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

$950,000 :: 1850 E LAKECREST Drive, Gilbert AZ, 85234

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3 beds, 3 baths
Home size: 2,501 sq ft
Lot Size: 11,326 sq ft
Added: 08/26/22, Last Updated: 12/02/22
Property Type: Single Family
MLS Number: 6455270
Community: CRYSTAL SHORES AMD LOT 1-82 TR A-I
Tract: CRYSTAL SHORES AMD LOT 1-82 TR A-I
The price of this listing was last reduced on 12/2/2022 by 4%
Status: Active


Incredible Single Level Waterfront Executive Beauty! Gorgeous HUGE Kitchen, Extended 3 car garage plus over $140,000 in recent updates and upgrades. Split Master plan, 3 full Baths! There is a huge bonus room-office right off the impressive entry hall and 2 secondary bedrooms and 2nd bath split on opposite side of home. There is also a 3rd bath with huge shower across from the office/bonus room. Lots of windows overlook lake & the 2 year new pool and putting green that lead to the boat dock with access to the amazing Val Vista Lakes main lake so you can boat to the clubhouse from this home! The incredible hot tub is also part of resort backyard w/2 covered patios on huge north/south lot on the corner of a cul-de-sac. VVL features Clubhouse, Pickleball & Tennis, Pools, Workout & More!

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/!


$874,900 :: 572 E JANET Way, Gilbert AZ, 85297

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5 beds, 4.5 baths
Home size: 3,753 sq ft
Lot Size: 13,504 sq ft
Added: 11/03/22, Last Updated: 12/01/22
Property Type: Single Family
MLS Number: 6482929
Community: LAYTON LAKES PARCEL 1 2ND AMD
Tract: LAYTON LAKES PARCEL 1 2ND AMD
The price of this listing was last reduced on 12/1/2022 by 0%
Status: Active


MOTIVATED SELLER! Your dream Oasis waits for you with this gorgeous home in Layton Lakes on a spacious 13,500 sq ft lot. This home boasts over 3700 sq ft and features 5 bedrooms, 4.5 baths as well as a loft and office/den. A large kitchen with a huge dining area, separate dining room, butler's pantry, oversized laundry with outdoor access, living room, and family room round out the downstairs offerings. The oversized three-car garage has been designed for storage and functionality with custom storage options including cabinets, storage racks, and slat wall. It also includes an outlet for an EV car charging station. Relax in the backyard in a 20x40 pool with a grotto water feature and above ground spa without the worry of having neighbors behind you. The neighborhood amenities

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/!


$999,999 :: 2111 E GONDOLA Lane, Gilbert AZ, 85234

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4 beds, 3 baths
Home size: 2,505 sq ft
Lot Size: 10,455 sq ft
Added: 09/02/22, Last Updated: 11/25/22
Property Type: Single Family
MLS Number: 6459011
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 11/25/2022 by 9%
Status: Active


Absolutely gorgeous, waterfront, single level, North/South facing custom home perfectly situated in the highly desired gated community of Regatta at Val Vista Lakes. Luxury vinyl flooring throughout. Herringbone tile backsplash in the kitchen. Stunning quartz countertops in the kitchen/bathrooms. Raised vanities in all 3 bathrooms. Custom upgraded tile in all the shower/bath areas. Unique and fun loft for a bonus room. Sparkling pool overlooking the breathtaking lake. 3 car garage including epoxy flooring and built-in cabinets. Cul-de-sac lot. Val Vista Lakes features a multi-million-dollar clubhouse and all its amenities such as the beautiful waterfalls, junior Olympic heated pool, beach laguna pool, jacuzzi, cabana's, ramada's, 8 outdoor tennis courts, 3 racquetball rooms, locker rooms,

Listed with Realty Executives


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


$999,000 :: 1910 E BAY TREE Court, Gilbert AZ, 85234

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4 beds, 2 baths
Home size: 2,493 sq ft
Lot Size: 11,326 sq ft
Added: 08/27/22, Last Updated: 11/16/22
Property Type: Single Family
MLS Number: 6428629
Community: LAKESIDE AT VAL VISTA LAKES
Tract: LAKESIDE AT VAL VISTA LAKES
The price of this listing was last reduced on 11/3/2022 by 5%
Status: Active


Buyer did not qualify ** Highly desirable gated Lakeside Community single level custom waterfront home in Val Vista Lakes ** Spacious entry leads to living room and dining room ** Kitchen features granite counter tops with seating at island, stainless steel appliances, custom wood cabinets and bay window eating area for views of pool and lake ** Remodeled master bathroom features heated floor , huge tiled walk in shower , and vanity seating area ** Walk in closet with shelving for your shoes and great views of swimming pool and lake ** Wall of windows in kitchen/family room overlooks covered patio, beautiful swimming pool and lake ** Large dock for boating or kayaking to clubhouse to swim at the sandy beach pool ** Other extras include solar panels, and new windows on north side of home

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/!


$659,000 :: 1446 W CORAL REEF Drive, Gilbert AZ, 85233

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3 beds, 2.75 baths
Home size: 2,289 sq ft
Lot Size: 2,178 sq ft
Added: 11/10/22, Last Updated: 11/15/22
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6483428
Community: TOWNHOMES ON CORAL REEF
Tract: TOWNHOMES ON CORAL REEF
Status: Active


LAKE FRONT PROPERTY! Come see this stunning 3-bed, 3 bath, loft area plus den Coral Reef WATERFRONT home! Featuring a 2 car garage w/built-in cabinets. Enter home from the custom security door to be greeted by the welcoming foyer flowing into the family room. The adjacent open kitchen features white cabinets, custom pantry with drawers, a slab granite island, tile backsplash, SS appliances including a beverage refrigerator. Dramatic curved staircase leads to the dual door main bedroom offering a sitting room, private balcony access overlooking tranquil lake views, lavish en suite w/2 sinks & separate tub and shower.. Lovely backyard with a patio space and an amazing view of the shimmering lake! The owner has added a central vacuum, plantation shutters, landscaping and paint throughout.

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/!


$949,000 :: 1560 W COMMERCE Avenue, Gilbert AZ, 85233

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3 beds, 3 baths
Home size: 2,861 sq ft
Lot Size: 9,584 sq ft
Added: 10/08/22, Last Updated: 11/14/22
Property Type: Single Family
MLS Number: 6474273
Community: PLAYA DEL REY AMENDED
Tract: PLAYA DEL REY AMENDED
The price of this listing was last reduced on 11/14/2022 by 5%
Status: Active


WATER SKI LAKE FRONT PROPERTY!!, The only home on ARMLS on the water ski lake in the gated community of Play Del Rey. This update to the interior of this home was just completed, new flooring, SS appliances including a new built-in ice maker, trash compactor, microwave, smooth top range, built-in oven and dishwasher. New light fixtures and more. Amazing views across the back of the home of the negavite edge pool with hot tub, fire pots and built in BBQ perfect for entertaining. Ski year round right from your back yard with direct access to the lake from your backyard. 3 car garage with builtin cabinets for lots of storage.

Listed with Kenneth James 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/!


$1,025,000 :: 1700 E LAKESIDE Drive #31, Gilbert AZ, 85234

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4 beds, 3 baths
Home size: 3,158 sq ft
Lot Size: 5,228 sq ft
Added: 08/19/22, Last Updated: 11/11/22
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6452157
Community: BRECKENRIDGE BAY LOT 1-65 TR A-I
Tract: BRECKENRIDGE BAY LOT 1-65 TR A-I
The price of this listing was last reduced on 11/11/2022 by 2%
Status: Active


Highly sought after Breckenridge Bay Waterfront townhouse in Val Vista Lakes. They spared no expense in updating this home starting from the beautiful iron front entrance door into the open foyer with 25 foot ceilings and sweeping staircase. Dramatic slate tile throughout lower level and into the contemporary kitchen overlooking the lake and peaceful back yard. Formal dining room or home office with large picture window with views to the front entrance sanctuary. Family room has huge floor to ceiling sliding glass doors with unrestricted views to the back yard, lake and distant mountains.Sit by the stone fireplace and relax w/friends.Behind the wrought iron staircase you'll find you're personal wine cellar, home office or main floor bedroom and bathroom. Laundry room is on the main level

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/!


$599,000 :: 1334 W Coral Reef Drive, Gilbert AZ, 85233

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2 beds, 2.5 baths
Home size: 2,048 sq ft
Lot Size: 2,178 sq ft
Added: 09/30/22, Last Updated: 10/30/22
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6471460
Community: The Islands
Tract: The Islands
Status: Active


Beautiful waterfront home located in the desirable Gilbert community ''The Islands''! The Newly updated 1st floor has Brazilian Quartzite countertops in the kitchen, laundry & powder bath. Kitchen includes two ovens, glass cooktop stove, built -in microwave, lg walk-in pantry w/ etched glass door and built-in China cabinet. Luxury flooring includes 24''X24'' tile in downstairs area, wood flooring on stairs/loft area, & new carpet in bedrooms. Master B/R has beautiful lake views with balcony. Master bath has walk-in shower, lg soaking tub, double sinks, vanity area, spacious walk-in closet. Additional balcony located off 2nd b/r and loft area. French doors open to the spacious patio area where you enjoy gorgeous sunsets, kayaking, fishing, boating, lake life at it's best!

Listed with Peak Realty Advisors


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


$1,545,000 :: 1901 E CYPRESS TREE Drive, Gilbert AZ, 85234

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5 beds, 4.5 baths
Home size: 5,196 sq ft
Lot Size: 11,326 sq ft
Added: 09/21/22, Last Updated: 10/13/22
Property Type: Single Family
MLS Number: 6465192
Community: LAKESIDE AT VAL VISTA LAKES
Tract: LAKESIDE AT VAL VISTA LAKES
The price of this listing was last reduced on 10/13/2022 by 3%
Status: Active


Welcome to beautiful Val Vista Lakes featuring your remodeled lakefront dream home. 5 bed, 4.5 bath, 5,000+ sqft, 3 car garage plus a basement. New high-end Anderson windows, new flooring, new bathrooms and a stunning kitchen with large island and gorgeous views of the lake. Whether you want to enjoy a good workout in the gym, watch a movie in the theatre or do crafts in the craft room, this home has it all! The primary suite offers a sitting area, extra large bedroom and 2 custom walk in closets. Head outside to enjoy the grassy yard, pool and your very own boat dock. Taking sunset cruises will be your new favorite way to wind down. Come make 1901 E Cypress Tree your new Home!

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/!


$774,900 :: 501 E Hearne Way, Gilbert AZ, 85234

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4 beds, 3.5 baths
Home size: 3,020 sq ft
Lot Size: 7,406 sq ft
Added: 10/01/22, Last Updated: 10/01/22
Property Type: Single Family
MLS Number: 6471644
Community: Stonebridge Estates
Tract: Stonebridge Estates
Status: Active


Welcome to Stoneridge! Waterfront Home - Amazing views when you walk thru the front door to the lake, Open floor plan, soaring ceilings, Four bedrooms with 3.5 baths, Two owner suites, one up and one the main level. Main floor owner suite has access to the patio, large closets & the upstairs owner suite has it's own private balcony overlooking the lake. Chef's delight kitchen with stainless steel appliances, granite countertops, walk in pantry, separate dining room/living and eat in kitchen, & amazing views of the lake. The family room has a wood burning fireplace to take the chill of on the cool winter evenings. Location, Location, Location - on the lake, walking distance to downtown. Complete home inspection done and repairs made prior to listing home! Check it out!

Listed with RE/MAX Excalibur


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


$535,000 :: 1473 W MEAD Drive, Chandler AZ, 85248

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3 beds, 2.5 baths
Home size: 2,165 sq ft
Lot Size: 7,406 sq ft
Added: 10/20/22, Last Updated: 11/22/22
Property Type: Single Family
MLS Number: 6474686
Community: OCOTILLO LAKES PARCEL H
Tract: OCOTILLO LAKES PARCEL H
The price of this listing was last reduced on 11/22/2022 by 7%
Status: Active


Prime location in Ocotillo Lakes! Walking distance to CTA, Chandler Traditional Academy Elementary School, The Village Health Club & Spa, Snedigar Sports Complex (rec center, sport fields, dog park, skate park) groceries & restaurants. 2-story 3 bed 2.5 bath home that is in move-in ready condition. Formal living & dining room. Kitchen is open to the family room & includes a pantry, island, a gas range & matching appliances. Exterior newly painted. Tile in the traffic areas. Primary suite is upstairs & is oversized w/ a walk-in closet, primary bathroom has a sep tub & shower & dual sinks. Green lush backyard has a covered patio & large grass area. Community amenities include tennis/pickleball courts, playgrounds, greenbelts & the Ocotillo Golf Resort. Surrounded by 5 lakes & top employers.

Listed with Redfin Corporation


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


$620,000 :: 1904 W CANYON Way, Chandler AZ, 85248

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3 beds, 2.5 baths
Home size: 2,165 sq ft
Lot Size: 7,406 sq ft
Added: 11/16/22, Last Updated: 11/16/22
Property Type: Single Family
MLS Number: 6490017
Community: OCOTILLO LAKES PARCEL B
Tract: OCOTILLO LAKES PARCEL B
Status: Active


This Ocotillo beauty is the perfect home and now available! Offering a newly remodeled kitchen with newer cabinets, quartz countertops and an even newer master bathroom. You'll be able to find welcoming interior design elements like bright living spaces that lead into vaulted ceilings while enjoying wood-look porcelain tile floors and custom archways at your disposal in this two story dream house for this price. In a great area of South Chandler, next to the 101 frwy, Downtown Chandler, Ocotillo Golf Course and in a very peaceful and pretty neighborhood. Don't wait too long!

Listed with RE/MAX Fine 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/!


$585,000 :: 1301 W BARTLETT Way, Chandler AZ, 85248

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3 beds, 2 baths
Home size: 1,812 sq ft
Lot Size: 8,277 sq ft
Added: 10/14/22, Last Updated: 10/31/22
Property Type: Single Family
MLS Number: 6477204
Community: Ocotillo Lakes
Tract: Ocotillo Lakes
Status: Active


WALK TO CTA INDEPENDANCE Elementary!!! OPEN LIGHT AND BRIGHT! BEAUTIFUL HARD WOOD FLOORS, NEW KITCHEN CABINETS, GRANITE AND APPLIANCES, CUSTOM PAINT, REMODELED BATHROOMS, NEW CEILING FANS, MOVE IN READY AND HIGHLY UPGRADED! NORTH SOUTH LOT, LARGE Green YARD, Mature Trees, TREE LINED STREETS, GREAT COMMUNITY!! TENANTS IN HOME VERY COOPERATIVE. FLEXIBLE CLOSE~ GREAT VALUE!!

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/!


$615,000 :: 4940 S ROSEMARY Drive, Chandler AZ, 85248

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3 beds, 2 baths
Home size: 1,804 sq ft
Lot Size: 8,277 sq ft
Added: 10/26/22, Last Updated: 10/26/22
Property Type: Single Family
MLS Number: 6482063
Community: OCOTILLO LAKES
Tract: OCOTILLO LAKES
Status: Active


Gorgeous 3 bed/2 bath home with a large private north/south facing lot, located in Ocotillo Lakes. Security screen front door entrance, natural stone travertine tile, neutral paint, and a light & bright living space throughout. Shutters on the windows for elegance and energy efficiency. Kitchen features white cabinets with pull out sliding shelves, stainless steel appliances, granite countertops & window over sink. Bar seating with pendant lights, a breakfast nook & formal dining room. Upgraded fixtures and ceiling fans throughout. Primary bedroom has a walk-in closet, a huge custom shower with dual shower heads & french doors leading to the backyard.(see more)

Listed with Infinity & Associates 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/!


 

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

 

 

 

 

 

 

 

 

 

 

 

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