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

$995,000 :: 1441 E CATAMARAN Drive, Gilbert AZ, 85234

Property Photo

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4 beds, 2.5 baths
Home size: 3,378 sq ft
Lot Size: 12,633 sq ft
Added: 03/09/23, Last Updated: 03/09/23
Property Type: Single Family
MLS Number: 6529473
Community: MISSION BAY ESTS AT VAL VISTA LAKES AMD 1-73 A-D
Tract: MISSION BAY ESTS AT VAL VISTA LAKES AMD 1-73 A-D
Status: Active


Fantastic opportunity, Rare Find Waterfront - 1 story Home in Fabulous Val Vista Lakes! Seller Financing Available!This Home is Perfect for Families and Entertainment - 4 Bedrooms, 2.5 bath, 3378 Sqft, 3 Car Garage, Spacious bedrooms, Smart lighting throughout the house, Double Sided Fireplace, Bar, Split Floor Plan for Your Privacy, and Bonus - Home Theater! Home includes a custom made media room with 135'' screen, 4k projector, surround sound system, soundproof insulation and reclining chairs. Furniture available. Gilbert is Award-winning Gilbert School District! Val Vista Lakes features a $10 Million Clubhouse, Heated Jr. Olympic Pool, Sandy Beach, Spa, Tennis/Pickle Ball Club, Racquetball, Fishing, Boating & More!

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/!


$1,740,000 :: 1523 E TREASURE COVE Drive, Gilbert AZ, 85234

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4 beds, 4.5 baths
Home size: 5,992 sq ft
Lot Size: 17,424 sq ft
Added: 02/09/23, Last Updated: 02/09/23
Property Type: Single Family
MLS Number: 6516482
Community: WEST LAKE ESTATES
Tract: WEST LAKE ESTATES
Status: Active


OPPORTUNITY IN WEST LAKE. This home has been occupied by the original family since build. Situated in one of the towns most desirable gated communities in Val Vista Lakes. The exceptional character of this property sets it apart from most custom homes. Home has generously apportioned rooms with all bedrooms en-suite. Two home office spaces, one up and one on the lower level. Primary suite has large sitting room den with access to the balcony outdoor living area. Two walk-in closets, spacious primary bathroom with separate tub & shower and vanitiesLower level has large bedroom and bathroom with patio/pool access. Kitchen could be a remodelers dream! Enormous opportunity for entertainers with large dinette, pantry, wet bar that opens to family room on one side and formal dining room on the

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/!


$820,000 :: 510 S LAGOON Drive, Gilbert AZ, 85233

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4 beds, 2.5 baths
Home size: 2,493 sq ft
Lot Size: 8,277 sq ft
Added: 02/02/23, Last Updated: 02/07/23
Property Type: Single Family
MLS Number: 6507074
Community: WINDHAVEN
Tract: WINDHAVEN
Status: Active


Rare waterfront property in the highly desirable Islands neighborhood! Large covered patio with private pool and boat dock. Gourmet kitchen including an island, SS appliances and granite countertops. Stunning views of the lake from interior dining and backyard. Prime location in the Windhaven Subdivision and perfect for any water lover! New A/C units purchased 2022.

Listed with LUX AGENCY


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


$3,500,000 :: 378 N SHORE Lane, Gilbert AZ, 85233

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6 beds, 6 baths
Home size: 7,120 sq ft
Lot Size: 20,038 sq ft
Added: 02/07/23, Last Updated: 02/07/23
Property Type: Single Family
MLS Number: 6517238
Community: CRYSTAL POINT ESTATES AMD LOT 1-20 TR A-H
Tract: CRYSTAL POINT ESTATES AMD LOT 1-20 TR A-H
Status: Active


A public Beach is nice, but YOUR BEACH IS BETTER! As seen on Fox 10! Welcome to Crystal Point Estates, the most established Water Ski Community in Phoenix.The lake was built exclusively for competitive water skiing-1/2 mile long, 225 ft wide, 8ft deep, wind protected, includes a slalom course, jump ramp, and two turn islands at each end of the lake that help with wash out. Conveniently located near downtown Gilbert, major highways, and a short drive to Sky Harbor Airport. Once you drive through the gates you realize you're experiencing a special place. Your FULLY FURNISHED luxury home features 6 bedrooms, 6 baths(4 full and 2 half baths). Upon entering take notice of the dramatic ceilings, perfectly appointed rooms, large Bay windows-maximizing all the sunshine Arizona has to offer.

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/!


$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/!


$630,000 :: 1331 W BARTLETT Way, Chandler AZ, 85248

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3 beds, 2 baths
Home size: 2,035 sq ft
Lot Size: 6,970 sq ft
Added: 03/25/23, Last Updated: 03/25/23
Property Type: Single Family
MLS Number: 6534205
Community: Ocotillo Lakes Parcel E
Tract: Ocotillo Lakes Parcel E
Status: Active


Charming 3-bed, 2-bath + DEN in Ocotillo Lakes! This beauty offers a well-maintained landscape and you'll be delighted by the appealing open floor plan providing tile flooring in high-traffic areas, recessed lighting, archways, a neutral palette, & lots of natural light. The spotless eat-in kitchen comes with granite counters, pendant lighting, a pantry, staggered cabinets with crown molding, matching appliances, a tile backsplash, & a huge island with a breakfast bar. The spacious main bedroom includes a double-door entry and a private bathroom with dual sinks, a separate tub, & a walk-in closet. Every bedroom has plush carpet. You'll also find a den with twin built-in desks! 2.50 garage has built-in cabinets for all your storage needs. Relax poolside in private oasis backyard! Hurry!

Listed with NextHome Valleywide


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


$830,000 :: 1273 W SAN CARLOS Place, Chandler AZ, 85248

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3 beds, 2 baths
Home size: 1,901 sq ft
Lot Size: 10,019 sq ft
Added: 03/09/23, Last Updated: 03/10/23
Property Type: Single Family
MLS Number: 6529824
Community: OCOTILLO LAKES PARCEL E
Tract: OCOTILLO LAKES PARCEL E
Status: Active


Gorgeous Luxury Home in Desirable Ocotillo Lakes Community!!! Absolutely spectacular view as you open up the beautiful Contemporary door you see the Wood Beams across the large open living space. Plantation shutters in every room, travertine floors, beautiful cherry/espresso cabinets, and stunning large granite island in the kitchen. This home is a completely renovated 3 Bed 2 Bath home with wall length sliding door to overlook one of the largest premium lots in the neighborhood. You can add that pool house next to the cool Pebbletech Private Pool, perfect for entertaining. This HUGE lot is also the Corner of a Cul De Sac! A couple more special features are upgraded contemporary 2 car garage, and OWNED SOLAR. Enjoy walking the lakes while living in this Stunning Chandler Masterpiece!!

Listed with ProSmart 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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