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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3636 S 97th Avenue Tolleson, AZ 85353

$499,990

5 Beds

3 Baths

2,688 SqFt

Status Active

MLS # 6694608

Property Type Single Family Residence

Price Type --

Beautiful Brand New Home in a Highly Desirable West valley location. Features countless upgrades such as 9' ceilings, Shaw 17x17 Tile, Granite countertops in the kitchen. Whirlpool Stainless steel appliances. White shaker cabinets with Stainless Steel Pulls. Energy-efficient features throughout, WIFI & programmable thermostat. Spacious walk-in closet in the primary suite. Front yard landscaping, covered patio in the backyard. Spectacular Mountain Views! The community features a greenbelt, a premium neighborhood park with playground. Conveniently located near the new 202 freeway, schools, shopping and dining, and Estrella Mountain Regional Park.

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108 N 236th Avenue Buckeye, AZ 85396

$499,980

4 Beds

3 Baths

2,248 SqFt

Status Active

MLS # 6678396

Property Type Single Family Residence

Price Type --

Recently remodeled 4 bed 3 bath with 3 car garage on a view lot with all new soft close kitchen/bathroom cabinets, quartz counters, designer tiled backsplash, modern cabinet hardware, stainless upgraded appliances, large farmhouse sink with commercial sprayer faucet, tile throughout main home, lush carpet and upgraded padding in bedrooms, new chrome interior door hardware, custom walk in tiled oversized master shower, his and her sinks, large master closet, walk out slider doors from master to back patio, blinds, ceiling fans, designer lighting, LED recessed lights, HUGE laundry room, new water heater, newly painted interior/exterior, huge covered patio with a professionally landscaped back yard with built in BBQ area, mountain views, and so much more to see in person!!

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Tubac AZ 85646

$499,900

2 Beds

2 Baths

1,743 SqFt

Status Active

MLS # 6683032

Property Type Single Family Residence

Price Type --

Adjoining the lush Santa Cruz River, the Trails Head community is a vibrant part of the Barrio de Tubac. You can enjoy proximity to the Historic/Artisan Village of Tubac itself which has recently been voted by USA Today as the number one up and coming Artisan Community in the Country. The Trails Head neighborhood also adjoins the renowned Juan Bautista de Anza National Historic Trail which provides many miles of shaded areas to enjoy throughout the year. This 1743 sq/ft , 2 bedroom 2 bath plus den, home is positioned to take advantage of everything Tubac has to offer. Wether it is enjoying shopping and the art scene or experiencing the many outdoor opportunities, Trails Head in the Barrio de Tubac is a wonderful place to call home!

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Pinetop AZ 85935

$499,900

3 Beds

2 Baths

1,740 SqFt

Status Active

MLS # 6695219

Property Type Single Family Residence

Price Type --

Location, Location, Location! Complete renovation was completed in 2019 including plumbing, electrical & beautiful interior finishes. Including wood floors, granite countertops in the kitchen and bathrooms. The front yard offers apple trees, cherry, blackberry, raspberry, elderberry, strawberry plants, and many more ornamental flowering plants. Rock chip seal driveway new June 2021. Attic space offers 300+ sq ft of additional storage w.a pull down ladder installed 2021. A sturdy decorative stone mailbox was built in 2021. No HOA & close to Woodland Lake Park. Better Hurry!

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10508 E Nichols Avenue Mesa, AZ 85209

$499,900

3 Beds

2 Baths

1,704 SqFt

Status Active

MLS # 6700453

Property Type Single Family Residence

Price Type --

Situated on a N/S Corner Lot within the ''New Old-Home Neighborhood'' of Mulberry. Featuring nice curb appeal with Front Porch and pavered driveway, a split great room floor plan with lots of tile, 2'' Blinds, Lots of Crown Molding, the beautiful kitchen features a huge island/breakfast bar, granite counters with Subway Tile backsplash, Lots of Cabinets w/hardware with crown molding, Stainless Steel Appliances incl Gas Range, Plumbed for gas dryer in laundry room, Large Owners Suite with Crown Molding, Walk-In Closets in Owners Suite & 1 Secondary Bedroom, Covered Patio Overlooking Nicely Landscaped w/synthetic grass area, Separate Awning w/Sitting Area. Plumbed for Sink in Garage. Mulberry is a master-planned community that EVERYONE falls in love with. It's almost like an enchanted land. ...magically reminiscent of the early 1900s when homes sprung up to create quaint neighborhoods. Our community features two beautiful main entrances with lush landscaping. Tree-lined boulevards lead to centrally located Mulberry Park, no more than a short walk from anywhere in the neighborhood. But the neighborhood beauty isn't all we have! Our amenities include sport courts, playgrounds, two pools, fitness, multipurpose room, a huge event lawn, and a Lifestyle program. Adjacent to the community, Desert Ridge Junior and High Schools, as well as two elementary schools, are all part of the top-rated Gilbert School District. The 202 Santan and US 60 Superstition Freeways are each within approximately 1.8 miles of Mulberry. Mesa's tech corridor, expected to provide thousands of job opportunities, lies just one mile south. Also, within a mile, you'll find major shopping, dining, and entertainment.

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3040 W Black Oak Loop Show Low, AZ 85901

$499,900

3 Beds

2 Baths

1,432 SqFt

Status Active

MLS # 6679189

Property Type Single Family Residence

Price Type --

Brand-new home. Located in the desirable Torreon Golf Villas II. This stand-alone Villa is just what you've been looking for. Tall Ponderosa Pines surround this pristine new build. Enjoy granite countertops, a walk-in shower, open concept living area, with T&G ceilings. Luxury vinyl plank and 2'' wood blinds throughout. Spacious Kitchen. Gas Fireplace. Insta hot water heater w/filter. 2 garages. This split, Three-bedroom floorplan is ideal for a primary residence, or a place to get away. Just a short ride to the Clubhouse for a nice meal or a round of Golf. Don't forget to bring your fishing pole, to enjoy one of the beautiful lakes on the mountain. At the end of the day, watch the beautiful sunset in the crisp, mountain air. Owner/Agent and may benefit from proceeds

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4422 E Arapahoe Street Phoenix, AZ 85044

New

$499,900

2 Beds

2 Baths

1,397 SqFt

Status Active

MLS # 6704429

Property Type Single Family Residence

Price Type --

On a quiet street your Updated home awaits with another home on only one side while backing up to the greenbelt. Bright and open with lots of natural light. Entertain friends and family in the kitchen that opens to the living area for today's entertaining. Relax on the covered patio while others enjoy the alternate seating area as kids play in pool and pets roam the generously sized yard. So much of what you can touch inside is updated from windows, fixtures, lighting to the modern bathrooms. Your office could be a workout room or even a 3rd bedroom. The large laundry room you deserve (which may make the square footage larger than advertised). Step away is the greenspace behind your home where you can play ball, walk or just let kids and pets play. Less than a mile to shopping and dining.

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3550 E Edna Avenue Phoenix, AZ 85032

$499,900

3 Beds

2 Baths

1,157 SqFt

Status Active

MLS # 6659931

Property Type Single Family Residence

Price Type --

Your dream home awaits! Meticulously cared-for Pulte gem, ready for its next chapter. Second owners, captivated by its charm. Mature landscaping, citrus trio, and a pergola create a private retreat. AMPLE STORAGE, 2 car garage with a Brand-new garage overhead storage, custom blinds, and windows, and fresh paint amplify interior allure. * Updated paint, light & plumbing fixtures and a stove with built-in air fryer! Make it your own or move in hassle-free. Proximity to top-notch dining, shopping, and seamless freeway access. Ideal timing for Spring Training! Embrace an active lifestyle with nearby trails. Modern convenience and security with a smart lock, new ADT system, and cameras. **Your peace of mind assured until July 2025 with an included home warranty. Come see your home in perso

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17852 W Jessie Lane Surprise, AZ 85387

$499,900

4 Beds

2.5 Baths

2,821 SqFt

Status Active

MLS # 6671520

Property Type Single Family Residence

Price Type --

Beautiful move-in ready home with 4 spacious bedrooms, 2.5 baths w/ loft and study. Primary bedroom is downstairs with an en suite bath that connects to the laundry room. Open floor plan with a great room and eat-in kitchen. Large island and a Butler's Pantry. Gorgeous tile downstairs. Upstairs has a large loft with 3 bedrooms and a bath. Low maintenance backyard w/pavers, artificial grass and an RV gate. Perfect home for entertaining!

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3535 W Acapulco Lane Phoenix, AZ 85053

$499,900

4 Beds

2 Baths

2,421 SqFt

Status Active

MLS # 6676367

Property Type Single Family Residence

Price Type --

Stop the car for this immaculate remodeled gem in North Phoenix! This 4 bed/2 bath was taken down to the studs and painstakingly renovated from top to bottom. The home features ample natural light, striking wood-look tile in all the right places, new carpet in the bedrooms, neutral colors, and updated bathrooms. The modernized kitchen boasts exquisite quartz countertops, elegant Shaker cabinetry, a spacious breakfast bar, pendant lighting, and new stainless steel appliances. Outside, you'll find an expansive covered patio and low-maintenance landscaping. The home is located in a quiet neighborhood near the I-17, loop 101, ASU West Campus, and GCU. Welcome home!

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8119 W Lane Avenue Glendale, AZ 85303

$499,900

4 Beds

2 Baths

2,012 SqFt

Status Active

MLS # 6675271

Property Type Single Family Residence

Price Type --

WELCOME HOME! A CHARMING SINGLE-STORY RANCH-STYLE HOUSE. NESTLED IN A QUIET, WELL-MAINTAINED GATED COMMUNITY. THE EXTERIOR FEATURES A COVERED PORCH, AND WELL MANICURED LANDSCAPE. ENTERING THE INTERIOR, YOU WILL SEE SHOWCASE TILE THROUGHOUT THE ENTRY-WAY, LIVING SPACE, KITCHEN & BATHROOMS. THIS HOME OFFERS AN OPEN FLOOR PLAN BETWEEN THE KITCHEN & LIVING AREA. UPDATED WITH STAINLESS-STEEL APPLIANCES, GRANITE COUNTERTOPS, & TALL CABINETS. HEADING TO THE BACKYARD, YOU WILL EXIT THROUGH A LARGE DOUBLE SLIDING GLASS DOOR. LEADING TO A COVERED BACK PATIO, & LUSH GREENERY. THE BACK ALSO INCLUDES ELECTRICAL DISCONNECT BOX FOR A SPA! IN ADDITION, BOTH BATHROOMS OFFER DOUBLE SINKS! THE PRIMARY BATHROOM BOASTS A GARDEN TUB & WALK IN SHOWER! THIS 2012 SQ. FT. 4 BED, 2 BATH IS MOVE IN READY!

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701 W Marlboro Drive Chandler, AZ 85225

$499,900

3 Beds

2 Baths

1,515 SqFt

Status Active

MLS # 6678423

Property Type Single Family Residence

Price Type --

Beautifully remodeled 3/2 with a pool in a great chandler neighborhood. Remodel was just finished including new quartz counters, laminate wood flooring in bedrooms, new shower in hall bath, new vanity, interior and exteror paint, new backyard landscaping with turf. new plaster in pool and much more...

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