Lack of Homes for Sale Slowing Down the Housing Market

Lack of Homes for Sale Slowing Down the Housing Market | Simplifying The 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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30268 W Mitchell Avenue Buckeye, AZ 85396

$499,000
4 Beds
2.5 Baths
3,120 SqFt
Status Active
MLS # 6696883
Property Type Single Family Residence
Price Type --
If you yearn for a home that embodies spaciousness, beauty, and tender care, then this extraordinary abode awaits your arrival. Upon approaching you'll be greeted by a triple-car garage, providing ample space for your vehicles and extra storage. A convenient service door leads directly to the backyard, a private sanctuary where nature's tranquility unfolds. Inside, style and functionality welcomes you. The ground floor boasts a gracious bedroom, offering a haven of privacy and convenience. As you ascend the staircase, a sprawling loft awaits, a versatile space that can effortlessly adapt to your changing needs. This expansive area is a blank canvas for your imagination. Venture outside, where you have full-covered patio where you can unwind and embrace the serenity of your surroundings The shade of patio provides respite from the summer sun, while blooming citrus trees and vibrant rose bushes add a touch of fragrant beauty. Imagine sipping your morning coffee as the sweet scent of orange blossoms fills the air, or hosting intimate gatherings as the evening stars twinkle above. The exterior was professionally painted in 2021, new hot water heater 2019, pool equipment with new motherboard 2023, new roll up shades 2023. Pool is salt water, pebble sheen and it is wired for a spa. Check out this awesome home

18221 N 85th Drive Peoria, AZ 85382

$499,000 - 4Br/3Ba -  for Sale in Parcel 3 At Bell Park Lot 1-83 Tr A, Peoria
New
$499,000
4 Beds
3 Baths
2,107 SqFt
Status Active
MLS # 6695970
Property Type Single Family Residence
Price Type --
Close proximity to the P83 entertainment District, 101 Freeway, Arrowhead Mall and Apache Elementary School. Don't miss out on this opportunity to own this exceptional home. Interior was recently painted and all new sunscreens and carpet. Newer roof and AC in 2018 which offers worry-free living. Step inside to a well-designed layout featuring tiled in the main areas and carpet flooring. Formal Living/Dining and family room. The downstairs bedroom provides flexibility for guests or a home office with a full bathroom. Upstairs, three additional bedrooms. The kitchen boasts modern appliances, ample storage, and an open layout that effortlessly connects to the living and dining areas, making entertaining a breeze.

8337 E Portobello Avenue Mesa, AZ 85212

$499,000 - 4Br/2Ba -  for Sale in Boulder Creek Unit 1, Mesa
New
$499,000
4 Beds
2 Baths
1,520 SqFt
Status Active
MLS # 6696915
Property Type Single Family Residence
Price Type --
Welcome home to this incredible property located in Boulder Creek community in Mesa, Arizona. This home sits on a corner lot & features a gorgeous backyard complete with a heated pool that was built only 2 years ago, above ground hot tub, turf & a covered patio. This space is perfect for entertaining. Inside the home you'll discover vaulted ceilings, freshly painted walls, tile & laminate wood flooring. The owner's suite was recently updated & features a large walk in shower with a bench, dual vanities with granite countertops, a walk in closet & a light up, defog mirror. The kitchen has newer appliances, granite countertops & a motion sensor faucet. There's more fun details in the kitchen like the oven light that turns on when you knock on the oven door & the dishwasher that plays music after it's done. This home has so much to offer including a great location! It is near the 202 & 60 freeways giving you quick access to everything Mesa & Queen Creek offers. It's also just minutes from the scenic Usery Mountain Regional Park. If you've been waiting for the perfect home to hit the market, wait no longer!

7647 E Montecito Avenue Scottsdale, AZ 85251

$499,000 - 3Br/3Ba -  for Sale in Casa Granada East Townhouses, Scottsdale
New
$499,000
3 Beds
2.5 Baths
1,656 SqFt
Status Active
MLS # 6697074
Property Type Townhouse
Price Type --
HUGE OLD TOWN SCOTTSDALE opportunity! 3 Bedroom spacious Townhome! 2 Covered Parking Spots, Back Yard, Shed, Community Pool and Playground, Walking to Old Town and all the benefits of one of Scottsdale's most desirable areas!

11964 W Mountain View Drive Avondale, AZ 85323

$499,000 - 3Br/2Ba -  for Sale in Del Rio Ranch Unit 3, Avondale
New
$499,000
3 Beds
2 Baths
2,348 SqFt
Status Active
MLS # 6697272
Property Type Single Family Residence
Price Type --
Entertainer's Dream Home with Sparkling Heated Pool - Former Model! Looking for a home that turns heads and begs for pool parties? Look no further! This stunning home boasts upgrades galore and an entertainer's dream backyard! Gorgeous kitchen: Featuring a plethora of upgraded cabinets, tons of countertop space and beautiful upgraded flooring throughout, this kitchen is a chef's paradise. Curl up next to the inviting gas fireplace for a touch of ambiance. Luxurious master suite, this expansive space features a luxurious en suite bathroom with his and hers closets (yes, you read that right!). Sparkling heated pool and The beautifully landscaped backyard creates a serene escape. Expansive paver patio, complete with a pergola for shade. Garage features tons of storage!

4201 E Camelback Road Phoenix, AZ 85018

$499,000 - 2Br/2Ba -  for Sale in Villa Green Lot 1-108, Phoenix
New
$499,000
2 Beds
2 Baths
1,135 SqFt
Status Active
MLS # 6698029
Property Type Townhouse
Price Type --
Rare opportunity to purchase fully remodeled condo in one of the best locations of phoenix. Stunning views of camelback mountain right from your patio. Steps away from Global Ambassador,The Henry, Steak 44, Camelback Village Club and so much more. Pool/spa/gas bbq steps from unit. As for the interior, must see for yourself! All new kitchen cabinets, granite counters, natural stone backsplash, RO filtration system, adjustable racked pantry, appliances, recessed lighting, windows, doors, interior doors and entry door, 5'' baseboards, LVP flooring, fully tiled bathrooms, Dimmable LED lighting throughout condo, smart locking system, 2 in 1 washer/dryer combo. All furnishings may be included with the right offer or sold separate bill of sale.

2004 N Lake Breeze Road Lakeside, AZ 85929

$499,000
2 Beds
2 Baths
1,170 SqFt
Status Active
MLS # 6694622
Property Type Single Family Residence
Price Type --
Beautifully FURNISHED by LAKES! True pride of ownership shines in this gorgeous 2 bed, 2 bath home, located in the gated community Creekside. This open concept house features a stunning accent TV wall, a floor to ceiling stone fireplace, and vaulted ceilings. The kitchen has a large island, upgraded cabinetry with lighting underneath & on the floor, and a fabulous backsplash that goes up to the ceiling! The large master bedroom has a custom-made wall with an electric fireplace and inset TV, along w/ a walk-in closet and ensuite bathroom. All bathrooms are upgraded to coordinate with the kitchen. The back deck is a dream w/ a privacy screen on the side, perfect for enjoying the cool mountain air - just a few steps away, you can also enjoy your lovely private hot tub!! This home is exquisitely furnished - a designer's dream! Everything is done to perfection. It's ready for you to move in. The kitchen it truly amazing with a gas cook top. All appliances are Frigid Air Professional Series. The counter space is great with a large center island with bar stools. There is a pantry too. Lovely designer touches throughout from lighting, fixtures and other finishes. The guest bedroom has a custom-made queen over queen bunk bed that is suitable for adults. Walk in laundry with extra storage. Behind the water closet in the primary bedroom is a large linen closet. The master/primary shower has floor to ceiling tile with accent river rocks. There is also a double sink vanity. Rainbow lake is just around the corner to boating, kayaking, canoeing or fishing. Creekside - gated community is centrally located, close to everything. The home has a 2 car garage for toys and storage! Imagine living in the White Mountains of Arizona where you have 4 beautiful seasons and where you can breathe in the fresh mountain air and enjoy the 40 lakes and over 600 miles of rivers and streams. In addition to the amazing fishing, this area has one of the most extensive trail systems in the southwest for hiking, biking, horseback riding, quadding and more. Sunrise Ski Resort is also just 40 minutes away with 3 beautiful mountains to ski, snow board or sled. If shopping is your interest, you will love the antique stores and the multitude of arts and craft shows that happen in the summer. The music festivals have something to fit everyone's enjoyment. Do you love to golf? There are 7 amazing golf courses, 3 that are public. The White Mountains, where this home/cabin is the best kept secret of Arizona! Come and explore and enhance your living! Pinetop-Lakeside was also voted 'Best Cabin Region in the U.S... Embrace the MAGIC!

4524 E Shomi Street Phoenix, AZ 85044

$499,000 - 3Br/2Ba -  for Sale in Ahwatukee Rtv-2, Phoenix
New
$499,000
3 Beds
2 Baths
1,420 SqFt
Status Active
MLS # 6697283
Property Type Single Family Residence
Price Type --
This is It a Complete Remodel, that backs up to the golf course, with a New A/C, New Roof, New Appliances All Included Refrigerator, Washer, Dryer, Microwave, Dishwasher, Wine Cooler, Range/Oven, Electric Fireplace, T.V. Open Kitchen Area with New Cabinets with crown molding, New Marble Countertops, Gold water faucet, Electric Fireplace with custom chimney, Beautiful Tile throughout the home, Vaulted Ceiling with new ceiling fans, New Windows and all new doors. Marble Showers in both bathrooms, New Vanities in each bathroom with Large custom closets space. Bay window in the master bedroom. The yard backs up to the Golf Course with spectacular views, Desert Landscape with a large fountain. Bar-b-que area with patios area. Two Car Garage, Great Location close to shopping. Must See home!!!

12340 W Rosewood Lane Peoria, AZ 85383

$499,000
2 Beds
2 Baths
1,635 SqFt
Status Active
MLS # 6617974
Property Type Single Family Residence
Price Type --
Lightly lived in, attractively upgraded Tuscan 'Flora' on corner lot with mature landscaping. TURNKEY OPPORTUNITY—furniture & furnishings available by Separate Bill of Sale. for $1. The many upgrades include LARGE FLOOR TILE throughout except carpet in bedrooms, HONEYCOMB top-down/bottom-up window coverings, wall of stunning built-in cabinetry in den, spacious garage w/4-ft. extension & attached cabinets, workstation, utility sink, & a HIGHLY UPGRADED KITCHEN. The beautiful eat-in kitchen features GRANITE SLAB countertops & full granite tile backsplash, rich honey-stained maple cabinetry w/ rollouts, GE Profile appliances PLUS Frigidaire refrigerator-NEW 2019, stainless industrial pull-down faucet-NEW 2023 & pendant light fixture-NEW 2021. . Exterior paint-NEW 2024. Enjoy meals looking looking out at the courtyard & outdoors through the SLIDING GLASS DOOR to the courtyard or go out for morning coffee. The primary suite has a SLIDING GLASS DOOR to the back patio. Both baths have attractive TILE countertops on tall cabinets and TILE surrounds in the tub/shower (guest) & shower (primary). Primary bath is also upgraded with heavy duty shower doors & elevated toilet. The great room is light & bright with a wall of windows with views of the backyard. The extended back patio with Kool decking & lush landscaping create a relaxing environment. The BUILT-IN GAS BBQ with GRANITE SLAB work area offers more opportunities to enjoy the outdoors. This home is located in award-winning gated, 55+ Trilogy at Vistancia with 5-star-resort style amenities at the 35,000 SF Kiva Club with indoor & outdoor pools, fitness center, day spa, cafe, billiards, meeting rooms, library, tennis courts, pickle ball, bocce ball, events & a plethora of activities to choose from. Outstanding Gary Panks-designed golf course is woven throughout the original part of the neighborhood. The Mita Club has additional outstanding community amenities. Easy access from Trilogy to the 303, shopping, restaurants, entertainment, Lake Pleasant & Paloma Park, Peoria's huge new community park loaded with amenities.

4274 Sawbuck Way Wickenburg, AZ 85390

$499,000
2 Beds
2 Baths
1,744 SqFt
Status Active
MLS # 6600394
Property Type Single Family Residence
Price Type --
Move in ready home in Wickenburg Ranch, 55+ neighborhood. Home sits on one of the largest lots in this community and the backyard opens up to a wonderful common area which is fenced for privacy. The backyard also has a custom water feature, artificial turf and a nice sized covered pergola. Beautiful landscaping front and back. Enjoy the 10 ft ceilings, custom fireplace, walk in pantry, granite countertops in kitchen, extra wide hallway, custom cabinets in garage., floored attic which give you a large storage area. Your HOA fee includes play on the nine hole golf course, heated pool and spa, pickleball courts, state of the art gym, dog park, miles of walking paths, catch and release fishing in the Lake Park!!! With so many activities offered, you will never be bored. Owner/agent.

5430 W St Kateri Drive Laveen, AZ 85339

$499,000
5 Beds
3 Baths
4,040 SqFt
Status Active
MLS # 6616801
Property Type Single Family Residence
Price Type --
NEED LOTS OF SPACE? How about a home with over 4000 sq ft? 5-bedroom, 3-bathroom home featuring a 3-car garage and a large loft. The main level offers a living room, a front room, a large bedroom, and a full bathroom. All bedrooms come with walk-in closets, and the master bedroom is particularly roomy with an extra large walk-in closet. The kitchen is equipped with a large island and an extra-large walk-in pantry. The island provides great space for entertaining and there is plenty of extra cabinet space. For added comfort, both AC units were replaced in March 2023. Conveniently located, there are three parks with playground equipment/toys, gazebos and a basketball court, making it a perfect place for outdoor activities and fun.

263 E Alcatara Avenue Queen Creek, AZ 85140

$499,000
2 Beds
2 Baths
1,433 SqFt
Status Active
MLS # 6626180
Property Type Single Family Residence
Price Type --
The ''St. Tropez'' within Encanterra features an open floor plan that allows for comfortable living, yet perfectly sized so maintenance won't interfere with you enjoying the almost 70,000 sq ft of amenities on just under 800 beautiful acres. You'll have access to private golf, 4 pools (2 with bar and grill), tennis, pickle ball, bocci, gym and fitness classes, social clubs, and so so much more! This home is located in the Non-Age restricted portion of the community, close to all amenities. The home features a large Kitchen Island, inside laundry w/ storage, walk in shower, extended garage w/ epoxy finish and MORE! The mature landscaping and ample outdoor space are perfect for evening gatherings around the fire pit.

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