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

$499,990 :: 4566 S Riata Street #102, Gilbert AZ, 85297

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3 beds, 2.5 baths
Home size: 1,684 sq ft
Lot Size: 872 sq ft
Added: 06/27/22, Last Updated: 06/27/22
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6424848
Community: MOSAIC AT LAYTON LAKES CONDOMINIUMS
Tract: MOSAIC AT LAYTON LAKES CONDOMINIUMS
Status: Active


Why wait for something to be built when you can have this Brand New 3 Bedroom 2.5 bath never been lived in home today! Upgraded flooring and kitchen give this home a unique charm. The vaulted ceilings make this home feel larger than its 1,684 sqft floor plan. Upstairs you will find a split master bedroom overlooking the green belt and lake. The whole home is pre-wired for fans and is ready for all your wireless technology including thermostats, garage door, doorbells and so much more. Your new home is centrally located to shopping, city parks, lakes and the community boasts amenities that include swimming pool, splash pad, tennis courts, basketball courts, private playground, pavilion, walking and bike trails. The community takes care of all landscaping and outside maintenance.

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/!


$4,200,000 :: 47 N SKI Court, Gilbert AZ, 85233

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4 beds, 4 baths
Home size: 5,658 sq ft
Lot Size: 20,038 sq ft
Added: 06/25/22, Last Updated: 06/25/22
Property Type: Single Family
MLS Number: 6408482
Community: CRYSTAL POINT ESTATES AMD LOT 1-20 TR A-H
Tract: CRYSTAL POINT ESTATES AMD LOT 1-20 TR A-H
Status: Active


Stunning Contemporary Luxury Home in prestigious Crystal Point Estates is now available for private showings. This gorgeous home is named by the owner Casa Motu, which means - House of the Private Island and is located in a Gated & Private Water Ski Lake Community in Gilbert, Arizona. If you are dreaming of living a resort style lifestyle on the water, this is the home and community for you! It's a lifestyle like no other! Perfectly situated it is convenient to Sky Harbor Int. Airport, Phoenix Gateway Airport, Chandler Air Park, major malls, golf resorts. freeways 60, 202 & 101, & so much more ! With 4BRs+4 BRs and 5860 sq ft and a negative edge pool w/Spa, this east facing backyard has the most gorgeous water views on the lake. Big mention:: No homes across the lake & No home north side!

Listed with Coldwell Banker 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/!


$474,900 :: 1698 E BRIDGEPORT Parkway, Gilbert AZ, 85295

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2 beds, 2.5 baths
Home size: 1,369 sq ft
Lot Size: 872 sq ft
Added: 06/16/22, Last Updated: 06/23/22
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6418126
Community: VAL VISTA CLASSIC PARCEL 1 CONDOMINIUM BLKS 1 32 3
Tract: VAL VISTA CLASSIC PARCEL 1 CONDOMINIUM BLKS 1 32 3
The price of this listing was last reduced on 6/23/2022 by 5%
Status: Active


Absolutely stunning home located in Val Vista Classic community of Gilbert! This home has it all! This immaculate home features TONS of upgrades such as plank tile flooring, surround sound, quartz counter tops, upgraded cabinets with crown molding, stainless GE appliances, backsplash, a balcony that overlooks the water right in front of the home, a spacious master bedroom, the secondary bedroom also has a full bath, and many more upgrades. This home is absolutely immaculate and move in ready! This home is low maintenance and ready to call home. It is located near San Tan Mall and minutes downtown Gilbert, and in a gated community as well!

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/!


$599,999 :: 755 E ZION Drive #103, Gilbert AZ, 85297

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4 beds, 3 baths
Home size: 2,028 sq ft
Lot Size: 872 sq ft
Added: 06/22/22, Last Updated: 06/22/22
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6420244
Community: MOSAIC AT LAYTON LAKES CONDOMINIUMS AMD
Tract: MOSAIC AT LAYTON LAKES CONDOMINIUMS AMD
Status: Active


This house is MOVE-IN READY. Enter into a comfortable great room, dining room and lovely kitchen with white cabinets, gold hardware, and Quartz countertops. It features GE Profile appliances, a beautiful backsplash, two pantries, & a great spot for a coffee bar. Enjoy the view of the lake through a large picture window. Windows have motorized blinds. The downstairs has vinyl plank, with one bedroom and full bathroom. Upstairs are 3 bedrooms and 2 full bathrooms with a large loft for a den or office. Upstairs windows decorated with plantation shutters and every room has a fan.The garage has racks for storage. This home is located in Layton Lakes with walking paths, lakes, parks for tots and available swimming pools, tennis courts, basketball courts and so much to enjoy!

Listed with Hague Partners


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


$594,900 :: 755 E ZION Drive #102, Gilbert AZ, 85297

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3 beds, 2.5 baths
Home size: 1,684 sq ft
Lot Size: 872 sq ft
Added: 06/17/22, Last Updated: 06/17/22
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6402771
Community: MOSAIC AT LAYTON LAKES CONDOMINIUMS AMD
Tract: MOSAIC AT LAYTON LAKES CONDOMINIUMS AMD
Status: Active


Beautiful townhome in highly desirable neighborhood of Mosaic at Layton Lakes. Just minutes from expansive shopping and L202. This like-new home features a lake view and mountain view! Enjoy 3 BR, 2.5 BA, kitchen, dining, great room, huge laundry room, and loft with built-in desk. Soak up the beautiful Arizona weather in your private oversized backyard, with no home behind you. Garage has epoxy floor, insulated garage door, and upper shelving for storage. Home has upgrades galore which are listed in Documents. Mosaic is a gated community within Layton Lakes. Enjoy all its amenities: swimming pool, spa, BBQ area, and kids playground. Also enjoy all of Layton Lakes fishing lakes, walking trails, jogging tracks, splash pad, and sport fields. HOA includes water/sewer/gas/valet trash.

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/!


$925,000 :: 3654 E CHESTNUT Lane, Gilbert AZ, 85298

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4 beds, 3.5 baths
Home size: 2,896 sq ft
Lot Size: 8,277 sq ft
Added: 06/03/22, Last Updated: 06/16/22
Property Type: Single Family
MLS Number: 6408688
Community: BRIDGES AT GILBERT PHASE 1 PARCEL 4
Tract: BRIDGES AT GILBERT PHASE 1 PARCEL 4
The price of this listing was last reduced on 6/16/2022 by 2%
Status: Active


This gorgeous, highly upgraded ($190K) Bridges home is move-in ready! Single level beauty on an impeccable, low maintenance corner lot is walking distance to Lake Park, Tot Lot & highly rated 10/10 Bridges Elementary. Graced with natural light, this expansive, open floor plan flows from a private courtyard w/ open slider to the stacking glass wall leading to a custom designed patio and pool area. An entertaining lifestyle is afforded w/ a bar/beverage center & chef's kitchen w/ expanded, high end cabinetry, double ovens, gas range & large walk-in pantry. A granite/stone finished island & breakfast area overlook the backyard, resort-style haven. THIS backyard is the essence of an Arizona Outdoor Lifestyle! Listen to 3 linear waterfalls in your zero entry, heated pool or dine al fresco

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/!


$925,000 :: 552 N MONDEL Drive, Gilbert AZ, 85233

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4 beds, 2.5 baths
Home size: 3,552 sq ft
Lot Size: 8,712 sq ft
Added: 05/09/22, Last Updated: 06/10/22
Property Type: Single Family
MLS Number: 6396914
Community: PLAYA DEL REY AMENDED
Tract: PLAYA DEL REY AMENDED
The price of this listing was last reduced on 5/31/2022 by 8%
Status: Active


Luxury waterfront home in Gilbert's exclusive Playa Del Rey Estates. This lake community oasis features 4 bedrooms 2.5 baths. Master bedroom has own private level that boast balcony/patio with view of the lake. Many features and updates, 3 car gar, play pool, water softener, fruit tree. Superior granite counter tops, top of line Viking appliances, low flow toilets, executive office including mahogany built in bookshelf and desk. PRICE ADJUSTMENT...MOTIVATED SELLER !!!!!!!

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/!


$1,048,900 :: 1114 E CULLUMBER Street, Gilbert AZ, 85234

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4 beds, 3.5 baths
Home size: 2,970 sq ft
Lot Size: 6,970 sq ft
Added: 05/28/22, Last Updated: 06/06/22
Property Type: Single Family
MLS Number: 6407922
Community: SOUTHERN SHORES AT WIND DRIFT LOT 1-33 TR A B
Tract: SOUTHERN SHORES AT WIND DRIFT LOT 1-33 TR A B
The price of this listing was last reduced on 6/6/2022 by 5%
Status: Active


Prepare to be amazed! Come and see this completely remodeled 4 bed, 3.5 bathrooms, waterfront residence now for sale in the Lake Community of Wind Drift! Upon entering you will find soaring ceilings, a 1st floor guest bedroom and a large office/flex space w/mini split. This home has a spacious great room with pre-wired surround sound and luxurious 24x24 tile floors. The elegant kitchen displays custom white cabinets, tile backsplash, granite counters, dry bar, SS appliances, a large waterfall island, & a lovely bay window looking out to the lake. The large master bedroom includes balcony access, an upscale bathroom w/2 vanities, a standalone tub, & walk-in closet. This home also features a media/game room as well as air conditioned garage/work out area/workshop! This home has it all!

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/!


$699,000 :: 731 S PUEBLO Street, Gilbert AZ, 85233

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3 beds, 3 baths
Home size: 2,308 sq ft
Lot Size: 10,455 sq ft
Added: 05/28/22, Last Updated: 05/28/22
Property Type: Single Family
MLS Number: 6407779
Community: WHISPER GROVE LOT 1-60 TR A-D
Tract: WHISPER GROVE LOT 1-60 TR A-D
Status: Active


Beautiful Home Back to Lake with View Fence The house is Completely Remodeled Throughout with Quality Upgrades,Kitchen has Granite Counter with back splash and Black Stainless Appliances ,Laundry Room Plus all 3 baths have granite Counter tops,Master Bath has Luxurious walk in shower ,Porcelain 24X24 Tarsus Grey polished Tile Throughout Carpet in master Bedroom ,Vaulted Ceilings design,Wood Shutters on all windows Plus Sun Screens .Garage has built in Cabinets Plus Storage Racks,Enjoy the gorgeous back yard with Syntheic Grass with putting greens ,Basketball Court,Newly redone Pool with built in waterfall with slide .plus 3-citrus trees. New AC , Owner/Agent

Listed with Perfect Choice 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/!


$1,199,000 :: 1211 N REGATTA Drive, Gilbert AZ, 85234

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4 beds, 3 baths
Home size: 3,342 sq ft
Lot Size: 9,584 sq ft
Added: 03/29/22, Last Updated: 05/09/22
Property Type: Single Family
MLS Number: 6375573
Community: REGATTA AT VAL VISTA LAKES
Tract: REGATTA AT VAL VISTA LAKES
The price of this listing was last reduced on 5/9/2022 by 4%
Status: Active


Pickleball anyone? SPECTACULAR VIEW STRAIGHT DOWN THE LAKE FROM THIS WATERFRONT CUSTOM HOME IN MUCH SOUGHT AFTER VAL VISTA LAKES ** gated community ** Primary bedroom plus another bedroom are downstairs ** 2 large bedrooms and a large loft are upstairs** The view from this home is one of the best water views you can find ** Island kitchen and granite counters, loads of cabinets and a gas stove, plus a large pantry ** Primary suite has 2 walk in closets ** Oversized garage doors, and attic storage with ladder ** 3 air conditioning units replaced in 2017 ** Val Vista Lakes has 8 tennis courts, indoor racquetball courts, pickleball, workout room, weight room, banquet room, swimming pool, jacuzzi, man-made beach, and so much more **

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/!


$999,000 :: 1933 W LYNX Court, Chandler AZ, 85248

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5 beds, 3.5 baths
Home size: 4,275 sq ft
Lot Size: 9,584 sq ft
Added: 06/11/22, Last Updated: 06/28/22
Property Type: Single Family
MLS Number: 6414693
Community: OCOTILLO LAKES PARCEL AC
Tract: OCOTILLO LAKES PARCEL AC
The price of this listing was last reduced on 6/28/2022 by 7%
Status: Active


Beautifully maintained BASEMENT home in the gated Enclave in Ocotillo Lakes on a culdesac lot. 5 bedrooms + a den + a bonus room in the basement which includes a kitchenette - perfect for home theater, kid zone, multigen living, game room-whatever! Kitchen has a large island, double ovens and stainless counter depth refrigerator. Tons of counter space! Large owner's bedroom & bath with garden tub, double sinks and huge walk-in closet. Pristine backyard has heated pool and spa, large covered patio, built in BBQ and artificial turf. This is a very special neighborhood with tree lined streets and lakes throughout. It is zoned for Chandler Traditional Independence OR Jacobson Elementary - you choose. Close to Intel, Price Corridor & walking distance The Village Health Club,

Listed with Sundance 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/!


$749,998 :: 1491 W BARTLETT Way, Chandler AZ, 85248

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4 beds, 2 baths
Home size: 2,484 sq ft
Lot Size: 10,019 sq ft
Added: 04/29/22, Last Updated: 06/25/22
Property Type: Single Family
MLS Number: 6391781
Community: OCOTILLO LAKES PARCEL D2 FINAL PLAT
Tract: OCOTILLO LAKES PARCEL D2 FINAL PLAT
The price of this listing was last reduced on 6/25/2022 by 0%
Status: Active


Fabulous home in beautiful Ocotillo Lakes w/ a newly resurfaced PLAY POOL! Home has 4 bdrms+ a large BONUS ROOM/office, VAULTED ceilings & PLANTATION SHUTTERS. Kitchen has 42'' MAPLE cabinets, GRANITE counters, STAINLESS STEEL appliances, PANTRY & breakfast bar. The primary bedroom features a large WALK-IN closet, an ENSUITE bathroom w/ DUAL vanities & separate tub/shower. Spacious 3-CAR GARAGE w/ BUILT-IN cabinets, EPOXY floors, newer SOFT WATER system, garage sink & exit to a grassy, fenced DOG RUN. Relax in your PRIVATE BACKYARD under the covered patio or take a dip in the sparkling PEBBLE TEC POOL w/ a WATER FEATURE! (newer pool motor & vaccum) This community has access to tennis & PICKLEBALL courts! Lovely LAKE community w/ GREENBELTS, playgrounds & the gorgeous OCOTILLO GOLF Club!

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/!


$899,972 :: 1952 W Mead Court, Chandler AZ, 85248

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6 beds, 3 baths
Home size: 3,931 sq ft
Lot Size: 10,890 sq ft
Added: 06/01/22, Last Updated: 06/16/22
Property Type: Single Family
MLS Number: 6392621
Community: OCOTILLO LAKES PARCEL AC
Tract: OCOTILLO LAKES PARCEL AC
Status: Active


This 6BD, 3BA sits on a 1/4 acre lot. It has everything a lrg family could need! Spacious 3961SF basement home w 3.5car garage located in the renowned subdivision of Ocotillo Lakes. Set on an inner cul-de-sac lot w a meticulously maintained grassy front yard w stately palm trees that add to the charm & timeless beauty of this property's curb appeal. Sellers relocating & Priced to sell. Perfect to make it yours. Notice the extnd driveway providing added parking. The covered front porch includes a screen security door that frames the lovely entryway & provides a nice outdoor space perfect for a bistro set to sit & enjoy morning coffee or the peaceful surroundings. Step inside & be greeted by a spacious frml living rm & dining rm w access to the backyard from the sliding Arcadia. Click MORE!

Listed with Hague Partners


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


$675,000 :: 1731 W HAVASU Court, Chandler AZ, 85248

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4 beds, 2 baths
Home size: 1,803 sq ft
Lot Size: 7,841 sq ft
Added: 06/02/22, Last Updated: 06/03/22
Property Type: Single Family
MLS Number: 6409981
Community: OCOTILLO LAKES PARCEL B
Tract: OCOTILLO LAKES PARCEL B
Status: Active


This Chandler one-story cul-de-sac home offers a two-car garage.

Listed with Opendoor Brokerage, 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/!


 

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

 

 

 

 

 

 

 

 

 

 

 

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