Epic Housing Shortage Being Reported

Epic Housing Shortage Being Reported | Simplifying The Market

The Joint Center of Housing Studies (JCHS) at Harvard University recently released their 2017 State of the Nation’s Housing Study, and a recent blog from JCHS revealed some of the more surprising aspects of the study.

The first two revelations centered around the shortage of housing inventory currently available in both existing homes and new construction.

Regarding Existing Home Inventory:

“For the fourth year in a row, the inventory of homes for sale across the US not only failed to recover, but dropped yet again. At the end of 2016 there were historically low 1.65 million homes for sale nationwide, which at the current sales rate was just 3.6 months of supply – almost half of the 6.0 months level that is considered a balanced market.”

Regarding New Home Inventory:

“Markets nationwide are still feeling the effects of the deep and extended decline in housing construction. Over the past 10 years, just 9 million new housing units were completed and added to the housing stock. This was the lowest 10-year period on records dating back to the 1970s, and far below the 14 and 15 million units averaged over the 1980s and 1990s.”

Bottom Line

The biggest challenge in today’s market is getting current homeowners and builders to realize the opportunity they have to maximize profit by selling and/or building NOW!!  Give me a call to get started – J.P. Cook – 602-320-4253.

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2550 E Penedes Drive Gilbert, AZ 85298

$685,000
5 Beds
3 Baths
3,083 SqFt
Status Active
MLS # 6759038
Property Type Single Family Residence
Price Type --
Experience elevated living in this upgraded Fulton home, nestled in the highly sought-after Freeman Farms. Ideally located next to the serene community waterfall and lake, this property offers a rare level of privacy with only one neighbor. The home comes equipped with owned solar panels, allowing new owners to enjoy energy efficiency. The first floor boasts a convenient guest room and bathroom, while the second floor is home to a luxurious primary suite with a generous sitting area. Step outside into a lush backyard with a vibrant lawn and a covered patio, ideal for gatherings and relaxation. Located just 5 minutes from Gilbert Regional Park's pickleball courts, this home also offers easy access the 202 freeway, SanTan Village, and the exciting new Epicenter development.

601 E Clarendon Avenue Phoenix, AZ 85012

$685,000 - 4Br/3Ba -  for Sale in Alamo Place Amd, Phoenix
Open House
$685,000
4 Beds
3 Baths
2,186 SqFt
Status Active
MLS # 6765156
Property Type Single Family Residence
Price Type --
Welcome to this modernized 4-bedroom, 3-bathroom home that combines comfort and convenience in a desirable uptown location. The spacious primary suite offers a cozy sitting area, a generous walk-in closet and private balcony overlooking the lush secluded back yard. The updated kitchen is a highlight, featuring an island with granite countertops and stainless-steel appliances that opens seamlessly to the dining and family rooms, all warmed by a stylish dual-sided fireplace. This layout is perfect for both everyday living and entertaining guests. Step outside to the lush, landscaped backyard, complete with flower beds and a covered patio, ideal for outdoor relaxation. You'll also appreciate the detached 2-car garage, a rare find in the area, offering extra storage and convenience. Additional features of this home include new mechanicals, appliances, and roof (all updated in 2020); New sewer line replaced in 2024; Energy-efficient tankless water heater; USB charging outlets in all bedrooms and a Whole house water conditioning system installed by Aquasana. With so many amenities and a fantastic location, this home is a must-see.

44809 Saguaro Blossom Lane Morristown, AZ 85342

$685,000 - 2Br/2Ba -  for Sale in Terry Hills Estates, Morristown
Open House
$685,000
2 Beds
1.5 Baths
1,730 SqFt
Status Active
MLS # 6775655
Property Type Single Family Residence
Price Type --
5 Acres *Adjoins thousands of Acres of State Land. Custom Hay shed/4 Covered 12 x 14 Stalls w/2in pipe*Arena started at 80ft 120ft, but room for 150 x 250 needs arena fill/sand. Outdoor Entertainment Area w/ Fireplace, Enclosed Front & Back Courtyard w welded wire/pet fencing. Firepit, Custom Lighting, Rim Rock Bar & Grill & a relaxing heated/cooled Swim Spa! Custom Ranch Home w Exceptional Privacy and Views. This Great Home exhibits the distinctive culture of Sonoran Desert Living w/ Natural Granite, Wood Accents, Stone & Tile Features Throughout. Vintage Custom Woven Drapes, Beehive Fireplace, & original custom works & upgrades- too numerous to mention. Full Hook-Up RV*Camp space*Addt RV parking*Endless Adventures of Camping, Hiking, Biking, Riding & Mining are yours! Move In Ready

3738 N 12th Street Phoenix, AZ 85014

$685,000 - 3Br/4Ba -  for Sale in Idylwilde Park, Phoenix
Open House
$685,000
3 Beds
3.5 Baths
1,824 SqFt
Status Active
MLS # 6756890
Property Type Single Family Residence
Price Type --
Welcome to this beautifully remodeled adobe home, originally built in 1938. Located in Idylwilde Park. With 1,824 square feet of thoughtfully designed living space, this residence features an open floor plan with stunning wood floors. The gourmet kitchen, with Quartz countertops and a large island, flows effortlessly into the living room, it's perfect for Entertaining. At the center of the home is a peaceful courtyard, bringing the outdoors in with a unique hallway of windows and doors that allows for plenty of natural light. The home boasts 3 en-suite Bedrooms and a Powder room providing plenty of comfort and privacy. Your Primary en-Suite Bedroom features a Spa-Like bathroom, and walk-in Closet. A two-car garage and direct access to a private community park and pool is just out back.

5816 E Acoma Drive Scottsdale, AZ 85254

$685,000 - 3Br/2Ba -  for Sale in La Paz At Desert Springs Unit 21 Lt 1-70 Tr A, Scottsdale
Open House
$685,000
3 Beds
2 Baths
1,506 SqFt
Status Active
MLS # 6765100
Property Type Single Family Residence
Price Type --
Motivated Sellers! Welcome to your dream home in the ''magic'' zip code of 85254 with NO HOA. This fabulous Scottsdale oasis features 3 bedrooms, 2 bathrooms and has been recently remodeled with upgrades galore! The open floor plan showcases updated cabinets and granite countertops in the kitchen and bathrooms, newer A/C within the last 5 years, new windows, new led lights, new smoke detector and thermostat. Plus, the home has fresh interior paint and no popcorn ceilings. The attached 2-car garage has ample space for your vehicles and storage. The backyard features a covered patio and RV gate. Prime location close to Kierland Commons, the up and coming Paradise Valley Mall and much more!

21278 W Glen Street Buckeye, AZ 85396

$685,000 - 3Br/3Ba -  for Sale in Sage Hill At Verrado, Buckeye
Open House
$685,000
3 Beds
2.5 Baths
2,868 SqFt
Status Active
MLS # 6747942
Property Type Single Family Residence
Price Type --
Welcome to your dream home in the serene Main Street District of Verrado! This beautifully crafted 3-bedroom, 2.5-bath residence offers a perfect blend of luxury and comfort, capturing the essence of desert living. This home boasts exceptional curb appeal with its charming front porch, elegant courtyard entry, brick-paved driveway leading to the front door, and a freshly painted exterior (2024). The open-concept design is ideal for entertaining, featuring a separate formal dining area and a versatile flex space that seamlessly flows into the great room and kitchen area. The kitchen boasts stainless steel appliances, including a double oven, quartz countertops, 42' espresso cabinets, a large walk-in pantry, and a butler's pantry. The spacious primary suite is a true retreat with... gorgeous mountain views and a large bath that includes a separate tub and benched shower, dual vanities, a private water closet, and a large walk-in closet. The home also offers an office space/teen room and two additional bedrooms each with walk-in closets, along with upper and lower cabinets in the laundry room for added storage. Enjoy breathtaking sunsets from your own backyard, perfect for indoor/outdoor Arizona living, with extended pavers off the patio, citrus trees, grass, and easy-maintenance gravel throughout the oversized 10,258 sq. ft. lot. Additional features include 10-ft ceilings, 8-ft doors, tile flooring in all the right areas, ceiling fans and 2 wood blinds throughout, new AC unit (2022), and a new water heater (2024). Original Homeowners. The home is prewired for outdoor speakers on the back patio. The 3-car tandem garage comes with a 1-year-old AC unit for your comfort while working on hobbies. Built by Meritage, this house is highly energy-efficient, featuring tinted UV-protected windows, climate-sealed foam insulation, and 2x6 construction. Stroll down to Main Street and enjoy all the small-town charm it has to offer with easy access to grocery shopping, restaurants, golf courses, schools, and a recreation facility. Don't miss this exceptional opportunity to make this luxurious home yours!

682 E Coho Drive San Tan Valley, AZ 85140

$684,990
4 Beds
3 Baths
2,513 SqFt
Status Active
MLS # 6768788
Property Type Single Family Residence
Price Type --
Estimated completion November 2024! - Welcome to Edgewood Estates! This stunning home features the popular Belfast plan, offering 4 bedrooms and 3 bathrooms. The interior boasts beautifully designed Loft-inspired selections, including a chef's kitchen with sleek white cabinets, stylish floating shelves, sparkling white quartz countertops, and a spacious island. The great room, with its vaulted ceiling, creates a perfect space for relaxation or entertaining. The private primary suite provides a serene retreat, complete with a spa-like bathroom and a large walk-in closet. Additionally, this home includes an Extra Suite Plus with a private entrance, perfect for multi-generational living or offering guests maximum comfort and privacy. Homes have been significantly discounted and have the option of short/long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

3002 W Josiah Trail Queen Creek, AZ 85144

$684,990
4 Beds
3 Baths
2,481 SqFt
Status Active
MLS # 6750855
Property Type Single Family Residence
Price Type --
Welcome to this beautifully maintained 4-bedroom, 3-bathroom home with an office/den which is nestled in the mountains of San Tan Valley, AZ. This spacious property boasts a modern open floor plan, with a gourmet kitchen featuring upgraded kitchen cabinets and quartz countertops. The large master suite offers a private retreat with a walk-in closet and luxurious ensuite bathroom with a claw foot soaking tub. Enjoy the expansive views of the valley from the living room and outdoor patio. The large 1.25 acre backyard is perfect for entertaining, storing your RV and many endless possibilities. Located in a quiet, family-friendly neighborhood, where your home is the last home on the street which is perfect for your added privacy. This home is a must-see!

5393 Crescent Edge Drive Prescott, AZ 86301

$684,900 - 2Br/2Ba -  for Sale in Granite Dells Estates Phase 2a & 2b, Prescott
New
$684,900
2 Beds
2 Baths
1,656 SqFt
Status Active
MLS # 6783801
Property Type Single Family Residence
Price Type --
PRICE IMPROVEMENT !! MOTIVATED SELLER... Beautiful Former Model Home in the beautiful Granite Dells neighborhood. This home features 1656 sq ft home, 2 bedrooms plus den/office, 2 full bathrooms, and an open floor plan. Custom tile fireplace, quartz counters, KitchenAid appliances, washer, dryer and refrigerator included! Tile shower with a separate tub in the primary bathroom. Energy efficient, Owned Solar, epoxy garage floors with built-in cabinets and work bench. Low maintenance landscaping. Spacious backyard for entertaining with new outdoor kitchen/ BBQ or enjoy the views and sunsets. Enjoy neighborhood amenities, which are recently upgraded, that include a pool, pickleball and workout room. Easy access to Prescott & Prescott Valley.

7037 N 11th Drive Phoenix, AZ 85021

$684,900
3 Beds
3 Baths
2,761 SqFt
Status Active
MLS # 6759247
Property Type Townhouse
Price Type --
RARE FIND with MID-CENTURY CHARM * This Quiet Hidden Gem boasts 3BR 3Ba 2G located in a peaceful cul-de-sac community of 12 homes offering a unique blend of privacy and 2,761 interior space. This home is attached at garage only, adjacent to the Greenbelt with a side yard entrance to an over 7,800 sf lot. The largest lot in this subdivision. Enter through a private gated courtyard entrance showcasing an outdoor sanctuary. The front door from this courtyard oasis opens onto a landing with a solid wood entry door, flanked by side light window panels. Upon entering the front foyer, you're greeted by a skylight above a cornered mirrored wall, expanding the space that introduces you to the bedroom wing on the left and the eat-in kitchen to the right with a long gallery hall. . . The spacious eat-in kitchen boasts solid oak cabinetry, deep cabinets and shelves, with ample storage, including a large walk-in pantry. It features a built-in wall oven, built-in microwave, and both a center island and peninsula island, providing abundant counter space and a lighted tray ceiling, adding a touch of elegance and warmth. The breakfast nook is beautifully illuminated by natural light from sliding doors that lead to the front courtyard, complete with floor to ceiling custom built-in shelf case. The spacious Primary suite offers luxury with sliding door exit to front courtyard, 2 closets, one is walk-in while the other is lengthy and mirrored in the dressing area. The ensuite bath is light and bright with 2 skylights, dual sinks, sunken tub & private toilet room. The third bedroom (split), currently used as a library/den with an attached office, is perfect for multigenerational living or a mother-in-law suite. It has its own exit to the covered back patio, entrance from the garage, and a 3/4 bath. The office can also be converted into a spacious walk-in closet, providing endless possibilities for this guest suite space. The living room features near floor-to-ceiling custom windows, framing picturesque views of the lush backyard and filling the space with natural light. A central French door provides easy access to the outdoors, inviting you to step into the serene surroundings. The formal dining room is enhanced by a stunning 10ft high tray ceiling, illuminated with soft lighting, creating a grand yet intimate atmosphere. Together, these rooms provide a perfect balance of grandeur and charm, ideal for both everyday living and elegant entertaining. The private backyard features a block fenced lot surrounded by lush grass, mature shade & citrus tree, a storage unit, and the only property with alley access. This home is brimming with custom features and has been meticulously maintained by its original owner. Wood accent trim throughout and custom triple and dual pane wood-framed windows, in excellent condition, ensuring energy-efficiency and quiet living. HVAC units replaced in 2015 and 2017. Foam roof replaced in 2016. Patio Roof replaced Sept 2024. Home features inside laundry, water softener and whole house water filtration system. Ample storage throughout the home. HOA is self-managed. Monthly Fee covers cable, internet, Greenbelt & Main entrance maintenance and street maintenance. The home is well-maintained and ready to be enjoyed as-is, with only cosmetic updates needed to suit your personal style. The primary improvement required is replacing the carpet and interior paint, allowing you the flexibility to move in comfortably and update the space to your liking over time. Fantastic Uptown Phoenix location. Quick and easy freeway access. Minutes to downtown shops, dining and entertainment. This home is truly a must-see to fully appreciate its charm and potential. Don't miss this one - See it Today!

3466 E Azalea Drive Gilbert, AZ 85298

$684,900
4 Beds
2.5 Baths
2,177 SqFt
Status Active
MLS # 6735445
Property Type Single Family Residence
Price Type --
Beautiful, highly upgraded home in desirable Bridges at Gilbert community, located near Gilbert Regional Park and great schools. This bright and modern home features one bedroom downstairs, great for a home office or entertaining. The living room is complimented by a beautiful kitchen with kitchen island, granite counter tops, and stainless steel appliances. Upstairs is floored with luxury vinyl with hardwood appearance, two large bedrooms, a comfortable master suite with a rain glass walk-in shower, a laundry room with washer, dryer and cabinets, and a loft. All windows are covered with shutters. The garage has an epoxy floor, the soft water system is owned. The huge, resort-like backyard features a paved and covered patio as well as a gazebo, perfect for those hot Arizona summers. A built-in barbecue and a gorgeous, heatable and coolable pool invite you outside anytime of the year.

3054 E Rochelle Street Mesa, AZ 85213

$684,900 - 4Br/3Ba -  for Sale in Lehi Crossing Phases 4-5, Mesa
Open House
$684,900
4 Beds
3 Baths
2,776 SqFt
Status Active
MLS # 6779469
Property Type Single Family Residence
Price Type --
Welcome to this charming two-story home located in the desirable gated community of Lehi Crossing. Featuring a large kitchen island with quartz countertop situated near a wall of floor-to-ceiling sliding doors that open to a backyard oasis with saltwater pool, pergola and low maintenance turf, this home is perfect for entertaining. The downstairs guest room can be used for company or multi-generational living and an upstairs loft offers a versatile space for your family's needs. The air conditioning units, RO system, and salt cell for pool have recently been replaced. This home is conveniently located to freeway access and near community parks and walking paths.

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