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

$824,999 :: 2003 E CATAMARAN Drive, Gilbert AZ, 85234

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5 beds, 3.5 baths
Home size: 2,950 sq ft
Lot Size: 12,197 sq ft
Added: 10/23/20, Last Updated: 10/23/20
Property Type: Single Family
MLS Number: 6151440
Community: REGATTA AT VAL VISTA LAKES AMD LOT 1-108
Tract: REGATTA AT VAL VISTA LAKES AMD LOT 1-108
Status: Active


PHC Advisors is please to present for sale this breathtaking lakefront home in one of the most desirable communities in Gilbert. This property boasts over $200,000 in new upgrades including Newly renovated kitchen with granite countertops, walnut butcher block island, and premium industrial grade appliances. Kitchen extras are too many to list. The on-site mother in law casita is a perfect size for kids and guests. Take in the breathtaking views through your 12' sliders exposing a resort style backyard with over 2,000 sqft of travertine stone pavers, 2 covered patios, 40' alumawood pergola, and countless other outdoor extras.Community extras include a 6 million dollar club house containing tennis courts, Jr. Olympic swimming, spa, lagoon pool with sandy beaches, and gym.

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/!


$639,900 :: 1248 N PALMSPRINGS Drive, Gilbert AZ, 85234

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3 beds, 2.5 baths
Home size: 2,083 sq ft
Lot Size: 6,534 sq ft
Added: 10/22/20, Last Updated: 10/22/20
Property Type: Single Family
MLS Number: 6147466
Community: LANDING 2 AT VAL VISTA LAKES LOT 1-66 TR A-C
Tract: LANDING 2 AT VAL VISTA LAKES LOT 1-66 TR A-C
Status: Active


OPEN HOUSE SATURDAY 10/24 @ 10 AM! WATERFRONT LOT! SPECTACULAR REGATTA LAKE VIEW! A former model home w/3BR+loft. Casual elegance in LR/DR with plantation shutters, vaulted ceilings & a gracious stairway. Family room boasts a fireplace. Kitchen has solid surface counters. Relax on the 2nd story balcony w/awesome views of the lake. The garage has professionally installed epoxy floors and cabinets. Backyard features heated play pool and flagstone. Enjoy the amenities which include the multi-million dollar clubhouse, heated pool, sandy beach, tennis, racquetball, weight room., banquet areas, plus 4 lakes and many walking paths w/low HOA. Great Gilbert schools.Thank you!

Listed with LRA Real Estate 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/!


$689,900 :: 1031 S CORAL KEY Court, Gilbert AZ, 85233

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4 beds, 2.5 baths
Home size: 3,126 sq ft
Lot Size: 12,633 sq ft
Added: 09/10/20, Last Updated: 10/22/20
Property Type: Single Family
MLS Number: 6127856
Community: KEY HARBOR LOT 1-71 TR A-C
Tract: KEY HARBOR LOT 1-71 TR A-C
The price of this listing was last increased on 10/1/2020 by 3%
Status: Active


Gorgeous waterfront home located in the coveted Gilbert Islands! Situated on almost a 1/3 acre lot this beauty is well appointed with engineered hard wood floors, plantation shutters, custom Kolbe French doors, 4.5'' baseboards, fresh designer two tone paint and a stunning fireplace with custom mantel. Kitchen boasts custom cabinets, double oven, warming drawer, granite counters, breakfast bar and a gas range stove top. Downstairs master with his and hers walk in closets and a remodeled master bath featuring custom cabinets, garden tub and snail shower. Outside oasis with travertine pavers, sparkling pool, spa, and your own private putting green! Tankless hot water heater, Bosch RO, soft water system and just re-roofed last month. You don't want to miss this one!

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/!


$545,000 :: 1414 W CORAL REEF Drive, Gilbert AZ, 85233

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3 beds, 3 baths
Home size: 2,545 sq ft
Lot Size: 1,743 sq ft
Added: 03/13/20, Last Updated: 10/02/20
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6050219
Community: TOWNHOMES ON CORAL REEF LOT 1-53 TRACT A-G
Tract: TOWNHOMES ON CORAL REEF LOT 1-53 TRACT A-G
The price of this listing was last reduced on 10/2/2020 by 1%
Status: Active


Waterfront lot with custom inside built in 2007. Custom Alder cabinets in entire home with granite counters. Travertine flooring thru entire home except carpet in 3 bedrooms. Downstairs den with double doors can be changed to a bedroom if needed. Open floorpan with kitchen, dining, and family room all open to view of the lake. Sliding door to cement patio area. Master bedroom has a balcony also. Electric fireplace in family room. Surround sound inside and out. Huge master with his and her sinks , jetted tub. Master has sitting area with wet bar. Both other bedrooms have their own sink area and share toilet/shower. Dual HVAC system . Extra insulation for every efficient home. Washer and dryer are tenants. Fridge stays with offer. Home warranty in place with 2-10. Owner/Agent.

Listed with Sun Canyon 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/!


$475,000 :: 424 S BAY SHORE Boulevard, Gilbert AZ, 85233

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4 beds, 2.5 baths
Home size: 2,174 sq ft
Lot Size: 10,890 sq ft
Added: 10/02/20, Last Updated: 10/02/20
Property Type: Single Family
MLS Number: 6130786
Community: HARBOR POINT
Tract: HARBOR POINT
Status: Active


WATERFRONT LOT! Move-in ready 4 bedroom, 2 1/2 bath home located in the close knit family-oriented community of The Islands is a MUST SEE! Home is open and bright with lots of windows and soaring ceilings. Downstairs master bedroom with a two-way fireplace has a private exit to the backyard for you to enjoy the pool and beautiful lake views. Oversized kitchen features large kitchen island, stainless steel appliances, pantry and opens up to a breakfast room and family room with a 2-way fireplace. Separate formal living and dining room allows plenty of space to spread-out. The Islands community has over 80 acres of lakes and 30 acres of grass for hours of enjoyment, including basketball courts, sand volleyball, bocce ball court, playgrounds and lots of shaded ramada's with picnic tables

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/!


$2,195,000 :: 1506 E TREASURE COVE Drive, Gilbert AZ, 85234

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6 beds, 6.5 baths
Home size: 5,706 sq ft
Lot Size: 17,860 sq ft
Added: 10/01/20, Last Updated: 10/01/20
Property Type: Single Family
MLS Number: 6140477
Community: WEST LAKE ESTATES LOT 1-40 TRACT A-C
Tract: WEST LAKE ESTATES LOT 1-40 TRACT A-C
Status: Active


Welcome to ''Crown Jewel'' of Val Vista Lakes!! Here you will find an absolutely STUNNING & UNIQUE 'One-Of-A-Kind' luxury architectural MASTERPIECE. Located on a lake in the highly prestigeous West Lake Estates and on one of the largest lots in Val Vista Lakes. Incredible waterfront views. In a gated community. A $14 million clubhouse, directly across the street is also included! Recently remodeled to perfection--NO expenses spared here! This contemporary estate is fully automated---control the huge sliding doors, blinds, kitchen cabinets, pool, thermostat, lights and much more, all at the touch of a button on your phone! This 'Smart Home' is designed to fully integrate with your smart phone. ***BRAND NEW updated outdoor kitchen!!*** this home is for the discriminating buyer!

Listed with Cooper Premier Properties 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/!


$759,000 :: 2135 E CLIPPER Lane, Gilbert AZ, 85234

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4 beds, 2.5 baths
Home size: 3,514 sq ft
Lot Size: 10,019 sq ft
Added: 08/10/20, Last Updated: 09/11/20
Property Type: Single Family
MLS Number: 6115579
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 9/11/2020 by 2%
Status: Active


Incredible fully custom home located in the desirable Regatta gated community of Val Vista Lakes. Italian Mediterranean style w/ beautiful imported white carrara marble flooring, coffered ceilings & elegant interior columns. Built at cost of nearly $1,000,000. Gorgeous water views from all interior rooms and large outdoor balcony. Beautiful hand-painted canvas murals available for purchase. Luxurious master suite on ground floor. Kitchen features upgraded cabinets and granite counter tops. Separate living and family rooms. Domed ceiling with mood lighting. Two-way fireplace. Fruit trees including delicious oranges, lemons & figs. Amazing clubhouse w/ fitness, tennis, racquetball, pools with sandy beach, and lots more. Check out the Visual Tour for incredible views of home and water

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/!


$999,900 :: 1422 W COMMERCE Avenue, Gilbert AZ, 85233

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5 beds, 5 baths
Home size: 6,298 sq ft
Lot Size: 10,019 sq ft
Added: 02/01/20, Last Updated: 05/28/20
Property Type: Single Family
MLS Number: 6031674
Community: PLAYA DEL REY AMENDED
Tract: PLAYA DEL REY AMENDED
Status: Active


Live in 5,000 sq. ft. of the main home and put guests or a tenant in the 1,200 sq. ft. next gen suite which has a separate entrance. Wakesurf and wakeboard on your private lake from the dock in your own backyard. Owner will include the boat in the sale as a turn-key lakefront luxury experience.

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/!


 

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

 

 

 

 

 

 

 

 

 

 

 

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