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

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Queen Creek Home Search

$515,000 :: 521 S Marina Drive, Gilbert AZ, 85233

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3 beds, 3.5 baths
Home size: 2,425 sq ft
Lot Size: 4,356 sq ft
Added: 06/12/21, Last Updated: 09/21/21
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6248280
Community: CORAL POINTE
Tract: CORAL POINTE
The price of this listing was last reduced on 9/21/2021 by 1%
Status: Active


Beautiful lake views from this waterfront home in the gated community of The Islands a" enjoy the lake views from the living room, master bedroom & upstairs bedroom! It features an open split floor plan with master bedroom downstairs, vaulted ceiling, 10 year old AC, 10 year old roof & 5 year old boat deck. The kitchen is open with lots of cabinet space, great countertop space, well taken care of appliances, breakfast bar & large pantry space! The master bedroom is large enough for a king bed to fit comfortably. Separate loft can be used as office space with built-ins. Enjoy the 180 degree lake views from the backyard deck & private dock. Front yard landscaping is included with HOA! Great location for an owner occupant, family, rental or winter visitor.

Listed with North & Co


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


$795,000 :: 5051 S Girard Street, Gilbert AZ, 85298

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5 beds, 3.5 baths
Home size: 3,869 sq ft
Lot Size: 8,712 sq ft
Added: 08/26/21, Last Updated: 09/20/21
Property Type: Single Family
MLS Number: 6283918
Community: Bridges
Tract: Bridges
The price of this listing was last reduced on 9/1/2021 by 4%
Status: Active


Stunning 5 bedroom 3.5 bath home in the sought after Bridges community. This 3869 square foot home has tons of space. Enter into the formal dining room & living space, with staircase, and a half bath. Open great room kitchen with massive island, breakfast seating, white linen cabinets Silestone quartz countertops. Upgraded Stainless appliances and eat in kitchen area. Large family room with lovely wood look tile flooring. Large master with 5 piece master bath, walk in closet connected to laundry. and views of the beautiful mountain vista. Huge open loft with unique space. 3 car tandem garage with opener and paver driveway. Large grass backyard backs to greenbelt. This Premium lot is close to Gilbert regional,

Listed with O48 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/!


$599,900 :: 136 N STARBOARD Drive, Gilbert AZ, 85234

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4 beds, 2.5 baths
Home size: 2,177 sq ft
Lot Size: 7,841 sq ft
Added: 09/20/21, Last Updated: 09/20/21
Property Type: Single Family
MLS Number: 6295652
Community: EAST LAKE AT WIND DRIFT LOT 1-46 TR A,B
Tract: EAST LAKE AT WIND DRIFT LOT 1-46 TR A,B
Status: Active


Welcome to the waterfront community of East Lake in central Gilbert. This 4 bedroom 2.5 bath home has been remodeled from the studs and shows like a new build model. The pictures tell the story! All mechanicals are brand new... a/c units/air handler and ducting & water heater. All flooring (tile and carpet new). Amazing designer touches in all bathrooms. Oversized master bedroom with lake views master bath features tiled stand alone shower with seamless glass enclosure and separate soaker tub. Different cabinet finishes in all 3 bathrooms and kitchen. Spacious kitchen with white shaker cabinets, some with pull out shelving, new disposal and faucet sink combo. Breakfast bar and eat in area. Family room (with fireplace) right off the kitchen which makes a good entertaining space.

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/!


$760,000 :: 602 N Mondel Drive, Gilbert AZ, 85233

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5 beds, 3.5 baths
Home size: 3,943 sq ft
Lot Size: 9,584 sq ft
Added: 05/19/21, Last Updated: 09/16/21
Property Type: Single Family
MLS Number: 6226707
Community: Playa Del Rey
Tract: Playa Del Rey
The price of this listing was last reduced on 9/16/2021 by 2%
Status: Active


FULLY PAID Solar Panels with back up battery keeps your electricity bills to a minimum. Popular DUAL master bedrooms plan. Gated Ski lake community. True to the builders name AMZ, you are greeted into this Amazing home with crystal chandeliers, magnificent ceilings, brand new neutral paint. Two master suites included in 5 extra large bedrooms PLUS Loft, multiple rooms with walk-in closets. Owner extended the covered patio to include patio cover in the formal area. Master Balcony looks into the beautiful treelined waters. You will experience views from Family Room, Living Room, Guest room and both the Master Suites. Kitchen has exceptional quality cherry cabinets that are so hard to find these days. New Carpet, new paint in the garage, entertaining Ramada, Barbecue with granite counters.

Listed with United Brokers 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/!


$560,000 :: 1442 W CORAL REEF Drive, Gilbert AZ, 85233

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3 beds, 3 baths
Home size: 2,289 sq ft
Lot Size: 1,743 sq ft
Added: 06/18/21, Last Updated: 09/09/21
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6239386
Community: the islandstownhomes on coral reef
Tract: the islandstownhomes on coral reef
The price of this listing was last reduced on 9/9/2021 by 2%
Status: Active


Lake front property! Bring your paddle boats, pontoons, kyaks, paddle boards, canoes and troll around in these beautiful water. This fantastic water front property is waiting for you to call it home. Liveable floor plan. Beautiful views from your patio and balcony. Travetine floors, master travertine shower and surrounds- spacious bedrooms, open greatroom and kitchen with beautiful granite counters and island. Den downstairs and loft upstairs. Perfect lock and leave home as the HOA maintains outside. Just put in a boat dock and you are ready to relax and have fun right out your backdoor.

Listed with HomeSmart Lifestyles


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


$1,287,461 :: 1452 E BLUE RIDGE Way, Gilbert AZ, 85298

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4 beds, 3.5 baths
Home size: 3,949 sq ft
Lot Size: 12,633 sq ft
Added: 07/28/21, Last Updated: 09/02/21
Property Type: Single Family
MLS Number: 6270680
Community: HAMSTRA DAIRY PHASE 1 REPLAT
Tract: HAMSTRA DAIRY PHASE 1 REPLAT
The price of this listing was last increased on 9/2/2021 by 0%
Status: Active


Located in the master-planned community of Waterston with a 7-acre Central Park and Lake this single story MODEL home features black gourmet stainless steel appliances with a G.E. 36'' gas cooktop, double wall ovens, professional 36'' vented hood, microwave, dishwasher and refrigerator, granite and quartz kitchen countertops, designer kitchen backsplash, Timberlake Portfolio Lusanne maple truffle kitchen cabinets, oversized kitchen island, two-tone interior paint, 12' ceiling at great room, walk-in shower at primary bath, stackable washer and dryer at primary suite closet, slider at gameroom, exterior fireplace in courtyard, exterior French door at primary suite, professionally landscaped front and back, pavers at driveway and porch and so much more. Close of escrow on or before 11/15/21

Listed with Tri Pointe Homes 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/!


$349,900 :: 2670 S VOYAGER Drive #109, Gilbert AZ, 85295

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2 beds, 2 baths
Home size: 1,006 sq ft
Lot Size: 872 sq ft
Added: 08/23/21, Last Updated: 08/23/21
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6283225
Community: VAL VISTA CLASSIC PARCEL 3 CONDOMINIUM AMD
Tract: VAL VISTA CLASSIC PARCEL 3 CONDOMINIUM AMD
Status: Active


Located in the highly sought after GATED neighborhood of Annecy. This spectacular residence sits on the waterfront within a gated community that is close to great schools, shopping, fine dining, freeways, hospitals and more. This residence features a spacious kitchen with granite counters, upgraded cabinets, stainless steel appliances & tile backsplash. Kitchen opens to a great room and has tile & bamboo wood flooring, beautiful window treatments, vaulted ceilings and numerous decorative touches. Master bedroom includes a large master bathroom and walk-in closet. 2nd bedroom/den + additional full bathroom. Downstairs features a 2nd family room. 2 car garage with cabinets, work bench and plenty of storage room.

Listed with Venture REI, 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/!


$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/!


 

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

 

 

 

 

 

 

 

 

 

 

 

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