Lack of Homes for Sale Slowing Down the Housing Market

The housing crisis is finally in the rear-view mirror as the real estate market moves down the road to a complete recovery. Home values are up. Home sales are up. Distressed sales (foreclosures and short sales) have fallen dramatically. It seems that 2017 will be the year that the housing market races forward again.

However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory. While buyer demand looks like it will remain strong throughout the winter, supply is not keeping up.

Here are the thoughts of a few industry experts on the subject:

National Association of Realtors

“Total housing inventory at the end of December dropped 10.8%…which is the lowest level since NAR began tracking the supply of all housing types in 1999. Inventory has fallen year-over-year for 19 straight months and is at a 3.6-month supply at the current sales pace.”

Jonathan Smoke, Chief Economist for Realtor.com

“More than two-thirds of the markets are seeing less inventory now compared to a year ago.”

Lawrence Yun, Chief Economist at NAR:

“The dismal number of listings in the affordable price range is squeezing prospective first-time buyers the most. As a result, young households are missing out on the wealth gains most homeowners have accrued from the 41% cumulative rise in existing home prices since 2011.”

Sam Khater, Deputy Chief Economist at CoreLogic

“The lack of affordable supply is really driving up home prices.”

Peter Muoio, Chief Economist at Auction.com

“Tight housing inventory remains a constraining factor limiting stronger sales growth…

We expect further price growth to entice more homeowners to list their homes, particularly as existing homeowners have greater equity.”

Bottom Line 

If you are thinking of selling, now may be the time. Demand for your house will be strong at a time when there is very little competition. That could lead to a quick sale for a really good price.  Give me a call for more information – J.P. Cook – 602-320-4253.

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9749 E Jerome Avenue Mesa, AZ 85209

$454,900

3 Beds

2 Baths

1,630 SqFt

Status Active

MLS # 6643948

Property Type Single Family Residence

Price Type --

Beautiful remodeled home on nice corner lot. Parks, community pool, basketball, and tennis/pickle ball right at the end of the street. Solar panels owned free and clear. Attractive landscaping front and back. Upgraded tile flooring. Newer carpet, interior/exterior paint, granite counters, stainless steel appliances, light and plumbing fixtures. Big island kitchen. Living and family rooms. Split 3rd bedroom has double doors for nice office option. Split master bedroom with large bath, separate tub and shower, large walk in closet, double sinks. Attractive security door in front and front walk tile. HVAC is 2011, water heater 2022. Very nice and move in ready! All figures and measurements are approximate - buyer to verify prior to COE.

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2146 W Scully Drive Phoenix, AZ 85023

$454,900

3 Beds

2.5 Baths

1,871 SqFt

Status Active

MLS # 6677874

Property Type Single Family Residence

Price Type --

$5000 Seller concession is now offered to the buyer, to be used however they choose. 3 Bed 2.5 bath home in a gated Pulte Community, With a NEW 2023 $15K HVAC System. This home has a split Two car garage (See Pictures) A gorgeous Kitchen with a huge island and granite counters, a den and living space downstairs with the three bedrooms upstairs. The community offers walking paths, Greenbelts and a sparkling pool with hot tub. Come see it for yourself and make this home yours.

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14622 W Arzon Way Sun City West, AZ 85375

$454,875

2 Beds

2 Baths

2,235 SqFt

Status Active

MLS # 6678598

Property Type Single Family Residence

Price Type --

This Clifton model home, in Sun City West, AZ, has been nicely updated & could be considered by many as move in ready. Home has been expanded to 2235 sq. ft. & has 2 bedrooms, 2 bedrooms, a den & additional space for 2nd office & an arts/craft studio. Updating since 2020 includes: kitchen cabinets & counter tops, guest bathroom, garage door opener, Trane AC/heat, roof underlayment replaced, irrigation system, new patio pavers & 2 security doors. The spacious open floor plan, plus the inviting covered backyard patio, which features a built-in gas BBQ & fireplace, provides ample space to entertain family/friends. Home is located in Sun City West's Trail Ridge golf course section of the city. This is a lovely home that you'll want to see. Don't wait. Make arrangements today to view

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1251 W Sparrow Drive Queen Creek, AZ 85140

$454,529

3 Beds

2.5 Baths

1,846 SqFt

Status Active

MLS # 6684610

Property Type Single Family Residence

Price Type --

North Creek Community will have you feel like your on vacation all year long. Community amenities include a resort style pool, 2 pickle ball courts, full court basketball, bocce ball, corn hole, fire pits, grilling area, tot lot, walking trails and so much more!! This 3 bedroom 2.5 bath home is great to entertain family and friends. Updgraded features include upgraded Biancone Quartz, gas range, upgraded flooring, our close and chill package, 2'' faux wood blinds, washer, dryer, refrigerator, and side yard landscaping all included. Hurry this home is beautiful.

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