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

$430,000 :: 1758 E CARLA VISTA Drive, Gilbert AZ, 85295

Property Photo

Mls Icon

3 beds, 2 baths
Home size: 1,124 sq ft
Lot Size: 4,792 sq ft
Added: 12/03/22, Last Updated: 12/03/22
Property Type: Single Family
MLS Number: 6487678
Community: GILBERT RANCH UNIT 2
Tract: GILBERT RANCH UNIT 2
Status: Active


Move-in ready! Super cute and updated. Popular Gilbert Ranch. Great location. Soft gray and white pallet, wood look plank tile, carpet in the bedrooms, quartz countertops, higher profile baseboards, stainless refrigerator, dishwasher, range, and microwave. 2 1/2 inch faux wood blinds. Pool and spa in an easy to care for backyard. 3 bedroom or 2 bedroom plusden/office, 2 bath is the perfect starter home or ideal for downsizing. Close to wonderful restaurants, shopping, and award winning schools.

Listed with Coldwell Banker 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/!


$460,000 :: 932 E SAVANNAH Drive, Chandler AZ, 85225

Property Photo

Mls Icon

3 beds, 2.5 baths
Home size: 1,624 sq ft
Lot Size: 4,356 sq ft
Added: 12/03/22, Last Updated: 12/03/22
Property Type: Single Family
MLS Number: 6492805
Community: MADELINE COURT
Tract: MADELINE COURT
Status: Active


This great home in a gated community backs up to Greenbelt & adjacent to Park w/play area & community mailbox. One of the best locations in Madeline Court! Walk to CVS & Restaurants. Front pillars with stone elevation. Formal Living Room, Formal Dining Room (presently used as an office). Travertine Tile in all the right places with 2 Custom Medallions, Maple Cabinets, Stone Backsplash, Granite Kitchen Sink & Countertops, Sunshades, Newer Stainless Steel Appliances, newer fans in multiple rooms. Front yard maintained by HOA. Lovely backyard landscaping w/extended patio. New A/C October 2020! New 50 gallon Water Heater March 2022. Primary Bath Shower remodeled 2021. 1 Yr. Home Warranty included. Great location - Bring your Buyers!

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/!


$509,000 :: 933 W Tremaine Avenue, Gilbert AZ, 85233

Property Photo

Mls Icon

3 beds, 2 baths
Home size: 1,751 sq ft
Lot Size: 5,663 sq ft
Added: 07/16/22, Last Updated: 12/02/22
Property Type: Single Family
MLS Number: 6435382
Community: SONESTA ESTATES UNIT 1
Tract: SONESTA ESTATES UNIT 1
The price of this listing was last reduced on 12/2/2022 by 4%
Status: Active


A beautifully remodeled single story home with 4 bedrooms 2 bath. Brand new white cabinets, polished granite countertops and tastefully tile lined kitchen walls. Backyard is abundant in space for all types of activities. Beautifully smooth tiled floors and abundant natural lighting filters from the large windows. An overall clean and minimalist interior appearance.

Listed with RE/MAX Fine Properties


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


$459,900 :: 3973 E WYATT Court, Gilbert AZ, 85297

Property Photo

Mls Icon

4 beds, 2 baths
Home size: 1,850 sq ft
Lot Size: 6,099 sq ft
Added: 11/10/22, Last Updated: 12/02/22
Property Type: Single Family
MLS Number: 6487308
Community: SAN TAN RANCH PARCEL 15
Tract: SAN TAN RANCH PARCEL 15
Status: Active


What a great Move-in Ready Family home in Gilbert. No carpet in the entire home, Brand new wood like plank tile T/O. Brand new stainless Steel kitchen Appliances. Fridge, washer & dryer stay, New interior and exterior paint. Split floorplan Pet and kid friendly grass in the backyard. San Tan Ranch community offers many community events such as WInter Wonderland in Dec, be a part of this. Close to schools, shopping, parks and places to eat, Walk to Higley High or San Tan Elementary, shopping at San Tan Mall. Or enjoy the many parks in the community such as Menlo or Grizzy, 2 lots over is a Community Volleyball park.

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/!


$800,000 :: 3904 E LEAH Court, Gilbert AZ, 85234

Property Photo

Mls Icon

5 beds, 3 baths
Home size: 3,305 sq ft
Lot Size: 9,584 sq ft
Added: 12/02/22, Last Updated: 12/02/22
Property Type: Single Family
MLS Number: 6495129
Community: HIGHLAND GROVES
Tract: HIGHLAND GROVES
Status: Active


Looking for a GORGEOUS kitchen and entertainers backyard? This 3300 square foot, home in a prime Gilbert location boasts loaded upgrades that are hard to come by. The foliage lined paver walk way leading to the front door gives the home a cozy inviting feel, and draws you through the front door where a grand staircase entry way will greet you. Off to the right you'll find an intimate living room, and to the left a spacious great room, both equipped with new plantation shutters and intricate woodwork. The real show stopper is the completely remodeled kitchen with quartz counters, a gas range, an industrial fridge, extended island with storage, and MASSIVE PANTRY! The new tile throughout contributes to the light and bright feel of the home. The upstairs is home to 4 of the 5 bedrooms

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/!


$399,000 :: 722 N Cedar Street, Gilbert AZ, 85233

Property Photo

Mls Icon

4 beds, 2 baths
Home size: 1,503 sq ft
Lot Size: 6,970 sq ft
Added: 09/09/22, Last Updated: 12/02/22
Property Type: Single Family
MLS Number: 6461926
Community: La Vida Serena Estates
Tract: La Vida Serena Estates
The price of this listing was last reduced on 12/2/2022 by 3%
Status: Active


NEW PRICE REDUCTION. Priced below Recently Appraised Value. Seller has made repairs from previous inspection reports. It's ready for you to move in. New Roof, New Central AC, New Wall Unit ACs in PERMITTED Addition, New Electric Panel, New Windows in main rooms, New Bathroom Vanities, New Cordless cellular blinds. New Refrigerator and Dishwasher, and freshly painted exterior. All appliances and an INSIDE Washer Dryer are included. Zero carpet in Home. Just ONE MILE from Downtown Gilbert. Driveway Parking for 4 plus an RV gate for your toys. Did I mention no HOA? The back bonus room is huge and has endless possibilities- game room, family room, home theater, workshop. The 4th bedroom in rear of home could also be a gym, office or craft room.

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/!


$490,000 :: 4165 E CLAXTON Avenue, Gilbert AZ, 85297

Property Photo

Mls Icon

4 beds, 2.5 baths
Home size: 2,163 sq ft
Lot Size: 4,356 sq ft
Added: 10/20/22, Last Updated: 12/02/22
Property Type: Single Family
MLS Number: 6479746
Community: POWER RANCH NEIGHBORHOOD 7 PHASE 4
Tract: POWER RANCH NEIGHBORHOOD 7 PHASE 4
The price of this listing was last reduced on 12/2/2022 by 1%
Status: Active


Spacious 4 bed, 2.5 Bath in super desirable Power Ranch! Large kitchen features pantry, island, desk area and eat in dining.Refrigerator, washer and dryer included. There is also formal dining area and living room with warm wood laminate flooring.Master bedroom is on main floor with large walk-in closet and double sinks. 3 bedrooms and separate living area are upstairs. Recently upgraded HVAC with two zones, upgraded flooring throughout.Wonderfully landscaped backyard has synthetic turf and pavers. Front yard has low maintenance desert landscaping. Largestorage space under stairs. Don't let this beautiful home slip away. Call to schedule a showing today

Listed with Opendoor Brokerage, 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/!


$599,900 :: 1331 S WAYNE Drive, Chandler AZ, 85286

Property Photo

Mls Icon

3 beds, 2 baths
Home size: 1,989 sq ft
Lot Size: 8,712 sq ft
Added: 09/28/22, Last Updated: 12/02/22
Property Type: Single Family
MLS Number: 6470049
Community: ARIZONA ESTATES
Tract: ARIZONA ESTATES
The price of this listing was last reduced on 12/2/2022 by 2%
Status: Active


If Buyer uses the Seller's Preferred Lender for financing, Seller may contribute up to 2.5% of the Purchase price to buy down rate by 2% for the first year, 1% for the 2nd year. Don't miss this highly sought after area of Arizona Estates in Chandler! Home is beautiful inside and out. Kitchen features Stainless Steel Appliances and granite Counter Tops. Home has NEW flooring throughout. Home features NEW exterior and interior paint! Great location to the freeway access and extremely close to all that Chandler has to offer including shopping, malls, restaurants and parks! Hurry and schedule your showing today, this one won't last long!

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/!


$955,400 :: 3114 S COTTONWOOD Drive, Gilbert AZ, 85295

Property Photo

Mls Icon

4 beds, 2.5 baths
Home size: 2,871 sq ft
Lot Size: 14,375 sq ft
Added: 11/14/22, Last Updated: 12/02/22
Property Type: Single Family
MLS Number: 6489433
Community: ALLEN RANCH PARCELS 1 2 3 & 4
Tract: ALLEN RANCH PARCELS 1 2 3 & 4
Status: Active


Entertainers dream house. Lot is14,000 +sqft. of exquisite resort grounds. Must see document section to review all upgrades owners have made. WAY TOO MANY TO MENTION! Beautiful wood window sills! Tilt outs at kitchen sink! Gourmet pantry. Charming interior w/10' ceilings, 8' doors, soothing palette, and a spacious living area for receiving guests. Wonderful computer/office nook. Main bedroom has double entry. Watch TV while bathing or look out at your orchard.. Den/4th bedroom has private courtyard French door entry. Enjoy gourmet meals in the fabulous kitchen while listening to your surround sound. Or sit outside at your Gourmet Island Entertainment Center watching the fire ice! Electric car charger in single garage. Only have a neighbor on one side! This value will not disappoint!

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/!


$409,000 :: 206 N PALM Street, Gilbert AZ, 85234

Property Photo

Mls Icon

2 beds, 1 bath
Home size: 776 sq ft
Lot Size: 4,792 sq ft
Added: 12/02/22, Last Updated: 12/02/22
Property Type: Single Family
MLS Number: 6495085
Community: GILBERT
Tract: GILBERT
Status: Active


Gorgeous remodeled bungalow in Gilbert's Heritage District! Walking distance to the best that Downtown Gilbert has to offer with award winning dining & entertainment. Stunning and fully renovated in 2021, no expense was spared with this gem while keeping the historic character of this home intact. No HOA and currently operating as a successful short-term rental on AirBnB. Keep it as a rental, or move-in and experience truly unique Gilbert living.

Listed with Real Broker AZ, 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/!


 

 

 

One Reply to “How has Phoenix Real Estate started in 2013?”

Leave a Reply

Your email address will not be published.