How has Phoenix Real Estate started in 2013?

Dobson Ranch WaterfrontPhoenix 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.   Distressed Sales by City April 2013The 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.

Foreclosure graph by typeThe 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 Gilbert Months Supply 2013 Maycurrent 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.

Gilbert Homes for Sale

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?

Phoenix Avg. Sales Price April 2013Low 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

Chandler Homes  for Sale

$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/!


$550,900 :: 2241 S AGNES Lane, Gilbert AZ, 85295

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3 beds, 2.5 baths
Home size: 2,129 sq ft
Lot Size: 3,050 sq ft
Added: 09/17/21, Last Updated: 09/20/21
Property Type: Single Family
MLS Number: 6294851
Community: BUNGALOWS AT COOLEY STATION PHASE 1
Tract: BUNGALOWS AT COOLEY STATION PHASE 1
The price of this listing was last increased on 9/20/2021 by 1%
Status: Active


Photos coming soon. This cozy 3-bedroom, 2.5-bathroom home in the prestigious Cooley Station Community welcomes you! The meticulously designed kitchen area features an open floorplan with essential amenities such as sleek granite countertops, appliances, alluring cabinetry with plenty of counter space, and a kitchen island with a built-in breakfast bar perfect for sharing a home-cooked meal. Relax in the primary bedroom complete with an ensuite bathroom, private toilet room, double vanity sink, and a walk-in closet. The rear exterior area features a covered patio ready for the next family cookout with plenty of space for outdoor activities. Fantastic home a short drive from the Greenfield Lake Golf Course, Toka Sticks Golf Club, and many more outdoor recreational activities!

Listed with Zillow Homes 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/!


$589,900 :: 682 W MYRTLE Drive, Chandler AZ, 85248

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3 beds, 2 baths
Home size: 1,674 sq ft
Lot Size: 6,970 sq ft
Added: 07/28/21, Last Updated: 09/20/21
Property Type: Single Family
MLS Number: 6270606
Community: FOX CROSSING
Tract: FOX CROSSING
The price of this listing was last reduced on 9/20/2021 by 2%
Status: Active


VACANT! Single level 3 bedroom 2 bath home with a great lot! Engineered hardwood flooring through home/tile in bathrooms/laundry room. Quartz c-tops in kitchen with island and stainless appliances. Plantation shutters through home. Backs to park area and is adjacent to walking trail. Sparkling pool in the backyard with Covered patio w/sun shade!

Listed with Offerpad


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


$1,200,000 :: 2570 E CALLE DE FLORES --, Gilbert AZ, 85298

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5 beds, 4.5 baths
Home size: 3,755 sq ft
Lot Size: 48,352 sq ft
Added: 09/10/21, Last Updated: 09/20/21
Property Type: Single Family
MLS Number: 6292053
Community: Metes and Bounds
Tract: Metes and Bounds
Status: Active


THIS IS THE LIFE! Prepare to be impressed when you enter this superbly maintained & presented home set on a sprawling 1-acre lot occupying a peaceful street position. This home enjoys abundant natural light and a layout designed for easy living and entertaining incorporating a generously proportioned kitchen with quartz countertops, welcoming living and dining room, guest powder room and laundry. The living room provides comfort and warmth while the backyard brings year-round delight. Take a dip in the pool or share your stories around the fire pit with family, gazing at the bright flames under the starry night sky. Recent upgrades include new exterior paints in 2020. 1 AC unit in 2020, 2 AC units in 2017. New roof and front windows in 2019.

Listed with My Home Group 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/!


$795,920 :: 2353 E Athena Avenue, Gilbert AZ, 85297

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4 beds, 3 baths
Home size: 2,597 sq ft
Lot Size: 8,277 sq ft
Added: 09/20/21, Last Updated: 09/20/21
Property Type: Single Family
MLS Number: 6296085
Community: STRATFORD
Tract: STRATFORD
Status: Active


Under Construction ETA April or May4 Bedrooms plus den with double doorss and closet, Single Level, Kitchenaide Gourmet Cooktop Package, Freestanding Tub in Owners Suite, Upgraded Regal White Cabinets thruout the house. 8' Interior Doors, 10' Ceilings, Lots of Recessed Lighting thruout entire house, Walk in Shower at one secondary bath ilo standard tub/shower. 20' Wall of Glass at great room. Buyer can still choose Flooring, Countertops, Bath/Shower Surrounds, Interior Paint, Lighting, Finishing Touches. Photors are of a completed home in another community. Taxes are Approximate...Write on builders Contract

Listed with Realty Executives


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


$1,349,000 :: 2650 E CAPRICORN Place, Chandler AZ, 85249

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4 beds, 3.5 baths
Home size: 3,890 sq ft
Lot Size: 34,848 sq ft
Added: 09/20/21, Last Updated: 09/20/21
Property Type: Single Family
MLS Number: 6283535
Community: CIRCLE G AT RIGGS HOMESTEAD RANCH UNIT 1
Tract: CIRCLE G AT RIGGS HOMESTEAD RANCH UNIT 1
Status: Active


Beautiful custom home situated on almost an acre premium lot in the highly sought-after Circle G community delivers everything you have been searching for! Meticulously maintained 4 bedrooms plus den, 3.5 baths, open kitchen & family room plus a 2300 SF RV GARAGE with a bonus office & bath. Elegant chef's kitchen complete with gorgeous custom cabinetry, stainless steel appliances w/granite countertops & large island. Huge great room with vaulted ceilings. Enormous master suite with views to the backyard. Backyard oasis with huge covered patio, stunning private pool, outdoor kitchen BBQ, & immaculate landscaping. So many extras in this amazing home! This is a MUST SEE!

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/!


$1,255,995 :: 3705 E BOOT TRACK Trail, Gilbert AZ, 85296

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3 beds, 3.5 baths
Home size: 2,955 sq ft
Lot Size: 10,890 sq ft
Added: 09/20/21, Last Updated: 09/20/21
Property Type: Single Family
MLS Number: 6296063
Community: LAKEVIEW TRAILS SOUTHEAST AT MORRISON RANCH
Tract: LAKEVIEW TRAILS SOUTHEAST AT MORRISON RANCH
Status: Active


Located in the highly desirable Morrison Ranch master plan community in Gilbert, this beautiful new Toll Brothers Quick Move-in Home will be completed October/November 2021. Sophisticated finishes throughout! Gourmet kitchen with Wolf appliances, upgraded cabinets and countertops. Enjoy indoor/outdoor living with a 16' multi-panel sliding glass door that opens to linear fireplace on the covered patio. Lavish primary bathroom with large walk-in shower, free standing tub, quartz countertops, and oversized walk-in closet. Versatile study to suit your needs with endless possibilities. Split 3 car garage. And plenty more! Convenient to the San Tan Mall and Downtown Gilbert for endless shopping and dining opportunities.

Listed with Toll Brothers 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/!


$1,195,000 :: 11627 E FLINTLOCK Court, Chandler AZ, 85249

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5 beds, 3.5 baths
Home size: 5,463 sq ft
Lot Size: 20,474 sq ft
Added: 09/20/21, Last Updated: 09/20/21
Property Type: Single Family
MLS Number: 6296048
Community: SANTAN VISTA UNIT 3 PHASE 4 AND 5
Tract: SANTAN VISTA UNIT 3 PHASE 4 AND 5
Status: Active


BEAUTIFUL 5463 sq ft MOVE-IN READY 5 bedroom 3.5 bath, 4 car-garage two-story with a BASEMENT and INCREDIBLE resort-style backyard!! Loaded with tons of custom features on almost 1/2 acre lot with HEATED 7 ft pool/spa, oversized covered RAMADA with fireplace, misting system, built in BBQ & park like landscaping backing up to community greenbelt. Located in a cul-de-sac with north/south exposure & top-rated Chandler schools. Custom features: MOVIE ROOM with entire projection/sound system/seating included, enlarged bedrooms with NEW carpeting, seamless-glass master shower doors, granite counters in kitchen, stainless steel appliances including double oven & on-trend cabinetry, custom lighting throughout, security system, water softener, built-in garage cabinets & epoxy floors,

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/!


$669,000 :: 2737 E LODGEPOLE Drive, Gilbert AZ, 85298

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4 beds, 3 baths
Home size: 3,292 sq ft
Lot Size: 6,970 sq ft
Added: 08/16/21, Last Updated: 09/20/21
Property Type: Single Family
MLS Number: 6266228
Community: FREEMAN FARMS PHASE 2 PARCEL 2
Tract: FREEMAN FARMS PHASE 2 PARCEL 2
The price of this listing was last reduced on 9/16/2021 by 2%
Status: Conditional


''The TriFecta'' - Newly Updated, Great Location, Incredible Value. This one really has it all. Beautifully landscaped, low maintenance, front & back yard. New upgraded carpet and pad throughout, fresh paint, new marble kitchen backsplash, plus complete cabinetry throughout is newly refinished. New dishwasher and lots of new ceiling fans, this 4 bed, 3 bath has it all. Fully enclosed den easily converts to 5th bedroom or great office space. Well-appointed kitchen includes granite countertops and huge pantry. Strategic garage location off kitchen adds to the great layout of this home, including the 3rd car garage with additional private entrance into home. Upstairs boasts a massive loft and 3 additional bedrooms. The upgraded upstairs laundry is beyond comfortable, including . . .

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/!


$450,000 :: 1909 E OAKLAND Street, Chandler AZ, 85225

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3 beds, 2 baths
Home size: 1,551 sq ft
Lot Size: 5,663 sq ft
Added: 09/17/21, Last Updated: 09/20/21
Property Type: Single Family
MLS Number: 6294382
Community: TRADITION EAST
Tract: TRADITION EAST
Status: Active


Looking for a move in ready home, close to schools, freeways, restaurants, entertainment AND A POOL AND A SPA AND NO HOA? Then look no further! This remodeled home is beautiful with bamboo wood flooring throughout the living areas & tile in the bathrooms & laundry room. No Carpet! Split floorplan, Fresh interior paint & Vaulted ceilings. Kitchen with new granite countertops farmhouse sink. New stainless steel appliances, New window coverings, New granite countertops in both bathrooms. Decorative security screen door at front entry & security system. South facing backyard with sparkling pool with newer pool filter & motor. Above ground spa, jujst refreshed.Covered patio & artificial turf, 2 car garage with new epoxy flooring & lots of built-in cabinets & newer garage door. Owner/Agen

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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