#1 Answer to the Housing Shortage: New Construction

The biggest challenge to today’s housing market is the shortage of housing inventory for sale. A normal market would see a six-month supply of homes for sale. Currently, that number is below four months. This is the major reason home prices have continued to appreciate at higher levels than historic averages.

The good news is that builders are now starting to build more homes in lower price ranges.

Builder Confidence is Up

The Housing Market Index from the National Association of Home Builders (NAHB) reveals that builder confidence increased last month. HousingWire quoted NAHB Chief Economist Robert Dietz about the reason for the increase in confidence amongst builders.

“The HMI measure of future sales conditions reached its highest level since June 2005, a sign of growing consumer confidence in the new home market. Especially as existing home inventory remains tight, we can expect increased demand for new construction moving forward.”

Builders are Meeting the Needs of Today’s Purchaser

Builders are not only jumping into the market – they are doing a better job of matching current demand. The Wall Street Journal recently reported:

“In a shift, new households are overwhelmingly choosing to buy rather than rent. Some 854,000 new-owner households were formed during the first three months of the year, more than double the 365,000 new-renter households formed during the period, according to Census Bureau data.”

The WSJ article went on to say:

“Home builders are beginning to shift their focus away from luxury homes and toward homes at lower price points to cater to this burgeoning millennial clientele.”

The graph below compares 2016 to 2017 new construction sales by price point. As we can see, builders are slowly beginning to shift to prices more favorable to the first-time and non-luxury buyer.

#1 Answer to the Housing Shortage: New Construction | Simplifying The Market

Bottom Line

There is a drastic need for a larger supply of home inventory to meet the skyrocketing demand. Builders are finally doing their part to help rectify this situation.  If you are exploring the real estate market for a new build or a resale home, give me a call for more information – J.P. Cook – 602-320-4253.

What’s Your Home Worth?

Search for Your New Home

5513 W Summerside Road Laveen, AZ 85339

$522,990
4 Beds
3 Baths
2,219 SqFt
Status Active
MLS # 6697101
Property Type Single Family Residence
Price Type --
Welcome to this stunning newly constructed single-story home offering a perfect blend of modern convenience and classic design. There's plenty of curb appeal with a modern desert exterior with sleek tile work on the front of the home with a desert landscape and a paver driveway. Boasting 2,219 square feet of meticulously designed living space, with 4 bedrooms, 3 full baths, a 2.5 car garage, and additional spacious guest retreat space, this layout is ideal. The 6 by 36 plank tile floors look like hardwood and are throughout, including the spacious guest retreat for a stylish look and easy maintenance with plush carpet in the bedrooms. The kitchen has a large island that overlooks into the dining and living area making it great for hosting and entertaining. We've added a pendant prewire that sit above the island, so you'll be able to add your own flair to this space. The kitchen provides 42 uppers contemporary white and gray shaker style cabinetry, providing a unique two-tone cabinet presentation, white quartz countertops, sleek matte black hardware, and a light gray kitchen backsplash to bring everything together. With a stainless-steel single bowl undermount sink and upgraded kitchen faucet, you'll be fighting over who gets to do the dishes in this space. You'll also find the additional appliances including dishwasher, gas range, and microwave to be stainless-steel as well. The great room features a beautiful 4 panel sliding glass door perfect for indoor/outdoor living creating a ton of natural light. This home sits on a generous oversized corner homesite giving you the chance to create your own personal oasis in your very own backyard. The primary bedroom in the back of the home offers a spacious and private retreat with double square sinks, matching matte black bathroom and shower fixtures, extra linen closet for storage, and private water closet. The 2.5-car tandem garage allows for ample storage. Don't miss out on making this residence yours. Estimated to be complete in June 2024, just in time to enjoy your new home before summer. Located right off the new Loop 202 and Dobbins. Great location close to dining, freeways, parks, and entertainment.

11477 W Deanne Drive Youngtown, AZ 85363

$522,900
5 Beds
3 Baths
2,486 SqFt
Status Active
MLS # 6677095
Property Type Single Family Residence
Price Type --
Two-story, 5 bedroom and 3 bathroom home that is sure to be the home of your dreams! The Thatcher plan showcases a fully fenced backyard, covered front porch and covered back patio, as well as front yard landscaping. The chef-ready kitchen comes complete with a large kitchen island, expansive granite countertops, and stainless steel appliances. Also located on the first floor is a large family room, formal dining room, and private guest room. Upstairs, the luxurious master suite includes an impressive walk-in closet. Also included on the second floor are 3 more spacious bedrooms, a full bath with double sinks and a large loft. Enjoy the view of the White Tank Mountains from your NEW home! Features cultured stone on front of home.

11500 E Cochise Drive Scottsdale, AZ 85259

$522,500
2 Beds
2 Baths
1,306 SqFt
Status Active
MLS # 6698460
Property Type Townhouse
Price Type --
Desirable gated Scottsdale Condo close to Mayo Clinic, shopping, dining & 101. This single level end unit home boasts a secluded location at the back of the complex. Covered patio opens onto the greenbelt. Delightful kitchen has honey spiced maple cabinets, B/I desk and breakfast bar opens to the great room. Spacious great room has gas fireplace and media center. Primary suite w/walk in closet, large shower and dual sinks. Exclusive community has salt water heated pool and spa, fitness center, ramadas, BBQ, rec center and lush grounds thru out. All this plus private 1 car gar

4525 N 66th Street Scottsdale, AZ 85251

$522,500
3 Beds
2 Baths
1,962 SqFt
Status Active
MLS # 6660616
Property Type Townhouse
Price Type --
Welcome to a special hidden gem of ''CASA DEL MONTE'' This beautiful highly sought after guard gated community is located in the heart of South Scottsdale bordering Arcadia. This beautifully updated home is truly one-of-a-kind. The home has an open concept floor plan with raised ceilings & plenty of natural light. You are greeted by the welcoming courtyard complete with pavers & direct access from the 2 car carport. The kitchen features, upgraded cabinets, stainless steel appliances, quartz countertops, pendulum lights, kitchen island complete w/ a breakfast bar that flows into the formal dining & family room are with a wood burning bee hive fireplace. The 3rd bedroom is located off the family room & is perfect for guest or a home office. The primary suite features soaring ceilings & an upgraded bathroom with a tiled walk in shower & walk in closet. There are 2 large sliding glass doors off the family room overlooking the expansive covered patio & large lot that is perfect for entertaining. SHORT TERM RENTALS ALLOWED WITH NO RESTRICTIONS, allowing this property the potential for a lucrative investment opportunity. This is the perfect lock & leave property. Casa Del Monte features: 24-hr. guard gate, 3 pools, tennis court, club house, front/back yard maintenance & roof repair/replacement. You are within walking distance to Scottsdale Fashion Square, Old Town Scottsdale, an abundance of hip restaurants, entertainment & just minutes from the Phoenician Golf Club, hiking trails & so much more that Scottsdale has to offer! ***Seller prefers to sell the unit furnished (via separate bill of sale), however is open to selling unfurnished.

25679 N 185th Drive Wittmann, AZ 85361

$521,995
3 Beds
2 Baths
1,826 SqFt
Status Active
MLS # 6669493
Property Type Single Family Residence
Price Type --
Welcome to this beautiful Pewter home, ready for quick move-in! Included features: a covered entry; an open great room with center-meet doors leading onto a covered patio; a dining nook; a well-appointed kitchen boasting 42'' upper cabinets, quartz countertops, a center island, a walk-in pantry and stainless-steel appliances, including a gas range; a convenient laundry and a secluded primary suite showcasing added windows, patio access, a private bath with double sinks a generous walk-in closet. This home also offers wood laminate flooring, cultured marble bathroom countertops, ceiling fan prewiring, front yard landscaping and a concrete-paver driveway and walkway.

20982 N 81st Lane Peoria, AZ 85382

$521,800
3 Beds
2 Baths
1,760 SqFt
Status Active
MLS # 6685478
Property Type Single Family Residence
Price Type --
Nestled in the heart of sought-after Fletcher Heights, this charming 3-bedroom, 2-bathroom + DEN home awaits. Step inside and discover a light and airy haven, thanks to fresh paint and newer hard flooring throughout. The open floor plan is perfect for modern living, a welcoming den with incredible lighting from the bay windows - ideal for a home office or a dedicated playroom. Unleash your inner chef in the gorgeous kitchen, boasting updated stainless steel appliances, a gas range for culinary creations, and a center island with a breakfast bar - a dream for entertaining family and friends. Ample cabinets and storage space throughout the home ensures everything has its place. Beyond the inviting interior, this home offers an unbeatable location. You'll be steps away from Frontier Elementary School and Fletcher Heights community park with tennis courts, playgrounds, picnic ramadas, and walking paths, fostering a vibrant family atmosphere. Plus, easy access to the freeway puts you minutes from top restaurants, shopping, and entertainment. Enjoy an evening under the stars by the built-in wood-burning fireplace in your private backyard, or head to Westgate Entertainment District just 15 minutes away, or Kierland Commons in 25 minutes. This move-in-ready gem also boasts a spacious 2.5 car garage for ample storage. Don't miss your chance to own this Fletcher Heights beauty!

14018 N 44th Drive Glendale, AZ 85306

$521,500
4 Beds
2 Baths
1,938 SqFt
Status Active
MLS # 6695154
Property Type Single Family Residence
Price Type --
This remodeled gem offers the perfect blend of modern luxury and comfort. Situated in an excellent location, this property is a true standout. Step inside to discover a beautifully renovated interior featuring contemporary finishes and thoughtful design elements throughout. The spacious living areas are ideal for entertaining, while the newly remodeled kitchen boasts sleek countertops and state-of-the-art appliances. But the real showstopper awaits outside - a sparkling pool beckons you to unwind and soak up the Arizona sunshine. Adjacent to the pool, an inviting AZ room provides the perfect spot for indoor-outdoor living, whether you're hosting a barbecue or simply enjoying a quiet evening under the stars.

22863 E Watford Drive Queen Creek, AZ 85142

$521,102
3 Beds
2 Baths
1,877 SqFt
Status Active
MLS # 6673286
Property Type Single Family Residence
Price Type --
Brand new home, under construction in Queen Creek. Move in anticipated for approximately April/May. Desert Modern Exterior Style. 3 bedroom, 2 bathroom, plus a bonus flex room and 2 car garage. Kitchen overlooks a spacious combined Great Room and Dining area. New Stainless Steel Whirlpool appliances include a gas range, microwave, and dishwasher. Upgraded Gray cabinets with 42'' upper height are complemented by the white carerra-style quartz designer countertops and a luxury pot filler faucet. Wood-look tile throughout the home and plush carpet in the bedrooms and flex room. Home warranty included. Enjoy an amenity-rich lifestyle with community fitness center, sparkling pool and jacuzzi, pickleball courts, basketball, shaded play structures, play lawns, 2 dog parks, and more.

1650 E Ponderosa Parkway Flagstaff, AZ 86001

$521,095
2 Beds
2 Baths
1,220 SqFt
Status Active
MLS # 6634224
Property Type Apartment
Price Type --
POPULAR 2-bedroom on 2nd floor. Ponderosa Parkway is located close to downtown and NAU. The Urban Trail system will take you all over Flagstaff on foot or bike in minutes! FIRST RESPONDERS & MILITARY receive additional incentives! Call for your private tour today! Visit our Sales office/Model Home in Bldg. 3, Unit 111

4077 S Sabrina Drive Chandler, AZ 85248

$520,000
4 Beds
3 Baths
1,775 SqFt
Status Active
MLS # 6683937
Property Type Townhouse
Price Type --
Welcome to your dream home, a stunning 2021 built residence nestled in the heart of Chandler, AZ's prestigious Echelon at Ocotillo - a Gated Lake Community. This meticulously designed home offers a perfect blend of modern elegance and comfort, providing an unparalleled living experience. Step into a world of sophistication with this beautifully appointed 4 bedroom, 3 bathroom home (1 bed, 1 bath downstairs). Open-concept layout with chef-inspired kitchen and sleek island, upgraded flooring, granite counter tops, stainless steel appliances, ceiling fans and light fixtures. Retreat to the serene master suite, complete with a luxurious ensuite bathroom and walk-in closet. Additional bedrooms offer comfort and versatility. Water softener, RO and Ring security system installed. 2 Car Garage Step outside to your own private oasis! The charming patio provides the perfect setting for al fresco dining or relaxing with a morning cup of coffee. Enjoy the warm Arizona weather year-round in this delightful outdoor space. Resort-Style Amenities-Residents of this community enjoy access to an array of resort-style amenities, including a sparkling swimming pool, clubhouse, and well-maintained grounds. Experience the epitome of luxury living right at your doorstep. Situated in a prime Chandler location, this end unit home offers easy access to top-rated schools, shopping, dining, and entertainment options. Enjoy proximity to major highways, making commuting a breeze and allowing for convenient travel throughout the Phoenix metropolitan area. Don't miss the opportunity to call this exceptional property your new home and experience luxury living at its finest in Chandler, AZ.

21068 E Pickett Street Queen Creek, AZ 85142

$520,000
5 Beds
3 Baths
2,379 SqFt
Status Active
MLS # 6672896
Property Type Single Family Residence
Price Type --
LOCATION, LOCATION, LOCATION! LOCATED in THE HEART OF QUEEN CREEK, this HIGHLY DESIREABLE FLOORPLAN boasts 5 Bedrooms, 3 Bathrooms, & a LOFT. Located downstairs is the Master Bedroom including an En Suite Bath with Dual Vanities, Granite Countertops, a Private Toilet Room, a Large Soaking Tub, and a Walk-in Shower. A Spare Bedroom, a Full Bathroom, & the Laundry Room are all located downstairs. The Gorgeous Eat-in Kitchen opens up to the living room and boasts a Large Peninsula w/ Granite Countertops, Stainless Steel Appliances, Calacatta Marble Backsplash and an Eat-in Kitchen. Upstairs you will find 3 more bedrooms, two which have Walk-in Closets, A Loft, and Full Bathroom. Enjoy the close proximity to the Community Pool/Spa, Cinema, Dining & Shopping, including Queen Creek Marketplace, Target, Sprouts, Trader Joe's, Wal-Mart Supercenter, Queen Creek Branch library, Multiple Parks, Splash Pad, Golfing, in Walking Distance

6274 E Walden Way Prescott Valley, AZ 86314

$520,000
3 Beds
2 Baths
1,661 SqFt
Status Active
MLS # 6677779
Property Type Single Family Residence
Price Type --

Leave a Reply

Your email address will not be published.