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

$579,000 :: 1426 W EMERALD KEY Court, Gilbert AZ, 85233

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3 beds, 2 baths
Home size: 2,522 sq ft
Lot Size: 11,326 sq ft
Added: 12/13/19, Last Updated: 01/22/20
Property Type: Single Family
MLS Number: 6014274
Community: SHORES AT THE ISLANDS
Tract: SHORES AT THE ISLANDS
The price of this listing was last reduced on 1/6/2020 by 3%
Status: Active


AMAZING WATERFRONT HOME! Desirable one-of-a-Kind, dazzling interior & views. Comfortable & stimulating: Lake View, Patio, Pool, Grass & Private Dock. SINGLE-STORY with soaring ceilings joining a Formal Living Room & Formal Dining, Great Room with Wall-to-Wall glass, marble & carpeted flooring. One can be in all-glass Great Room, Breakfast Bay, Kitchen, TWO MASTER BEDROOMS & appreciate views to Pool, Patio, Lawn & Lake. An architectural epitome of thoughtful design, details & finishes. 1st large Master Bedroom Suite has bay windows overlooking Pool & Lake, a large Sitting Room, Master Bath, Shower, Spa & Marble floors. 2nd Master Bedroom also has private Bath, separate entry & bay window view to Lake. All may astonish! Relax on an expansive, very private, north exposure.

Listed with Amazing AZ Homes


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


$839,899 :: 532 N ACACIA Drive, Gilbert AZ, 85233

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5 beds, 4 baths
Home size: 4,063 sq ft
Lot Size: 11,326 sq ft
Added: 09/16/19, Last Updated: 01/22/20
Property Type: Single Family
MLS Number: 5979288
Community: PLAYA DEL REY AMENDED
Tract: PLAYA DEL REY AMENDED
The price of this listing was last reduced on 1/22/2020 by 0%
Status: Active


Incredible remodeled Waterfront Home w/covered patio, refreshing pool, spa, synthetic grass, private balcony/deck, and amazing views of the lake. Enjoy water skiing, jet skiing, and swimming! Dramatic soaring ceilings, sweeping stairway to second level, travertine floor, soothing interior palette, upgraded recessed lighting/ceiling fans, and Architectural details throughout. Decorative columns, arched windows, wet bar with tile, French Doors to patio, hardwood floor, and stacked stone fireplace. Gorgeous gourmet kitchen features x-large center island, granite counters, travertine backsplash, SS appliances, and plethora of upgraded wood cabinetry. Fantastic loft area with endless possibilities. New paver driveway, iron gates, and cement RV parking.

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/!


$784,000 :: 1358 W SANDPIPER Drive, Gilbert AZ, 85233

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4 beds, 5 baths
Home size: 4,400 sq ft
Lot Size: 9,148 sq ft
Added: 10/19/19, Last Updated: 01/11/20
Property Type: Single Family
MLS Number: 5994178
Community: TRES VISTAS LOT 1-26 PARCEL A-B
Tract: TRES VISTAS LOT 1-26 PARCEL A-B
The price of this listing was last reduced on 1/11/2020 by 2%
Status: Active


Luxury lake living with room and privacy for everyone, and, oh, the views! This one of a kind lakefront home is perfect for multi-generational or large families. Each of the four huge bedrooms has its own beautifully updated en-suite full bathroom. The dramatically over-sized master is secluded from the rest of the house by being upstairs. It boasts a separate sitting area, workout area, cedar closet, walk-in closet and amazing views of the lake. A walk-in double shower, beautiful soaking tub, and lovely vanity make the master bath a luxurious retreat. The kitchen and living room offer dramatic views of the lake, including amazing sunsets and the best view of the famous Island's fountain on the lake.

Listed with Congress 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/!


$625,000 :: 2119 E CLIPPER Lane, Gilbert AZ, 85234

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5 beds, 3 baths
Home size: 2,810 sq ft
Lot Size: 10,019 sq ft
Added: 11/29/19, Last Updated: 01/10/20
Property Type: Single Family
MLS Number: 6006703
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 1/10/2020 by 2%
Status: Active


REDUCED Own a single-level water front home in Val Vista Lakes gated Regatta subdivision. You will fall in love with this community and the lakes lifestyle! Private street at the end of a quiet cul-de-sac with additional parking in the center court. Single level living with open floorplan for easy entertaining! Large master bedroom with outdoor access to the hot tub on the private patio. Two bedrooms with a shared Jack-n-Jill bathroom. Large space for home office. Third bay of garage has been converted for living space. Possible 5th bedroom or can easily be converted back to garage. (Ask about details) North south facing with large patio stubbed for gas outdoor kitchen. Outdoor fireplace adjacent to hot tub for romantic evenings under the stars! Newer carpeting and paint.

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/!


$689,500 :: 1726 E QUEEN PALM Drive, Gilbert AZ, 85234

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4 beds, 3.5 baths
Home size: 3,134 sq ft
Lot Size: 11,326 sq ft
Added: 11/22/19, Last Updated: 01/03/20
Property Type: Single Family
MLS Number: 6008019
Community: LAKESIDE AT VAL VISTA LAKES
Tract: LAKESIDE AT VAL VISTA LAKES
The price of this listing was last reduced on 1/3/2020 by 1%
Status: Active


Great new price on this amazing waterfront lakehome! Gorgeous views of the big lake plus you can boat to the clubhouse! Pebble-tec pool and spa with updated decking, huge north-facing patio overlooking grassy backyard & lake! Newly updated flooring and interior & exterior paint. Gourmet kitchen with updated cabinets, huge island, stainless steel appliances double ovens and microwave. Family room fireplace, formal living & dining room, 4th bdrm/office off family room with views of the lake, next to 3rd full bath (Seller will add closet upon request) Huge laundry room & pantry! Upstairs is oversized master suite w/separate custom shower & garden tub. 2 more bedrooms up w/Jack & Jill bath between. Extended length garage w/cabinets! One of the lowest priced waterfront homes for sale at this t

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/!


$1,800,000 :: 193 N Ski Court, Gilbert AZ, 85233

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5 beds, 7 baths
Home size: 6,700 sq ft
Lot Size: 20,038 sq ft
Added: 10/14/19, Last Updated: 01/03/20
Property Type: Single Family
MLS Number: 5991650
Community: CRYSTAL POINT ESTATES AMD LOT 1-20 TR A-H
Tract: CRYSTAL POINT ESTATES AMD LOT 1-20 TR A-H
Status: Active


Beautiful Custom home on a private water ski lake. Water ski, tube, wakeboard, all out your back door. This home is the builders personal home. Custom in every way. Master Suite, plus office & guest bedroom all on the first floor. All bedrooms have their own full bathroom. Open great room with 21ft ceiling open wall of windows to the beautiful lake view. Granite counter tops, Top of the line stainless steel appliances, double ovens, warming draw, 6 burner Thermador Cook top, custom oak cabinets through out the home. Large center island with vegetable sink & eating area. Large covered patio with built in misters, built in BBQ & sink. Private boat dock with sink & small refrigerator. Large ski house to store tubes, wake boards, skis Large 5 car garage with built in cabinets, epoxy floor

Listed with The Hogan 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/!


$895,000 :: 1709 E COCO PALM Court, Gilbert AZ, 85234

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5 beds, 4 baths
Home size: 4,945 sq ft
Lot Size: 13,068 sq ft
Added: 12/18/19, Last Updated: 12/18/19
Property Type: Single Family
MLS Number: 6015487
Community: LAKESIDE AT VAL VISTA LAKES
Tract: LAKESIDE AT VAL VISTA LAKES
Status: Active


Amazing Custom Waterfront Home in Val Vista Lakes. The builder, built this home for himself and no details were missed. The gourmet kitchen has a gas stove, double ovens, island with a prep sink and a 2019 Chef's Stainless Steel refrigerator. There is an abundance of cabinets and work space. The home is light, bright and airy with large picture windows capturing the breath taking views of the backyard and lake. The backyard in an oasis with a negative edge pool, spa, built in BBQ and gas fire pit. The home is perfectly positioned to look down the length of the lake and the curved wall offers privacy, while enjoying the outside. Inside the home there is a large family room with a wet bar and fridge, dining room, living room, bedroom and bathroom with shower. Master Retreat

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/!


$364,900 :: 3709 E Meadowview Drive, Gilbert AZ, 85298

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3 beds, 2 baths
Home size: 1,623 sq ft
Lot Size: 6,534 sq ft
Added: 12/17/19, Last Updated: 12/17/19
Property Type: Single Family
MLS Number: 6015394
Community: Seville Parcel 9
Tract: Seville Parcel 9
Status: Active


GOLF COURSE LOT with a beautiful mountain view of the 16th fairway. This home is located in the highly desired Seville Golf and Country Club neighborhood and it welcomes you into an open concept great room floor plan with 3 bedrooms (or 2 bedrooms and a den). It is perfect for entertaining, the spacious kitchen features a large breakfast bar at the counter. The backyard has an extended covered patio with spectacular views of the golf course. The master bathroom features double sinks, separate bath tub and shower, private toilet room, and a walk-in closet. The extended two car garage includes epoxied floors, a mop sink, plenty of custom cabinets for storage and a new garage door. This highly cared for home had the HVAC replaced in 2017, New windows throughout the home installed in 2011,

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/!


$2,275,000 :: 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: 11/14/19, Last Updated: 11/14/19
Property Type: Single Family
MLS Number: 6005014
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. This one is only for the very discriminating buyer who wants it ALL and wont settle...

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/!


$644,900 :: 4903 S PURPLE SAGE Drive, Chandler AZ, 85248

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4 beds, 2 baths
Home size: 2,406 sq ft
Lot Size: 10,019 sq ft
Added: 01/18/20, Last Updated: 01/18/20
Property Type: Single Family
MLS Number: 6024260
Community: OCOTILLO LAKES PARCEL D1
Tract: OCOTILLO LAKES PARCEL D1
Status: Active


Gorgeous WATERFRONT, single level home in highly desirable Ocotillo Lakes. 4bed/2bath, SPLIT floor plan! This stunning home features beautiful Teak Engineered Hardwood Flooring thru-out, a Chef's Kitchen w/an oversized island w/granite counters, stainless steel appliances, & a show stopper Barn Door for your pantry! Kitchen opens up to large family room w/stone accent wall. You wont want to miss the Master Bathroom with the enlarged travertine shower, encased with a borderless shower door and granite counters. Step out to your Oasis of a Backyard! Relax in your pebble tec play pool while gazing out over the water OR sit on your dock & do a little fishing! Maybe take a ride around the lake in your paddle boat! This is an oversized lot with nice grassy area for kids & pets! Home has recently

Listed with Revelation 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/!


$569,000 :: 1470 W BARTLETT Way, Chandler AZ, 85248

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4 beds, 2 baths
Home size: 2,406 sq ft
Lot Size: 11,326 sq ft
Added: 07/28/19, Last Updated: 11/27/19
Property Type: Single Family
MLS Number: 5957850
Community: OCOTILLO LAKES PARCEL D2 FINAL PLAT
Tract: OCOTILLO LAKES PARCEL D2 FINAL PLAT
The price of this listing was last reduced on 11/27/2019 by 2%
Status: Active


Furnished upgraded home in popular Ocotillo Lakes. Great split floor plan, spacious family room w/fireplace off kitchen, home completely updated! Kitchen boasts large granite island, GE refrigerator matches Hickory cabinets. Large great room w/dining room. Beautiful tile, granite and carpet. Central vacuum, water softener. Lush backyard like your private resort w/pebbletech pool & waterfall, covered patio! Finished Garage. Close to freeways, shopping, dining, Intel, top rated schools, and golf courses! *Furnishings available on a separate bill of sale.

Listed with Homie


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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