Phoenix Area Real Estate Review
The Phoenix area real estate market was good to home owners in 2012. It was the first year of appreciation since 2005. Buyers frequently found themselves frustrated by the competion for homes especially those under $200K where there is an abundance of first time home buyers and investor demand. After a robust year in 2012, how is 2013 shaping up?
What has changed since a year ago?
As part of the healing process in the real estate market, the number of short sales and foreclosures continue to decrease. 
The graph to the left shows the percentage of sales of short sales /pre-foreclosures and lender owned/foreclosures by city. Compared to a year ago, there has been significant improvement. If you were to look at the same graph from a year ago, each city has experienced a reduction in distressed sales. For example, Gilbert went from 45% distressed sales to 21%! Glendale saw a change from 54% to 31%. Mesa went from 46% to 29%. Chandler saw distress sales fall from 51% to 28%. Scottsdale fell from 25% to 12%. Every city in the Phoenix area saw a decrease in short sale and lender owned properties. To appreciate where we are, you only need to look back to 2011 when the distressed sales were over 60% of total sales in most Phoenix area cities.
The reduction in distressed properties, especially lender owned/foreclosures/REO properties can be demonstrated in the active listings over time. To the right is a graph for the last 2.5 years of foreclosure inventory in varying stages for the Phoenix area. Pending foreclosures represent properties that have received a notice of trustee sale which may become foreclosures, short sales, or remedied through loan modifications. The reduction has been significant. When you look at Unlisted Foreclosures, please repeat – No Shadow Inventory!. Arizona is a non-judicial foreclosure state, but that is another blog.
Right Now Its All About Inventory or the lack of
The combination of record low interest rates and buyer awareness that prices are rebounding has created a real estate demand that cannot be satisfied by the 
current supply. The result is low inventory and multiple offers on many properties as they come on the market. One way to compare supply and demand is to measure the supply in terms of months of supply. Most cities are experiencing low months of inventory supply similar to the graph to the left for Gilbert, a popular east valley city. The months of supply for Gilbert has not been this low since 2005.
If you would like to receive listings of homes for sale in any city, go to Send Active Listings.
What does this mean for prices?
Low inventory and strong demand translates into rising prices. To the right is a graph for over the last 2 years for the city of Phoenix which contains a diverse cross section of real estate. The appreciation that took hold in 2012 has continued in 2013. Real estate price appreciation can vary between cities and even between neighborhoods. If you would like to know the average sales price/sq.ft. trend for your city, please e-mail me your city and I’ll forward it to you. If you would like to know the value of your home, click on What’s the Value of My Home.
What will the rest of 2013 bring? One long running favorable trend is the decrease in distressed sales which appears will continue for the rest of the year. And everyone has benefited from low interest rates. These historically low rates have motivated buyers to lock in lower mortgage payments compared to years past. At the beginning of the year, I estimated that real estate would appreciate 8 – 12%. Right now I believe that we’ll end up at the higher end of that range. Your thoughts?
Related Posts
Over-Priced Fannie Mae Foreclosures and Short Sales
Phoenix Area Distressed Sales 2012 compared to 2011
Who Really Loses on a Foreclosure? The Bank – Think Again
A Look Back to Real Estate for 2012
$775,000 :: 3161 E BLOOMFIELD Parkway, Gilbert AZ, 85296
3 beds, 3 baths
Home size: 2,033 sq ft
Lot Size: 6,012 sq ft
Added: 11/01/23, Last Updated: 12/03/23
Property Type: Single Family
MLS Number: 6622802
Community: WARNER GROVES AT MORRISON RANCH
Tract: WARNER GROVES AT MORRISON RANCH
Status: Active
One of a kind home in highly sought after Warner Groves in Morrison Ranch. Green grass everywhere with multiple parks, basketball courts, pickle ball courts, walking trails....Single level, 2000+ square feet with 3 bedrooms and 3 full baths. $125,000 pool w/fire and waterfall features. Den. Artificial grass in back, perfect for gazebo area. Single level homes directly behind and on each side of you for privacy. Open concept with gourmet kitchen featuring top of line appliances. Oversized island, high-end quartz countertops, white cabinets, custom backsplash, stainless steel hood, double wall ovens, and 5 burner cooktop. Huge walk-in pantry. Great room features 10-foot ceilings. Parks, grassy areas and tree lined streets everywhere! Tesla charger does not con
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/!
$297,500 :: 20 S BUENA VISTA Avenue #206, Gilbert AZ, 85296
2 beds, 2 baths
Home size: 1,028 sq ft
Lot Size: 1,089 sq ft
Added: 11/02/23, Last Updated: 12/03/23
Property Type: Single Family
MLS Number: 6626053
Community: COLONIA GRANDE CASITAS
Tract: COLONIA GRANDE CASITAS
The price of this listing was last reduced on 12/3/2023 by 2%
Status: Active
***REDUCED!!!***Welcome to the perfect blend of modern living and prime location! This stunning 2br, 2ba condo is situated in the highly sought-after Colonia Grande community, just a short stroll away from the vibrant heart of downtown Gilbert. Notable recent upgrades include a brand new AC unit, ensuring your comfort during the warm Arizona summers, and fresh exterior paint that enhances the condo's curb appeal.Step out onto your private patio and enjoy your morning coffee or a glass of wine in the evening. The community pool is a fantastic place to relax, soak up the Arizona sunshine, and meet your neighbors.Living in Colonia Grande means you are within easy walking distance to the charming and lively downtown Gilbert, with its eclectic mix of shops, restaurants, and entertainment.
Listed with Jason Mitchell 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/!
$409,000 :: 3733 E JASPER Drive, Gilbert AZ, 85296
3 beds, 2 baths
Home size: 1,357 sq ft
Lot Size: 3,834 sq ft
Added: 11/23/23, Last Updated: 12/03/23
Property Type: Single Family
MLS Number: 6633768
Community: RAY RANCH UNIT 2
Tract: RAY RANCH UNIT 2
The price of this listing was last reduced on 12/3/2023 by 1%
Status: Active
This charming 3 bedroom, 2 bathroom single-family home is located in the desirable Ray Ranch community in Gilbert. The home is situated on a quiet cul-de-sac and features a spacious open floor plan with plenty of natural light. Back on the market because buyer couldn't get out of lease and didn't qualify for mortgage. This home is a must-see for anyone looking for a move-in ready home in a great location.
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/!
$499,000 :: 1192 E ERIE Street, Chandler AZ, 85225
3 beds, 2 baths
Home size: 1,508 sq ft
Lot Size: 9,758 sq ft
Added: 11/15/23, Last Updated: 12/03/23
Property Type: Single Family
MLS Number: 6630699
Community: TRADITION
Tract: TRADITION
Status: Active
Welcome home! This is what you've been waiting for! No HOA, largest backyard in the subdivision, north/south facing, Step inside to find split floor plan, the fully vaulted ceilings in the entryway, living room, master bedroom and bathroom make this home feel open and huge.New HVAC 2020 & water heater 2022! Easy access to Loop 202, close to great schools, restaurants, shopping. Come and see!!*Professional photos coming soon *
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/!
$975,000 :: 2103 E FREEPORT Lane, Gilbert AZ, 85234
5 beds, 3 baths
Home size: 3,975 sq ft
Lot Size: 9,801 sq ft
Added: 10/31/23, Last Updated: 12/02/23
Property Type: Single Family
MLS Number: 6616329
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 12/2/2023 by 3%
Status: Active
Over $100k in recent updates in this Incredible custom single level w/basement in Gated Val Vista Lakes Community of The Regatta! Lake access just a few houses away! Huge updated kitchen features loads of counter space, breakfast bar, raised ceiling & lots of lights! Main floor features formal living and family rooms, lots of stone flooring & NEW upgraded carpet. Owner's suite w/gorgeous bath, custom shower & freestanding tub! Huge game room & more bedrooms in basement plus lots of storage & huge secret room. South-facing backyard, extended patio, view deck, updated roof 2023! Lakes for fishing & boating, an award-winning clubhouse, junior olympic pool, tennis & pickleball courts, softball and soccer fields, basketball court, playgrounds, gardens, walking paths & family events!
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/!
$875,000 :: 1101 N DUSTIN Lane, Chandler AZ, 85226
5 beds, 4 baths
Home size: 3,555 sq ft
Lot Size: 12,023 sq ft
Added: 10/30/23, Last Updated: 12/02/23
Property Type: Single Family
MLS Number: 6624578
Community: RAY RANCH ESTATES PHASE 1
Tract: RAY RANCH ESTATES PHASE 1
Status: Active
Location, Location, Location! This home Is located by the outstanding Kyrene School district, very close to all major free ways . 6 min from major shopping malls, 8 min from major airport...18 min from downtown phoenix. 11 min one of the largest and university. Lets not forget this home has been REMODELED! New Floors, New carpet, New paint, refinished kitchen, new turn, new hardware, partial update to pool - this home is a must see. Ready to be moved into and enjoyed! There is a bonus game room, along with 5 bedrooms 4 bathrooms. Great for large family or multi- generational living.
Listed with W and Partners, 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/!
$1,725,000 :: 155 N PECAN Court, Gilbert AZ, 85234
6 beds, 5.5 baths
Home size: 5,959 sq ft
Lot Size: 17,773 sq ft
Added: 11/27/23, Last Updated: 12/02/23
Property Type: Single Family
MLS Number: 6634496
Community: GROVES OF GILBERT
Tract: GROVES OF GILBERT
Status: Active
This stunning fully remodeled modern home is located at 155 N Pecan Ct in the mature and unique neighborhood of The Groves of Gilbert. Spanning just under 6,000 square feet, this spacious property boasts 6 bedrooms and 5.5 bathrooms, making it an ideal choice for a large family or those who love to entertain. An additional 800 square foot detached garage offers ample storage or workspace.One of the property's most notable features is its fully owned solar system, ensuring energy efficiency and significantly reduced electric bills. The home has been meticulously updated with high-end finishes, including new cabinets, countertops, flooring, bathrooms, and Anderson windows and doors. New lighting and fixtures have been added to bring a touch of modern elegance throughout the home.
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/!
$430,000 :: 2499 E BOSTON Street, Gilbert AZ, 85295
3 beds, 2.5 baths
Home size: 1,692 sq ft
Lot Size: 2,396 sq ft
Added: 12/02/23, Last Updated: 12/02/23
Property Type: Single Family
MLS Number: 6636610
Community: VINCENZ PARCEL B
Tract: VINCENZ PARCEL B
Status: Active
Charming home in The Cove at Vincenz w/ an inviting open concept floor plan. Upgraded cabinetry, continental crown moulding, seeded glass cabinet door fronts, & recent granite counters in kitchen & baths. Neutral colored tile and carpet throughout the home. Tons of storage space & extended storage under the stairs. Large upstairs laundry room gives easy access to/from the three bedrooms. Luxurious, spacious primary bedroom allows plenty of room for a cozy seating area. Pest control system and soft water loop installed. Community amenities shared with Vincenz across Parkcrest, feature lovely private parks, heated community pool & spa, basketball courts, and multiple playgrounds. Minutes away from SanTan mall, freeways, & Mesa Gateway Airport. WOW!! Don't miss this beauty!
Listed with Bliss Realty & Investments
Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!
$1,350,000 :: 1232 W EDGEWATER Drive, Gilbert AZ, 85233
5 beds, 3.5 baths
Home size: 4,032 sq ft
Lot Size: 10,150 sq ft
Added: 09/15/23, Last Updated: 12/02/23
Property Type: Single Family
MLS Number: 6605570
Community: CATALINA BAY AT THE ISLANDS UNIT 4
Tract: CATALINA BAY AT THE ISLANDS UNIT 4
The price of this listing was last reduced on 12/2/2023 by 4%
Status: Active
**FULLY RENOVATED WATERFRONT HOME** Located in the highly sought-after Islands community of Gilbert, this home has undergone a breathtaking remodel from the inside out. From the moment you arrive, you'll be captivated by the stunning curb appeal and the serene water views. This is a once-in-a-lifetime opportunity to own a truly exceptional home in a remarkable location. **See docs tab for a full list of upgrades including: artificial turf in the back/front yards, fresh interior/exterior paint, all new flooring, high end appliances, waterfall quartzite countertops, shaker cabinets, contemporary tile, recessed lighting, elegant chandeliers, and so much more! 3 Car garage w/4th bay + Golf Cart Parking. This exceptional property offers not just a home, but a lifestyle. Make it yours today!
Listed with Real Estate Brokers of Arizona
Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!
$747,000 :: 845 N THUNDERBIRD Avenue, Gilbert AZ, 85234
4 beds, 2 baths
Home size: 2,700 sq ft
Lot Size: 13,156 sq ft
Added: 11/04/23, Last Updated: 12/02/23
Property Type: Single Family
MLS Number: 6626698
Community: TONE RANCH ESTATES
Tract: TONE RANCH ESTATES
Status: Active
1/3 acre lot in the heart of Gilbert. Single level, split open floorplan of 4 bed/2bath, 3 car garage with an RV gate. Deep 9.5'' and play sparkling swimming pool with Baja step & waterfall. Exterior was just painted, 10 foot ceilings, shutters, crown molding, custom built-in entertainment in a spacious family room. Remodeled, plenty of storage with new white cabinets under kitchen island, new oven, new floors, new lighting fixtures, recessed lighting, shiplap in dining area & natural light. Large master bedroom, walk in closet, garden tub, sliding door to covered patio. Also walk outside from the family room to enjoy a large private grassy backyard with a putting green, fruit trees a built in Barbeque bar/island to entertain family & guests. Walking distance to the Riparian & stores.
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/!
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