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

$320,000 :: 967 E ROCKWELL Drive, Chandler AZ, 85225

3 beds, 3 baths
Home size: 1,783 sq ft
Lot Size: 6,970 sq ft
Added: 08/07/20, Last Updated: 08/07/20
Property Type: Single Family
MLS Number: 6114440
Community: STONEGATE CROSSING
Tract: STONEGATE CROSSING
Status: Active


***MOVE IN READY, MINT CONDITION on Cul De Sac lot in the HEART OF CHANDLER!!*** Don't miss this STUNNING home located in the highly sought-after STONEGATE CROSSING neighborhood. LOADED w/ UPGRADES like TILE & LAMINATE FLOORING, GRANITE COUNTER TOPS, STAINLESS STEEL APPLIANCES, FIREPLACE, HUGE BACK YARD & more. This 3 BR/3BA home has an OPEN FLOOR PLAN with SOARING VAULTED CEILINGS & room for every member of the family. It features 3 BATHROOMS...including an EN SUITE BATHROOM FOR THE UPSTAIRS GUEST BEDROOM!! NEARLY NEW ROOF & AC...both REPLACED IN 2015. Located on a cul-de-sac lot, provides safer play areas for children and pets & within a short walking distance to the COMMUNITY POOL & nearby school. Easy access to restaurants, shopping & more. HURRY, THIS ONE WON'T LAST LONG!!

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/!


$499,000 :: 3946 E MARLENE Drive, Gilbert AZ, 85296

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3 beds, 2 baths
Home size: 2,195 sq ft
Lot Size: 8,712 sq ft
Added: 08/07/20, Last Updated: 08/07/20
Property Type: Single Family
MLS Number: 6114344
Community: LAKEVIEW TRAILS NORTH AT MORRISON RANCH
Tract: LAKEVIEW TRAILS NORTH AT MORRISON RANCH
Status: Active


Beautiful home in Morrison Ranch! This 3 bed, 2 bath, with a den property features grassy and gravel landscaping with a 3 car tandem garage and RV gate. The lavish interior boasts an open floor plan with a cozy fireplace, neutral paint throughout, and a fabulous kitchen that would make any chef jealous, with its staggered cabinetry, pantry, granite countertops, tile backsplash, stainless steel appliances, pendant lighting, and HUGE island. A split-floor plan with a gigantic master bedroom is ideal for couples, with its spacious walk-in closet and full bath with double sinks, not to mention separate tub and shower. The wonderful backyard features a covered patio, built-in BBQ, and fire pit, everything you need for a summer cookout! Look! No neighbors behind you!

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/!


$465,000 :: 9209 E CEDAR WAXWING Drive, Chandler AZ, 85248

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3 beds, 3 baths
Home size: 2,529 sq ft
Lot Size: 12,633 sq ft
Added: 08/07/20, Last Updated: 08/07/20
Property Type: Single Family
MLS Number: 6114296
Community: SUN LAKES
Tract: SUN LAKES
Status: Active


ONE-OF-A-KIND, EXTENDED PALACIA MODEL W/ CASITA & POOL ON A HUGE, CORNER LOT IN THE GATED, ADULT COMMUNITY OF OAKWOOD! The GATED ENTRY leads to the OPEN Living & Dining Rooms. The EAT-IN KITCHEN w/ tons of cabinets & pantry for storage is open to the Family Room. A DOUBLE-DOORED DEN is off of the Spacious Master Suite w/ WALK-IN CLOSET, REMODELED SHOWER. In addition to the Guest Bedroom & Bath in the main house, there is a 3rd Bedroom, Full Bath & Kitchenette in the CASITA. Extra Storage in the Large Laundry Room & EXTENDED 2-Car Garage. The COVERED PATIO overlooks the HUGE backyard & Pebble-Tec Pool & Spa. COME ENJOY THE GOOD LIFE IN SUN LAKES w/ Community amenities like: golf, tennis, pickleball, pools/spas, fitness center, clubs, social activities & restaurants.

Listed with Keller Williams Legacy One


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


$445,000 :: 3580 E ALFALFA Drive, Gilbert AZ, 85298

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4 beds, 2.5 baths
Home size: 2,257 sq ft
Lot Size: 6,099 sq ft
Added: 08/07/20, Last Updated: 08/07/20
Property Type: Single Family
MLS Number: 6114314
Community: BRIDGES AT GILBERT
Tract: BRIDGES AT GILBERT
Status: Active


Located on a quiet, interior street in the Bridges neighborhood. Popular split master, great room concept floorplan. Huge great room with eat in breakfast nook flows into the kitchen w/ upgraded cabinetry, large center island, granite counters, stainless appliances & pantry. Floorplan boasts a secluded formal dining room. Private master retreat has a tile enclosed shower & walk in closet. Large secondary bedrooms. Warm neutral colors, upgraded fixtures, 9 foot + ceilings & additional powder room. Dual pane sliding backdoor opens to backyard with covered patio, artificial turf & professional landscaping. Bridges area enjoys lakes, stream, walking paths, play areas, greenebelts, mountain views & quick access to Bridges Elementary.

Listed with Lucas 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/!


$599,900 :: 835 W WHITTEN Street, Chandler AZ, 85225

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4 beds, 4.5 baths
Home size: 4,180 sq ft
Lot Size: 9,584 sq ft
Added: 08/07/20, Last Updated: 08/07/20
Property Type: Single Family
MLS Number: 6114284
Community: CAMPO VERDE
Tract: CAMPO VERDE
Status: Active


Massive N-facing home with 4.5 bath + Loft + Game room, Living room, Family room, Dining, Office room and balcony with spiral iron stairway to the courtyard. 3 car garage + car port. Welcome to the split formal living space and double door office that leads thru designer tile flooring with inserts. Stunning dining room & Family room is well connected with the dream kitchen featuring bar stool style island, Granite counter-tops, tons of EXTENDED cabinetry, pantry & breakfast nook with a beautiful backyard view. Huge master bedroom comes with a retreat. Downstairs guest suite with attached bath & upstairs 2nd bed with attached bath too. Master bath with his & her sinks, separate shower & tub, large walk-in closet. Lot of custom cabinetry thru out. There is pool and entertainment too!

Listed with Kirans and Associates Realty 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/!


$319,900 :: 4231 E Gail Drive, Gilbert AZ, 85296

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4 beds, 2.5 baths
Home size: 1,990 sq ft
Lot Size: 3,921 sq ft
Added: 08/07/20, Last Updated: 08/07/20
Property Type: Single Family
MLS Number: 6114340
Community: GARDENS PARCEL 2
Tract: GARDENS PARCEL 2
Status: Active


Large 4 Bedrooms 2 1/2 Bath Gilbert Home. Open Floor Plan. New Interior / Exterior Paint. New Carpet. New Granite Counter Tops in Kitchen and Baths. New Stove, Microwave and Dishwasher. New Lighting and Faucets. 26 New Windows. New Ceiling Fans, Tile in all the right places, North/ South Exposure . Multiple Community Pools. Community Parks. Close to Shopping and Easy Freeway access.

Listed with Desert Wind Property Mgmt and 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/!


$259,000 :: 1355 N OREGON Street, Chandler AZ, 85225

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3 beds, 2 baths
Home size: 1,470 sq ft
Lot Size: 7,841 sq ft
Added: 08/07/20, Last Updated: 08/07/20
Property Type: Single Family
MLS Number: 6114269
Community: SAN MATEO ESTATES
Tract: SAN MATEO ESTATES
Status: Active


Newly updated home in a prime Chandler location with no HOA! Don't Wait to see this one. With new carpet, flooring and updated bathroom vanities, this 3 bedroom, 2 bath home boasts a spacious living room and formal dining space with neutral paint throughout that allows for an easy personal design. Enchanting kitchen has breakfast bar, lots of cabinetry space and large pantry open to breakfast nook and bonus living space. Roomy master bedroom comes with his & her closets and en-suite bath. Very large backyard features extended covered patio, storage shed, RV gate. Enjoy the energy savings of a new water heater. Amazing location close to Espee park and all Downtown Chandler has to offer!! You'll want to view this home right away.

Listed with Platinum Living 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/!


$365,000 :: 4119 E NUNNELEY Road, Gilbert AZ, 85296

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4 beds, 2.5 baths
Home size: 2,303 sq ft
Lot Size: 4,792 sq ft
Added: 08/07/20, Last Updated: 08/07/20
Property Type: Single Family
MLS Number: 6114242
Community: COPPER RANCH AMD
Tract: COPPER RANCH AMD
Status: Active


This lovely 4 bed, 2.5 bath home is located in the Copper Ranch Community. The community has a gated pool, Children's Play area, Soccer area, BBQ's and Biking/Walking paths. Enter this spacious home to vaulted ceilings and carpet & tile in all the right places. Spacious open floor plan is perfect for family gathering! The eat-in kitchen has espresso cabinets, island w/seating, black appliances and a pantry. Large family room and bonus room off of kitchen area. Powder room downstairs. Laundry is conveniently located upstairs. Generous sized bedrooms. Large owners suite has a sitting area and full bath. The backyard is one of the largest in the community and has a covered patio and nice grass area for the kids to play! Easy access to the schools, shopping and major freeways!

Listed with Keller Williams Realty East Valley


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


$495,000 :: 1381 E WINDSOR Drive, Gilbert AZ, 85296

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4 beds, 4.5 baths
Home size: 3,331 sq ft
Lot Size: 6,970 sq ft
Added: 08/07/20, Last Updated: 08/07/20
Property Type: Single Family
MLS Number: 6114275
Community: WESTERN SKIES ESTATES UNIT 5 AMD
Tract: WESTERN SKIES ESTATES UNIT 5 AMD
Status: Active


Beautiful park view and no rear neighbors! Wonderful 1-of-a-kind semi-custom home just right for the family or for entertaining. Recently updated kitchen (14x19) with quartz counters and undermount sink. Plenty of room with 4 bedrooms +den, +loft, +media room with custom built-in entertainment center. 2 bedrooms w/ en-suite baths and 2 laundry rooms. Great for extended family or guests.3 car garage with workshop area. RV gate w/ slab.

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/!


$395,000 :: 2770 E SAN TAN Street, Chandler AZ, 85225

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4 beds, 2 baths
Home size: 1,859 sq ft
Lot Size: 6,970 sq ft
Added: 08/07/20, Last Updated: 08/07/20
Property Type: Single Family
MLS Number: 6112830
Community: DOBSON PLACE-PARCEL 1
Tract: DOBSON PLACE-PARCEL 1
Status: Active


Beautiful 4 bedroom 2 bath home on semi-cut-de-sac lot with lots of privacy. Beautiful sparkling pool with water features in private back yard. Spacious, open floor plan with 10 ft ceilings, double doors to Master and 4th bedroom/Den. Master has separate shower and garden tub, dual sinks and large walk-in closet. Pride in ownership. Spacious kitchen with lots of cabinets, island and eat in kitchen. Formal living and dining room and cozy family room backing up to green belt, and across from neighborhood park. Close to Shopping, Hospital, Restaurants, schools.

Listed with Investar Real Estate Specialists 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/!


 

 

 

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