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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4164 W Nora Drive San Tan Valley, AZ 85144

$498,135
3 Beds
2 Baths
2,232 SqFt
Status Active
MLS # 6688576
Property Type Single Family Residence
Price Type --
Beautiful 3 bedroom plus flex room with European kitchen layout, stainless steel appliances. Tile throughout except bedrooms, white cabinets granite counter tops.

1911 N 163rd Drive Goodyear, AZ 85395

$498,000
2 Beds
2 Baths
1,706 SqFt
Status Active
MLS # 6681542
Property Type Single Family Residence
Price Type --
Motivated Owner has done many upgrades to this Riveria model home since building in 2008. 2016 intereior painted, 2019 Hot water heater,and exterior painted, 2021 Trane HVAC system, PVC system, Security screen door, owner's suite main window replaced, guest bath solar tube to name a few! Home offers eat-in kitchen w/island, gas range, all appliances incld. Open floor plan with easy access to the fun outdoor entertaining area w/covered patio, lots of seating areas, built-in BBQ, fireplace, very private! Home offers 2 bed(owners suite w/own bath and walk-in closet, den w/doors, 2 car extended garage! Must see to appreciate! PebbleCreek is an Active Adult Community offering 3 golf courses, pickleball, bocce ball, tennis, theater and more!

4103 S Lois Lane Sierra Vista, AZ 85635

$498,000
4 Beds
2 Baths
2,160 SqFt
Status Active
MLS # 6683150
Property Type Single Family Residence
Price Type --
Stunning 2,160 sf open concept, split plan, 4BD/plus Den/Office/2BA custom home with 3-car garage. White painted cabinets with hardware, and granite counter tops throughout (including utility/laundry). Kitchen features large island, pantry, subway tile backsplash, and pendant lights over large island. Vaulted ceilings in Living, Kitchen, and Dining. Baths feature double sinks, subway tile shower and bath surrounds. Luxury vinyl plank (LVP) flooring throughout entire house. Master suite has huge walk-in closet, double sinks, and large walk-in shower with two niches. Ceiling fans in Living, all bedrooms and Den. Huge back patio and large backyard with block fence. This home is nestled within a beautiful custom home neighborhood and boasts breathtaking panoramic mountain views.

40905 N 10th Street Phoenix, AZ 85086

$498,000
3 Beds
2.5 Baths
1,843 SqFt
Status Active
MLS # 6684047
Property Type Single Family Residence
Price Type --
Discover your desert sanctuary in this contemporary gem built in 2021. Set on almost an acre and a half at the base of a gentle hill, this two-story retreat offers three bedrooms, 2 1/2 bathrooms, and an airy open floor plan. Picture-perfect views greet you from every angle, with the master suite boasting panoramic vistas. Inside, a modern kitchen with top-of-the-line appliances beckons for culinary adventures, while expansive windows blur the lines between indoors and out, leading to a spacious patio ideal for entertaining or stargazing. This is more than a home—it's an invitation to embrace the desert lifestyle. Don't miss out on making it your own oasis.

18217 W Cedarwood Lane Goodyear, AZ 85338

$498,000
2 Beds
2 Baths
1,891 SqFt
Status Active
MLS # 6687325
Property Type Single Family Residence
Price Type --
Welcome to this beautifully upgraded Cadence floor plan in the lake-inspired Active Adult community of CantaMia! This stunning property offers not only an open living space with no carpet but also a lifestyle filled with excitement and endless possibilities. As you enter through the front gate, you're greeted by a sprawling courtyard, perfect for entertaining or simply enjoying the outdoors. Inside, the kitchen is a chef's dream with granite countertops, matching backsplash, stainless steel appliances, and a large kitchen island also serving as a breakfast bar. The primary bedroom is a sanctuary featuring an oversized closet, granite counters, and a luxurious tiled walk-in super shower with a built-in bench. Flexibility is key with a versatile room complete with French doors located off the great room that can be used as a den, office, or guest room. Outside, the fully enclosed backyard offers privacy with block fencing and the added bonus of no homes behind, thanks to state-owned land. Enjoy the pomegranate, lemon, and orange trees, which add a touch of nature's bounty to the property. Plus, there is a wash across the street that enhances the sense of space and tranquility, keeping neighboring homes at a distance. Additional highlights include new plantation shutters, an oversized laundry room, a three-car split garage, water softener, and the convenience that all appliances convey. Don't forget about CantaMia's array of amenities. From heated pools and hot tubs to pickleball courts and billiards, there's something for everyone. Engage in card clubs, explore your creative side in the art studio, or stay connected in the IT center. With a 29,000 sq ft village center, fitness facilities, and a charming café, resort-style living is at your fingertips. Don't miss the opportunity to immerse yourself in the amazing lifestyle that CantaMia at Estrella has to offer. Come and experience the pinnacle of active adult living, where every moment is infused with excitement and possibility.

12738 E De La Cruz Street Dewey, AZ 86327

$498,000
3 Beds
2 Baths
1,694 SqFt
Status Active
MLS # 6691424
Property Type Single Family Residence
Price Type --
Better than new! This stunning Quailwood home is turnkey and ready for you. 3 bedrooms and 2 baths, the Grand Teton model features a light and bright open floorplan. Beautiful cabinets and large kitchen island with granite countertops and stainless-steel appliances. Welcoming living room with attractive gas fireplace. Plank porcelain tile throughout and new upgraded carpet in bedrooms. Spacious primary bedroom with impressive walk in closet. Garage has epoxy flooring and storage cabinets. You will appreciate the instant hot water, and water conditioner. Low maintenance yard with paver patio and pergola for all day outdoor enjoyment. Attractive paver driveway. Enjoy the lifestyle of an affordable golf course community full of amenities like pickle ball, fitness center and tennis.

2323 N 51st Place Phoenix, AZ 85008

$498,000 - 3Br/2Ba -  for Sale in Baltz Terrace, Phoenix
New
$498,000
3 Beds
2 Baths
1,308 SqFt
Status Active
MLS # 6695100
Property Type Single Family Residence
Price Type --
This impeccably remodeled turn-key home is ideally situated just south of Arcadia. As you arrive at the property, you will notice the house's charming curb appeal and views of Camelback and Papago. Inside, no detail has been spared. The kitchen has undergone a complete transformation with sleek quartz countertops and top-of-the-line appliances. Both bathrooms exude on trend style with subway tile accents, shiplap detailing and updated vanities. Each room offers ample space for comfortable living. Outside, the backyard features a generously sized covered patio and expansive grassy area. The location is unparalleled, offering effortless freeway access and close proximity to the airport, as well as the vibrant dining and entertainment options of Arcadia and Old Town Scottsdale.

2912 Blue Lake Circle Pinetop, AZ 85935

$498,000 - 3Br/2Ba -  for Sale in Pinetop Lakes Unit 3, Pinetop
New
$498,000
3 Beds
2 Baths
1,281 SqFt
Status Active
MLS # 6698097
Property Type Single Family Residence
Price Type --
This one owner Pinetop Lakes cabin has been lovingly cherished by it's family. The woodsy interior feels so warm and inviting the moment you walk through the door. This 3 bedroom/2 bath 1,281 sq. ft. home is ready for you to call it home today. The versatile 3rd bedroom is also a den/study area but many more uses are possible. Sit on the large sun and covered deck and enjoy the sound of the breeze through the tall pine trees on the spacious .40 acre lot. There is a 1 car garage for extra storage too. This cabin comes with Rec Center privileges and a low HOA.

25657 N 185th Drive Wittmann, AZ 85361

$497,995
3 Beds
2 Baths
1,693 SqFt
Status Active
MLS # 6669478
Property Type Single Family Residence
Price Type --
The Bronze floor plan would certainly take home gold for design! This ranch-style home centers around an open layout with a dining area, a kitchen with a center island, and a great room with center-meet doors leading to the covered patio. The primary suite is adjacent, and showcases a generous walk-in closet and a private bath. Two bedrooms and a second bath complete the residence, which also includes an attached RV garage. You'll love the professionally curated fixtures and finishes selected by our design team!

3335 S Primrose -- Mesa, AZ 85212

$497,990 - 4Br/4Ba -  for Sale in Hawes Crossing Village 1, Mesa
New
$497,990
4 Beds
3.5 Baths
2,039 SqFt
Status Active
MLS # 6697624
Property Type Single Family Residence
Price Type --
A collection of brand-new single-family homes located in the master-planned community in Mesa, AZ. The community feeds into the highly rated Gilbert Public School District, making this an ideal place for growing households. There are many onsite amenities at the masterplan everyone will enjoy, including a swimming pool, basketball court, pickleball court, playground and picnic area. Commuters have easy access to Loop 202 and Phoenix-Mesa Gateway Airport for travel accommodations. This beautiful home features our platinum package including Sonoma Maple Linen cabinets and quartz countertops. Super luxury 7 x 22 plank tile flooring.

17708 W Silverwood Drive Goodyear, AZ 85338

$497,950
3 Beds
2 Baths
1,935 SqFt
Status Active
MLS # 6677807
Property Type Single Family Residence
Price Type --
Up to 3% of total purchase price towards closing costs incentive offer. Additional eligibility and limited time restrictions apply. MLS#6677807 Ready March! Discover the Zafiro plan with 3 bedrooms and flex space. Enjoy curb appeal with a landscaped front yard and paver driveway leading to the porch. Perfect for entertaining, living space and covered patio are on one side, while bedrooms and flex room are on the other. Owner's suite offers privacy with walk-in closet, dual vanities, and walk-in shower. Located in a gated, active adult community with resort lifestyle in Estrella Mountain Foothills. Structural options include: paver front porch, multi-slide door at gathering, upgraded square corners, 5' baseboards, 8' interior doors, and pre-plumb reverse osmosis system.

16216 W Indianola Avenue Goodyear, AZ 85395

$497,900
2 Beds
2 Baths
2,200 SqFt
Status Active
MLS # 6602047
Property Type Single Family Residence
Price Type --
Elegant travertine courtyard entry welcomes you to this one of a kind 'Milano' floor plan which has been customized with enclosed game room/sun room, beautiful library cabinets in den, built in cabinets & 'Murphy' bed in guest bdrm; extended master bdrm & family room; ext garage with storage cabinets, golf cart garage; water softener & R/O system. Freshly painted interiors in neutral color palette. Situated on a beautiful lot with great outdoor entertaining spaces including travertine patio, water feature & outdoor kitchen. Pebble Creek showcases stunning resort-style amenities and offers the ultimate value in active adult luxury living. PRICE REDUCED FOR QUICK SALE!

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