy loft with skylight. Roof and skylight proximately five years old .Both AC units are 3 years old. Roof and AC units have a 10 year warranty. Water heater two years old updated windows. New Whole House water softener. HOA dues include the lakeside community pool, front & back yard landscaping and painting the house every 7 years.
Listed with Real Broker AZ, 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/!
$1,635,000 :: 1507 E TREASURE COVE Drive, Gilbert AZ, 85234
3 beds, 3.5 baths
Home size: 3,633 sq ft
Lot Size: 14,375 sq ft
Added: 08/30/23, Last Updated: 09/20/23
Property Type: Single Family
MLS Number: 6596878
Community: West Lake Estates of Val Vista Lakes
Tract: West Lake Estates of Val Vista Lakes
The price of this listing was last reduced on 9/20/2023 by 3%
Status: Active
Welcome to this stunning single-level home nestled in the coveted Val Vista Lakes community in Gilbert, AZ. With picturesque waterfront views, this home offers the epitome of tranquil lakeside living. Boasting 3 bedrooms and 3.5 bathrooms, this meticulously designed home provides both elegance and comfort. The open-concept living area showcases ample natural light, highlighting the captivating lake views from various angles.A gourmet kitchen awaits, featuring modern appliances, granite countertops, and an island that's perfect for both meal preparation and casual dining.The primary bedroom suite is a retreat in itself, boasting panoramic lake views and direct access to the outdoor patio. The en-suite bathroom is a sanctuary of relaxation, equipped with dual sinks, a luxurious
Listed with Call Realty, Inc.
Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!
$629,000 :: 1413 W CLEAR SPRING Drive, Gilbert AZ, 85233
3 beds, 3 baths
Home size: 1,797 sq ft
Lot Size: 4,356 sq ft
Added: 09/16/23, Last Updated: 09/20/23
Property Type: Single Family
MLS Number: 6602973
Community: CORAL POINT REPLAT LOT 1 & 2
Tract: CORAL POINT REPLAT LOT 1 & 2
The price of this listing was last reduced on 9/20/2023 by 2%
Status: Active
Fantastic lakefront opportunity priced to sell!! This amazing home offers 3 bedrooms 3 baths. Fish or boat from your very own backyard! This lakeside community provides access to parks, walking trails, and a community pool and spa to enjoy. With easy access to shopping, dining, and entertainment options, you'll have everything you need within a short drive.
Listed with Real Broker AZ, 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/!
$2,000,000 :: 1750 E COCO PALM Court, Gilbert AZ, 85234
4 beds, 4 baths
Home size: 3,421 sq ft
Lot Size: 12,197 sq ft
Added: 05/26/23, Last Updated: 09/16/23
Property Type: Single Family
MLS Number: 6560481
Community: LAKESIDE AT VAL VISTA LAKES
Tract: LAKESIDE AT VAL VISTA LAKES
The price of this listing was last reduced on 9/16/2023 by 5%
Status: Active
Sophistication and style meets waterfront. Elegant single level living await you in this beautifully updated home. Expansive lake views from this lot on the point allow for privacy in the pool and spa. Entire wall of glass slides open giving you large spaces to entertain from the outdoor to indoor kitchen and dining areas. Dreamy kitchen with Thermador 8 burner gas burner stove & dual ovens, Thermador side by side refrigerator and large island with seating for 6. Need Storage? This house has it! Large open family room, dinette & kitchen. All ensuite bedrooms have walk-in closets. Enjoy the outdoor lifestyle with the covered outdoor kitchen that includes a green egg smoker and gas bar-b-que. Heated pool and spa with negative edge so you can soak up the sun with friends or soothe those
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/!
$1,350,000 :: 2004 E CATAMARAN Drive, Gilbert AZ, 85234
4 beds, 3.5 baths
Home size: 4,038 sq ft
Lot Size: 14,375 sq ft
Added: 05/27/23, Last Updated: 09/07/23
Property Type: Single Family
MLS Number: 6558805
Community: The Regatta at Val Vista
Tract: The Regatta at Val Vista
The price of this listing was last reduced on 9/7/2023 by 4%
Status: Active
Custom waterfront home on the Regatta Lake. Beautiful property on a large lot in gated Val Vista Lakes subdivision. 4 -car garage with a large driveway in a cul-de-sac makes this a one-of-a kind !
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/!
$797,000 :: 1248 W EDGEWATER Drive, Gilbert AZ, 85233
5 beds, 3 baths
Home size: 2,719 sq ft
Lot Size: 7,841 sq ft
Added: 05/11/23, Last Updated: 09/01/23
Property Type: Single Family
MLS Number: 6550410
Community: CATALINA BAY AT THE ISLANDS UNIT 4
Tract: CATALINA BAY AT THE ISLANDS UNIT 4
The price of this listing was last reduced on 9/1/2023 by 3%
Status: Active
SPECTACULAR WATERFRONT LOCATION WITH OUTSTANDING VIEWS ! This property is tucked away in a quiet Cul-De-Sac on a North South facing lot. There are 5 bdrms and 3 baths. The master bedroom is oversized with a full length patio overlooking the lake & 2 closets. . Relaxing great room includes a cozy fireplace & great views of the backyard. It's all LAKE in the backyard. You'll never want to leave! There's a large community park within walking distances that includes lots of social events including Concerts in The Park, Easter Egg Hunt, Holiday Boat Parades, fall Car Show & more! You'll truly love this home & community. It's centrally located and just minutes away from downtown Gilbert and Chandler. Both have an abundance of restaurants & things to do for all ages. Both AC units 3 yrs old
Listed with Real Broker AZ, 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/!
$1,100,000 :: 1031 S CORAL KEY Court, Gilbert AZ, 85233
4 beds, 2.5 baths
Home size: 3,126 sq ft
Lot Size: 12,633 sq ft
Added: 08/16/23, Last Updated: 08/16/23
Property Type: Single Family
MLS Number: 6589216
Community: KEY HARBOR LOT 1-71 TR A-C
Tract: KEY HARBOR LOT 1-71 TR A-C
Status: Active
A great opportunity to own a rare lake front home in Gilbert, Arizona. It is currently a vacation rental with over $200,000 in revenue in the last 24 months. This nearly one third acre property is nestled in a quiet cove within The Islands. On the main level you will find an expansive kitchen with granite countertops, downstairs master suite with a beautiful view of the water, lovely fireplace center of the living room, and a laundry room attached to the three car garage. Upstairs there is one large bedroom overlooking the lake, full bathroom, two more bedrooms, as well as an office space. Outside opens up to an enjoyable entertainment area that leads you right to the pool, spa, lake, and boat docks. The private side yard also has a large chipping and putting green. Don't miss out!
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/!
$560,000 :: 1373 W MEAD Drive, Chandler AZ, 85248
3 beds, 2 baths
Home size: 1,533 sq ft
Lot Size: 6,970 sq ft
Added: 09/15/23, Last Updated: 09/29/23
Property Type: Single Family
MLS Number: 6605831
Community: OCOTILLO LAKES PARCEL H
Tract: OCOTILLO LAKES PARCEL H
The price of this listing was last reduced on 9/29/2023 by 3%
Status: Active
Upon arrival, you'll be captivated by the curb appeal of this beautifully landscaped property. Nestled in a friendly neighborhood, this home exudes a welcoming ambiance that will make you feel right at home from the moment you step inside. As you enter, you'll be greeted by the spacious layout, flooded with natural light. The main living areas feature stunning new flooring, installed in 2017, providing both durability and style. The living room is perfect for relaxing with family or entertaining guests, while the adjacent dining area offers a delightful space for enjoying meals. The heart of the home is the spacious kitchen, equipped with sleek stainless steel appliances, making meal preparation a joy. The kitchen also features ample cabinet space and a convenient breakfast bar for those
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/!
More Chandler and Gilbert waterfront properties are available at Gilbert-Chandler Waterfront Homes
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