2014 Real Estate Market Update

How 2013 ended and where is the market going in  2014?Waterfront View II

The past 2 years have provided Phoenix area homeowners with double digit gains, and the market has been in the sellers’ favor.  But with higher prices and more sellers looking to take advantage, the balance between buyers and sellers is shifting.  Distressed sales (short sales and  foreclosures) which were a favorite of investors continue to see significant decreases. Are foreclosures coming back? Will more houses sell in 2014? How long will it take to sell a home in 2014? Are inventory levels still low?  Continue to read for answers to these questions.

Where have the distressed sales gone?

Dec 2013 Distressed Sales

It doesn’t seem too long ago that horror stories about getting a short sale closed were all too common. And those foreclosures and  short sales that investors eagerly sought after are all but gone.  And if you find a Fannie Mae foreclosure, it is probably over-priced when it comes on the market.  Foreclosure sales are now quickly becoming a minority of total sales.  In most all Phoenix area cities distressed sales have been cut in half or more in the last 12 months. The graph to the left shows distressed sales as a percentage of monthly sales for various cities.  Chandler distressed sales went from 36% in Dec. 2012 to 14%  in Dec. 2013.  Gilbert distressed sales reduced from 37% to 13%, and Glendale from  41% to 20%, and Avondale saw distressed sales change from 52% to 27% while Mesa sent from 35% to 17%.  These drops are very not suprising  since Notices of Trustee Sale which are a leading indicator of short sales and foreclosures are down to levels not seen since 2006!

Will more homes sell in 2014?Phoenix sales per week 2014

As prices have risen for the past three years, demand or sales of houses has responded to price changes, something economists call ‘Price elasticity of Demand’.   The chart to the right shows the sales for the city of Phoenix for years 2011 – 2013 and the first weeks  of January 2014.  This chart is representative of most valley cities. The bottom line is that demand or sales for houses has decreased as the prices have increased. Additionally, the number of homes for sale has gone up.  So it is understandable why sales during the first month of 2014 are lower than the previous 3 years and likely to continue for the year.

How long will it take to sell in 2014?

Months Supply Feb 2014If you are a seller and wondering how long it will take to sell your home, the graph to the left my be a guideline. It shows how many months of supply of homes are on the market for specific price ranges.  As you can see it will depend on the market value of the property. Gone are the days when homes would go on the market Friday and receive multiple offers over the weekend.  Even lower prices homes are taking longer than a year ago.

What’s ahead in 2014?Active Listings by Category

2014  will be a transition year for Phoenix real estate that seeks equilibrium from previous extremes and becomes a normal market(if that’s possible). One  of differences between 2013 and 2014 will inventory levels or available homes for sale, both in the number and type.  Since mid-2013 the available homes for sale has been rising, and fewer are short sales and foreclosures as noted above.

Price appreciation will be significantly less than in previous years.  Reasons for this slow down?

1.)  Interest rates will be higher than in the past.  A discussion with a good loan officer will be helpful in this regard.

2.)   There are not as many investors as there were a year ago when short sales and foreclosures were in high demand due to lower prices.

3.) Higher inventory levels provide buyers more leverage.

4.) Fewer properties will be sold in 2014 than in 2013 as noted above.  With more homes for sale in 2014, buyers will have more leverage and homes from which to choose which will dampen the price appreciation we’ve enjoyed for the last 2 years.

Pontoon boat viewIn 2014, it will be more important than ever to property price a home, make necessary preparations before going on the market, and getting maximum exposure to qualified buyers.
If you’d like me to review comparable sales for your property, click on What’s the Value of My Home. To receive available homes for sale, click on Send Me New Listings.

Related Posts

2013 First Half Real Estate Trends

How has Real Estate Started in 2013?

Over-Priced Fannie Mae Short Sales and Foreclosures

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Gilbert Home Search

$999,999 :: 2111 E GONDOLA Lane, Gilbert AZ, 85234

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4 beds, 3 baths
Home size: 2,505 sq ft
Lot Size: 10,455 sq ft
Added: 09/02/22, Last Updated: 11/25/22
Property Type: Single Family
MLS Number: 6459011
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 11/25/2022 by 9%
Status: Active


Absolutely gorgeous, waterfront, single level, North/South facing custom home perfectly situated in the highly desired gated community of Regatta at Val Vista Lakes. Luxury vinyl flooring throughout. Herringbone tile backsplash in the kitchen. Stunning quartz countertops in the kitchen/bathrooms. Raised vanities in all 3 bathrooms. Custom upgraded tile in all the shower/bath areas. Unique and fun loft for a bonus room. Sparkling pool overlooking the breathtaking lake. 3 car garage including epoxy flooring and built-in cabinets. Cul-de-sac lot. Val Vista Lakes features a multi-million-dollar clubhouse and all its amenities such as the beautiful waterfalls, junior Olympic heated pool, beach laguna pool, jacuzzi, cabana's, ramada's, 8 outdoor tennis courts, 3 racquetball rooms, locker rooms,

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/!


$999,000 :: 1910 E BAY TREE Court, Gilbert AZ, 85234

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4 beds, 2 baths
Home size: 2,493 sq ft
Lot Size: 11,326 sq ft
Added: 08/27/22, Last Updated: 11/16/22
Property Type: Single Family
MLS Number: 6428629
Community: LAKESIDE AT VAL VISTA LAKES
Tract: LAKESIDE AT VAL VISTA LAKES
The price of this listing was last reduced on 11/3/2022 by 5%
Status: Active


Buyer did not qualify ** Highly desirable gated Lakeside Community single level custom waterfront home in Val Vista Lakes ** Spacious entry leads to living room and dining room ** Kitchen features granite counter tops with seating at island, stainless steel appliances, custom wood cabinets and bay window eating area for views of pool and lake ** Remodeled master bathroom features heated floor , huge tiled walk in shower , and vanity seating area ** Walk in closet with shelving for your shoes and great views of swimming pool and lake ** Wall of windows in kitchen/family room overlooks covered patio, beautiful swimming pool and lake ** Large dock for boating or kayaking to clubhouse to swim at the sandy beach pool ** Other extras include solar panels, and new windows on north side of home

Listed with Penfield 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/!


$659,000 :: 1446 W CORAL REEF Drive, Gilbert AZ, 85233

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3 beds, 2.75 baths
Home size: 2,289 sq ft
Lot Size: 2,178 sq ft
Added: 11/10/22, Last Updated: 11/15/22
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6483428
Community: TOWNHOMES ON CORAL REEF
Tract: TOWNHOMES ON CORAL REEF
Status: Active


LAKE FRONT PROPERTY! Come see this stunning 3-bed, 3 bath, loft area plus den Coral Reef WATERFRONT home! Featuring a 2 car garage w/built-in cabinets. Enter home from the custom security door to be greeted by the welcoming foyer flowing into the family room. The adjacent open kitchen features white cabinets, custom pantry with drawers, a slab granite island, tile backsplash, SS appliances including a beverage refrigerator. Dramatic curved staircase leads to the dual door main bedroom offering a sitting room, private balcony access overlooking tranquil lake views, lavish en suite w/2 sinks & separate tub and shower.. Lovely backyard with a patio space and an amazing view of the shimmering lake! The owner has added a central vacuum, plantation shutters, landscaping and paint throughout.

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/!


$949,000 :: 1560 W COMMERCE Avenue, Gilbert AZ, 85233

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3 beds, 3 baths
Home size: 2,861 sq ft
Lot Size: 9,584 sq ft
Added: 10/08/22, Last Updated: 11/14/22
Property Type: Single Family
MLS Number: 6474273
Community: PLAYA DEL REY AMENDED
Tract: PLAYA DEL REY AMENDED
The price of this listing was last reduced on 11/14/2022 by 5%
Status: Active


WATER SKI LAKE FRONT PROPERTY!!, The only home on ARMLS on the water ski lake in the gated community of Play Del Rey. This update to the interior of this home was just completed, new flooring, SS appliances including a new built-in ice maker, trash compactor, microwave, smooth top range, built-in oven and dishwasher. New light fixtures and more. Amazing views across the back of the home of the negavite edge pool with hot tub, fire pots and built in BBQ perfect for entertaining. Ski year round right from your back yard with direct access to the lake from your backyard. 3 car garage with builtin cabinets for lots of storage.

Listed with Kenneth James 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/!


$1,025,000 :: 1700 E LAKESIDE Drive #31, Gilbert AZ, 85234

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4 beds, 3 baths
Home size: 3,158 sq ft
Lot Size: 5,228 sq ft
Added: 08/19/22, Last Updated: 11/11/22
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6452157
Community: BRECKENRIDGE BAY LOT 1-65 TR A-I
Tract: BRECKENRIDGE BAY LOT 1-65 TR A-I
The price of this listing was last reduced on 11/11/2022 by 2%
Status: Active


Highly sought after Breckenridge Bay Waterfront townhouse in Val Vista Lakes. They spared no expense in updating this home starting from the beautiful iron front entrance door into the open foyer with 25 foot ceilings and sweeping staircase. Dramatic slate tile throughout lower level and into the contemporary kitchen overlooking the lake and peaceful back yard. Formal dining room or home office with large picture window with views to the front entrance sanctuary. Family room has huge floor to ceiling sliding glass doors with unrestricted views to the back yard, lake and distant mountains.Sit by the stone fireplace and relax w/friends.Behind the wrought iron staircase you'll find you're personal wine cellar, home office or main floor bedroom and bathroom. Laundry room is on the main level

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/!


$1,100,000 :: 1302 N CRYSTAL SHORES Drive, Gilbert AZ, 85234

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5 beds, 3 baths
Home size: 3,322 sq ft
Lot Size: 10,019 sq ft
Added: 07/15/22, Last Updated: 11/11/22
Property Type: Single Family
MLS Number: 6432185
Community: CRYSTAL SHORES AMD LOT 1-82 TR A-I
Tract: CRYSTAL SHORES AMD LOT 1-82 TR A-I
The price of this listing was last reduced on 11/11/2022 by 8%
Status: Active


Without a doubt - THE BEST DEAL IN GILBERT! The kitchen is an entertainer's dream! Wolf gas stove, Sub-Zero refrigerator, dual Bosch dishwashers, large walk-in pantry, gorgeous granite countertops and huge island with double beveled edge. Kitchen opens out to the main living space and extends to the backyard, covered patio and outdoor kitchen bar area. Gated spool and gated lot provide additional security. Relax on your private balcony off the main upstairs suite and watch a beautiful sunset.This home is a short boat ride or walk to the community clubhouse where you can play a game of pickleball, racquetball, or tennis, swim laps in the Jr Olympic pool or float in the sand lagoon. Resort living is yours with miles of walking paths, community gardens, play

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 :: 572 E JANET Way, Gilbert AZ, 85297

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5 beds, 4.5 baths
Home size: 3,753 sq ft
Lot Size: 13,504 sq ft
Added: 11/03/22, Last Updated: 11/03/22
Property Type: Single Family
MLS Number: 6482929
Community: LAYTON LAKES PARCEL 1 2ND AMD
Tract: LAYTON LAKES PARCEL 1 2ND AMD
Status: Active


MOTIVATED SELLER! Your dream Oasis waits for you with this gorgeous home in Layton Lakes on a spacious 13,500 sq ft lot. This home boasts over 3700 sq ft and features 5 bedrooms, 4.5 baths as well as a loft and office/den. A large kitchen with a huge dining area, separate dining room, butler's pantry, oversized laundry with outdoor access, living room, and family room round out the downstairs offerings. The oversized three-car garage has been designed for storage and functionality with custom storage options including cabinets, storage racks, and slat wall. It also includes an outlet for an EV car charging station. Relax in the backyard in a 20x40 pool with a grotto water feature and above ground spa without the worry of having neighbors behind you. The neighborhood amenities

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/!


$599,000 :: 1334 W Coral Reef Drive, Gilbert AZ, 85233

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2 beds, 2.5 baths
Home size: 2,048 sq ft
Lot Size: 2,178 sq ft
Added: 09/30/22, Last Updated: 10/30/22
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6471460
Community: The Islands
Tract: The Islands
Status: Active


Beautiful waterfront home located in the desirable Gilbert community ''The Islands''! The Newly updated 1st floor has Brazilian Quartzite countertops in the kitchen, laundry & powder bath. Kitchen includes two ovens, glass cooktop stove, built -in microwave, lg walk-in pantry w/ etched glass door and built-in China cabinet. Luxury flooring includes 24''X24'' tile in downstairs area, wood flooring on stairs/loft area, & new carpet in bedrooms. Master B/R has beautiful lake views with balcony. Master bath has walk-in shower, lg soaking tub, double sinks, vanity area, spacious walk-in closet. Additional balcony located off 2nd b/r and loft area. French doors open to the spacious patio area where you enjoy gorgeous sunsets, kayaking, fishing, boating, lake life at it's best!

Listed with Peak Realty Advisors


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


$1,545,000 :: 1901 E CYPRESS TREE Drive, Gilbert AZ, 85234

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5 beds, 4.5 baths
Home size: 5,196 sq ft
Lot Size: 11,326 sq ft
Added: 09/21/22, Last Updated: 10/13/22
Property Type: Single Family
MLS Number: 6465192
Community: LAKESIDE AT VAL VISTA LAKES
Tract: LAKESIDE AT VAL VISTA LAKES
The price of this listing was last reduced on 10/13/2022 by 3%
Status: Active


Welcome to beautiful Val Vista Lakes featuring your remodeled lakefront dream home. 5 bed, 4.5 bath, 5,000+ sqft, 3 car garage plus a basement. New high-end Anderson windows, new flooring, new bathrooms and a stunning kitchen with large island and gorgeous views of the lake. Whether you want to enjoy a good workout in the gym, watch a movie in the theatre or do crafts in the craft room, this home has it all! The primary suite offers a sitting area, extra large bedroom and 2 custom walk in closets. Head outside to enjoy the grassy yard, pool and your very own boat dock. Taking sunset cruises will be your new favorite way to wind down. Come make 1901 E Cypress Tree your new Home!

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/!


$774,900 :: 501 E Hearne Way, Gilbert AZ, 85234

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4 beds, 3.5 baths
Home size: 3,020 sq ft
Lot Size: 7,406 sq ft
Added: 10/01/22, Last Updated: 10/01/22
Property Type: Single Family
MLS Number: 6471644
Community: Stonebridge Estates
Tract: Stonebridge Estates
Status: Active


Welcome to Stoneridge! Waterfront Home - Amazing views when you walk thru the front door to the lake, Open floor plan, soaring ceilings, Four bedrooms with 3.5 baths, Two owner suites, one up and one the main level. Main floor owner suite has access to the patio, large closets & the upstairs owner suite has it's own private balcony overlooking the lake. Chef's delight kitchen with stainless steel appliances, granite countertops, walk in pantry, separate dining room/living and eat in kitchen, & amazing views of the lake. The family room has a wood burning fireplace to take the chill of on the cool winter evenings. Location, Location, Location - on the lake, walking distance to downtown. Complete home inspection done and repairs made prior to listing home! Check it out!

Listed with RE/MAX Excalibur


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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