I know there are a lot of other posts about parsing comma-separated values, but I couldn\'t find one that splits key-value pairs and handles quoted commas.
I have st
Python seems to offer many ways to solve the task. Here is a little more c like implemented way, processing each char. Would be interesting to know different run times.
str = 'age=12,name=bob,hobbies="games,reading",phrase="I\'m cool!"'
key = ""
val = ""
dict = {}
parse_string = False
parse_key = True
# parse_val = False
for c in str:
    print(c)
    if c == '"' and not parse_string:
        parse_string = True
        continue
    elif c == '"' and parse_string:
        parse_string = False
        continue
    if parse_string:
        val += c
        continue
    if c == ',': # terminate entry
        dict[key] = val #add to dict
        key = ""
        val = ""
        parse_key = True
        continue
    elif c == '=' and parse_key:
        parse_key = False
    elif parse_key:
        key += c
    else:
        val+=c
dict[key] = val
print(dict.items())
# {'phrase': "I'm cool!", 'age': '12', 'name': 'bob', 'hobbies': 'games,reading'}
demo: http://repl.it/6oC/1
It's possible to do with a regular expression. In this case, it might actually be the best option, too. I think this will work with most input, even escaped quotes such as this one: phrase='I\'m cool'
With the VERBOSE flag, it's possible to make complicated regular expressions quite readable.
import re
text = '''age=12,name=bob,hobbies="games,reading",phrase="I'm cool!"'''
regex = re.compile(
    r'''
        (?P<key>\w+)=      # Key consists of only alphanumerics
        (?P<quote>["']?)   # Optional quote character.
        (?P<value>.*?)     # Value is a non greedy match
        (?P=quote)         # Closing quote equals the first.
        ($|,)              # Entry ends with comma or end of string
    ''',
    re.VERBOSE
    )
d = {match.group('key'): match.group('value') for match in regex.finditer(text)}
print(d)  # {'name': 'bob', 'phrase': "I'm cool!", 'age': '12', 'hobbies': 'games,reading'}
You just needed to use your shlex lexer in POSIX mode. 
Add posix=True when creating the lexer. 
(See the shlex parsing rules)
lexer = shlex.shlex('''age=12,name=bob,hobbies="games,reading",phrase="I'm cool!"''', posix=True)
lexer.whitespace_split = True
lexer.whitespace = ','
props = dict(pair.split('=', 1) for pair in lexer)
Outputs :
{'age': '12', 'phrase': "I'm cool!", 'hobbies': 'games,reading', 'name': 'bob'}
PS : Regular expressions won't be able to parse key-value pairs as long as the input can contain quoted = or , characters. Even preprocessing the string wouldn't be able to make the input be parsed by a regular expression, because that kind of input cannot be formally defined as a regular language. 
Ok, I actually figured out a pretty nifty way, which is to split on both comma and equal sign, then take 2 tokens at a time.
input_str = '''age=12,name=bob,hobbies="games,reading",phrase="I'm cool!"'''
lexer = shlex.shlex(input_str)
lexer.whitespace_split = True
lexer.whitespace = ',='
ret = {}
try:
  while True:
    key = next(lexer)
    value = next(lexer)
    # Remove surrounding quotes
    if len(value) >= 2 and (value[0] == value[-1] == '"' or
                            value[0] == value[-1] == '\''):
      value = value[1:-1]
    ret[key] = value
except StopIteration:
  # Somehow do error checking to see if you ended up with an extra token.
  pass
print ret
Then you get:
{
  'age': '12',
  'name': 'bob',
  'hobbies': 'games,reading',
  'phrase': "I'm cool!",
}
However, this doesn't check that you don't have weird stuff like: age,12=name,bob, but I'm ok with that in my use case.
EDIT: Handle both double-quotes and single-quotes.
You could abuse Python tokenizer to parse the key-value list:
#!/usr/bin/env python
from tokenize import generate_tokens, NAME, NUMBER, OP, STRING, ENDMARKER
def parse_key_value_list(text):
    key = value = None
    for type, string, _,_,_ in generate_tokens(lambda it=iter([text]): next(it)):
        if type == NAME and key is None:
            key = string
        elif type in {NAME, NUMBER, STRING}:
            value = {
                NAME: lambda x: x,
                NUMBER: int,
                STRING: lambda x: x[1:-1]
            }[type](string)
        elif ((type == OP and string == ',') or
              (type == ENDMARKER and key is not None)):
            yield key, value
            key = value = None
text = '''age=12,name=bob,hobbies="games,reading",phrase="I'm cool!"'''
print(dict(parse_key_value_list(text)))
{'phrase': "I'm cool!", 'age': 12, 'name': 'bob', 'hobbies': 'games,reading'}
You could use a finite-state machine (FSM) to implement a stricter parser. The parser uses only the current state and the next token to parse input:
#!/usr/bin/env python
from tokenize import generate_tokens, NAME, NUMBER, OP, STRING, ENDMARKER
def parse_key_value_list(text):
    def check(condition):
        if not condition:
            raise ValueError((state, token))
    KEY, EQ, VALUE, SEP = range(4)
    state = KEY
    for token in generate_tokens(lambda it=iter([text]): next(it)):
        type, string = token[:2]
        if state == KEY:
            check(type == NAME)
            key = string
            state = EQ
        elif state == EQ:
            check(type == OP and string == '=')
            state = VALUE
        elif state == VALUE:
            check(type in {NAME, NUMBER, STRING})
            value = {
                NAME: lambda x: x,
                NUMBER: int,
                STRING: lambda x: x[1:-1]
            }[type](string)
            state = SEP
        elif state == SEP:
            check(type == OP and string == ',' or type == ENDMARKER)
            yield key, value
            state = KEY
text = '''age=12,name=bob,hobbies="games,reading",phrase="I'm cool!"'''
print(dict(parse_key_value_list(text)))