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
$529,700 :: 3616 W MORELOS Street, Chandler AZ, 85226


3 beds, 2 baths
Home size: 1,795 sq ft
Lot Size: 7,406 sq ft
Added: 03/25/23, Last Updated: 03/27/23
Property Type: Single Family
MLS Number: 6536048
Community: HEARTHSTONE UNIT 5
Tract: HEARTHSTONE UNIT 5
Status: Active
Come take a peek at this gorgeous remodeled 3 bed 2 bath single family home in the heart of Chandler! This property is located close to the hustle and bustle of the Chandler Mall and many restaurants, but far enough away to be in the quiet suburbs. Enjoy the mature designer landscaping in the front and back yard, as well as the miraculous open floor plan with high end finishes in the interior! The backyard offers a beautiful covered patio to host guests during any season with a lush, turf grass area.Interior has been updated with laminate flooring, new dual pane windows, upgraded fixtures, and a beautiful white kitchen with quartz countertops. Come take a peek!
Listed with Infinity Wealth 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/!
$569,900 :: 2319 E San Tan Drive, Gilbert AZ, 85296


4 beds, 2 baths
Home size: 2,004 sq ft
Lot Size: 6,099 sq ft
Added: 03/27/23, Last Updated: 03/27/23
Property Type: Single Family
MLS Number: 6536414
Community: Cottonwoods Crossing
Tract: Cottonwoods Crossing
Status: Active
Well appointed 4 bedroom home in desirable neighborhood. Enjoy the open floorplan, beautiful upgraded ceramic tile with warm neutral tones and separate living/family rooms. Bay window at eat in kitchen, granite countertops and backsplash with plenty of cabinets. Covered patio in back with built in BBQ. The Krakauer Grand Piano in Living Room conveys!Please excuse the boxes, seller in process of packing
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/!
$799,237 :: 4180 E COCONINO Place, Chandler AZ, 85249


4 beds, 3 baths
Home size: 2,505 sq ft
Lot Size: 7,406 sq ft
Added: 06/06/22, Last Updated: 03/27/23
Property Type: Single Family
MLS Number: 6412443
Community: CANOPY
Tract: CANOPY
The price of this listing was last reduced on 3/10/2023 by 4%
Status: Active
Completed Single Story Home located in the master planned community of Canopy in Chandler features an executive kitchen with stainless steel appliances including a 36'' gas cooktop with designer hood and double wall ovens, Portofino Classico quartz kitchen countertops with waterfall edge at kitchen island, designer selected backsplash, Sonoma painted ''linen'' cabinets, 10'x8' center-pull slider at great room, extended primary suite, frameless walk-in shower at primary bath, stainless steel plumbing fixtures and faucets at all baths, Chateau Reserve 8x48 plank tile flooring and upgraded carpet throughout, pavers at driveway and front porch, gated community and so much more. *Please see on site sales associate for details on a special financing promotion*
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/!
$395,000 :: 6391 S PEBBLE BEACH Drive, Chandler AZ, 85249


2 beds, 2 baths
Home size: 1,521 sq ft
Lot Size: 5,663 sq ft
Added: 02/24/23, Last Updated: 03/27/23
Property Type: Single Family
MLS Number: 6524447
Community: SUNBIRD
Tract: SUNBIRD
The price of this listing was last reduced on 3/27/2023 by 3%
Status: Active
HUGE PRICE REDUCTION - CUSTOM VENTURA on the GOLF COURSE with views of 2 fairways and the mountains. Vaulted ceilings, 2 bedrooms, 2 bathrooms, hobby/craft room, bonus room, 2-car garage, tile roof and a large private patio area for outdoor entertaining. New AC unit. Great location in this wonderful, friendly adult community where you can enjoy all of the amenities including golf, tennis, swimming pools, pickle-ball, billiards, restaurant, lounge, state-of-the-art fitness center and so much more. Must see to appreciate why this home would be the best way to enjoy the SunBird Golf Resort lifestyle. Floor plan in the Documents tab
Listed with Cactus Mountain Properties, 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/!
$758,300 :: 783 E lynx Place, Chandler AZ, 85249


5 beds, 3 baths
Home size: 2,985 sq ft
Lot Size: 9,584 sq ft
Added: 03/19/23, Last Updated: 03/27/23
Property Type: Single Family
MLS Number: 6533474
Community: Kerby Estate
Tract: Kerby Estate
Status: Active
Location, school district, premier Cue-de-sac lot, big yard (both front and back yard plus big areas of pavers). Separate shed/warehouse. Excellent home structure, pool, fruit trees, veggie garden, etc. This beautiful home is rare to find. High ceilings in spacious living room, abundant natural lighting. Common area floor featuring natural travertine stone, bedrooms and upper stairs with natural wood floor. Granite counter tops. Surrounding sound system, nice lighting. Plenty of neighborhood playgrounds featuring basketball courts, beach volleyball, etc. Grassy neighborhood trails for walking. A variety of nearby restaurants, stores, and amenities. Lakes and golf course accessible at walking distance. Please make appointment for showing home.
Listed with Gold Trust 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/!
$429,500 :: 2394 W Orchid Lane, Chandler AZ, 85224


3 beds, 1.75 baths
Home size: 1,145 sq ft
Lot Size: 4,356 sq ft
Added: 03/16/23, Last Updated: 03/27/23
Property Type: Single Family
MLS Number: 6532210
Community: DOBSON TERRACE
Tract: DOBSON TERRACE
Status: Active
Located in Dobson Terrace, This 3 bedroom, 2 full bath home has stunning solid hardwood floors in the main living area & newer carpet in bedrooms. New roof within the last 12 months. Community Pool! Original homeowner had pride in ownership. Walking distance to Whole Foods and a Starbucks. Less than 2 miles from Chandler Fashion Center. Easy walk to the community pool that has mature lush green landscaping. All appliances inside the home and garage cabinets convey with the property.
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/!
$535,000 :: 1081 E PARKVIEW Court, Gilbert AZ, 85295


3 beds, 2.5 baths
Home size: 1,837 sq ft
Lot Size: 3,921 sq ft
Added: 01/15/23, Last Updated: 03/27/23
Property Type: Single Family
MLS Number: 6505292
Community: VILLAGES AT THE SPECTRUM PARCEL 1
Tract: VILLAGES AT THE SPECTRUM PARCEL 1
The price of this listing was last reduced on 3/27/2023 by 3%
Status: Active
Pride of ownership shows inside and outside this beautifully remodeled home. Great community in a highly desired location with walking paths, green belt, and the elementary school right down the road. Restaurants, shopping and Downtown Gilbert within minutes. This shows like a model home with a BACKYARD for great cookouts and family time.
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/!
$640,000 :: 949 E GAIL Drive, Gilbert AZ, 85296


4 beds, 2.5 baths
Home size: 2,963 sq ft
Lot Size: 9,584 sq ft
Added: 11/10/22, Last Updated: 03/27/23
Property Type: Single Family
MLS Number: 6488034
Community: LINDSAY RANCH UNIT 4
Tract: LINDSAY RANCH UNIT 4
The price of this listing was last reduced on 3/17/2023 by 3%
Status: Active
Welcome to your dream home! This superb Gilbert home has it all: open concept living, vaulted ceilings, tile and carpet in all the right places, and bright and inviting spaces that will make you feel right at home. This property boasts a den/office, formal dining area, and eat-in kitchen. The kitchen offers stainless steel appliances, large island, RO System and pull out organization on the lower cabinets. Each of the bedrooms are generous in size. The primary bedroom features a walk-in closet and stunning en-suite bathroom. This well maintained home has dampers installed in the AC System to maximize efficiency, an expanded electrical system in the garage for all your projects, a sink in the laundry room and a smart timer on the irrigation system. Enjoy your time outside in the sparkling
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/!
$429,000 :: 2580 E BOSTON Street, Gilbert AZ, 85295


3 beds, 2 baths
Home size: 1,351 sq ft
Lot Size: 3,485 sq ft
Added: 03/27/23, Last Updated: 03/27/23
Property Type: Single Family
MLS Number: 6533605
Community: The Cove at Vincenz
Tract: The Cove at Vincenz
Status: Active
Upon entry to this great room floor plan, the home grabs you with its cozy living room/dining room/kitchen combination. Tile floors contribute to the airy feel, and the eat-in kitchen is decked with stainless steel appliances, granite countertops, and a reach-in pantry. Access to the private backyard covered patio is through sliding glass door in living room. The Primary Suite with on-suite bath is complete with private toilet room, walk in shower, and access to walk-in closet. 2 secondary bedrooms are separate from primary bedroom. This end unit has no front neighbor for an open feeling. Accessible via 202 for fast commute and minutes from San Tan Village shopping and dining.
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/!
$669,000 :: 4068 E BRUCE Avenue, Gilbert AZ, 85234


4 beds, 3 baths
Home size: 2,746 sq ft
Lot Size: 7,406 sq ft
Added: 12/06/22, Last Updated: 03/27/23
Property Type: Single Family
MLS Number: 6495817
Community: HIGHLAND GROVES AT MORRISON RANCH
Tract: HIGHLAND GROVES AT MORRISON RANCH
The price of this listing was last reduced on 3/27/2023 by 1%
Status: Active
Gorgeous home in the highly sought after Morrison Ranch in Gilbert, AZ! 4 beds with 3 baths and a loft that could be converted into another bedroom. Beautiful Acacia wood floors along with tile in all the traffic areas. Large living room along with formal dining area. Kitchen has granite countertops, stainless steel appliances and walk-in pantry. 3.5 car garage with plenty of space for all your toys. Bedroom and bathroom downstairs that is currently being used as an office, but could be a perfect guest quarters. Upstairs leads you to the 3 bedrooms with a ton of natural light throughout. Master has double doors, huge bathroom with dual sinks and vanity area. Separate shower and tub with a large walk-in closet. If you have not been to Morrison ranch, you need to come see this home today!
Listed with Limitless 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/!
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