Existing-Home Sales Hit Rough Patch in February

Talk to a Realtor® in much of the country right now and they’ll all echo a similar narrative: homes are selling quickly because there are not enough listings on the market.

It’s why existing sales stumbled in February and price growth accelerated to its fastest pace in over a year (7.7 percent). Even more staggering, inventory has now fallen year-over-year for 21 straight months and homes last month sold 14 days faster than last February.

Is this an indicator of things to come as the spring buying season heats up?

One sign of hope is that a larger share of homeowners in NAR’s first quarter HOME survey said that now is a good time to sell a home. However, as NAR Chief Economist Lawrence Yun pointed out at yesterday’s press conference, new home construction is what’s really needed to slow price growth and allow supply to catch up with demand.

The first two months of 2017 have been up and down. If you’re looking for clues on how the coming months will pan out, listen closely to the sounds of drills and hammers in your neighborhood.

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6043 N 21st Place Phoenix, AZ 85016

$3,699,000
5 Beds
4.5 Baths
6,182 SqFt
Status Active
MLS # 6770458
Property Type Single Family Residence
Price Type --
This Tuscan inspired property offers a unique opportunity to own a fairytale castle like estate in the heart of the Biltmore area. Located inside the gates of 2200 Bethany Home, a private community of only 14 homes, this residence is perched on over an acre of land, offering expansive views of the surrounding mountains and iconic Valley landmarks. The long, private driveway provides a secluded entrance, giving the property a true sense of exclusivity. With 16-foot coffered ceilings and expansive travertine floors, the home's open-concept layout is ideal for hosting large gatherings. The grand dual staircase makes a bold statement at the entrance, setting the tone for the luxurious experience inside. The formal dining room, family room, breakfast nook, and primary suite all open to wraparound covered balconyoffering stunning views from every room and plenty of space for outdoor dining and entertainment.The chef's kitchen is equipped with SubZero and Wolf appliances, a large center island, and a built-in breakfast bar, providing all the tools needed to cater to any event. The primary suite is designed for comfort, featuring a fireplace, a sitting area, a massive closet, a convenient laundry room and private balcony. The spa-like bath includes a double entrance shower, travertine wrapped therapeutic tub and perfect for relaxation. The lower level is easily accessible by elevator, leading to three additional bedrooms, each with its own en-suite bath, and a state-of-the-art soundproof media room. Outside, the Italian grotto-inspired limestone pool, complete with water features, creates a resort-like atmosphere. The manicured grounds and large grassy area provide ample space for outdoor activities and gatherings. For car enthusiasts, the property offers garage space for 5-7 cars, secured by a private gate, making it the ideal home for those with a passion for automobiles. Additionally, four new Trane AC units ensure the home is comfortable year-round. This estate offers the perfect blend of luxury, privacy, and the convenience of being in the middle of the city, designed for those who love to entertain in style. Seller is open to a seller carry sale.

6623 E Aster Drive Scottsdale, AZ 85254

$3,699,000 - 4Br/5Ba -  for Sale in Desert Estates Unit 6, Scottsdale
Open House
$3,699,000
4 Beds
5 Baths
4,278 SqFt
Status Active
MLS # 6775294
Property Type Single Family Residence
Price Type --
New construction in a quiet neighborhood just minutes from Scottsdale Quarter, Kierland, the new PV Mall, restaurants, the Mayo Clinic, great schools, Hwy 101 & more. Split floor plan w/4,278 sq ft on a half-acre, 4 ensuite bedrooms, 5 baths, office, bonus room, and a great room with soaring ceilings & a glass wall of retractable doors leading to an AZ backyard paradise w/a 4,500 sq ft bi-level patio surrounding a large negative edge pebble sheen pool & infinity spa! Quality abounds w/black Andersen windows, Hinkley Lighting, 48'' Viking gas range, micro & dishwasher, a 66'' professional refrigerator, a large Taj Mahal Quartz waterfall island, white oak flooring, a concealed 14x7 ft butler's pantry & much more! See the supplement below or docs tab for an extensive features list (Cont'd) LUXURIOUS DESIGN **

5625 E Indian Bend Road Paradise Valley, AZ 85253

$3,695,000
4 Beds
3 Baths
3,887 SqFt
Status Active
MLS # 6777361
Property Type Single Family Residence
Price Type --
Welcome to Arizona's oceanfront property, featuring breathtaking, head-to-tail unobstructed views of Camelback Mountain. Nestled on Mummy Mountain and adjacent to a private reserve, this exquisite single-level residence offers the perfect blend of luxury and tranquility. With four spacious bedrooms and three beautifully appointed baths, this home provides ample space for family and guests. The primary suite includes a cozy sitting room with a gas fireplace, while the inviting family room features a second gas fireplace, perfect for gatherings. Elegant formal living and dining areas create an ideal setting for entertaining, complemented by a gourmet eat-in kitchen equipped with high-end appliances. Elegant tile and wood flooring enhance the home's... sophisticated ambiance. Accessing this mountain retreat is easy, thanks to the convenient driveway that ensures effortless entry. Step outside to your private pool surrounded by lush landscaping, with a spacious terrace perfect for enjoying the stunning mountain and city views. This extraordinary property embodies the essence of Arizona living, offering comfort, elegance, and natural beauty. Dont miss your chance to own this exceptional Paradise Valley gem.

3648 N Sky Point Circle Mesa, AZ 85207

$3,675,000
5 Beds
5 Baths
6,000 SqFt
Status Active
MLS # 6640413
Property Type Single Family Residence
Price Type --
Spectacular Views from this Beautiful Modern Masterpiece '' TO BE BUILT'' home. Perched in the Mountainside Hilltop Community of Las Sendas. This home was meticulously designed to maximize all the best attributes and views of this almost 2 acre lot. This gated community sits elevated in the Sky Mountain exclusive neighborhood giving this home privacy and 360 degree views of the valley coupled with luxury features for the most discerning tastes. This home will take 12-14 months to build and has already been thru HOA approval and is ready to break ground. Come drive and walk the lot and meet the builder to discuss making this new home yours!

6516 E Maverick Road Paradise Valley, AZ 85253

$3,675,000
4 Beds
4.5 Baths
4,225 SqFt
Status Active
MLS # 6758994
Property Type Single Family Residence
Price Type --
Opportunity Waiting... Exceptional location in Camelback CC. *****PV approval pending for remodeling/addition permit - plus guest house***Permit expected by end Sept 2024*** Permit included with purchase*** Plans, renderings, etc. available upon request. Current home is very livable. Home was an excellent rental.

39336 N Old Stage Road Cave Creek, AZ 85331

$3,650,000
4 Beds
4.5 Baths
4,503 SqFt
Status Active
MLS # 6522951
Property Type Single Family Residence
Price Type --
'Pre-Construction' Spectacular Hillside Custom Contemporary, located in The Village at Go John Canyon. MODEL HOME UNDER CONSTRUCTION NEXT DOOR ON PARCEL 5. No HOA, but thoughtful Design Guidelines apply. Nestled into the upslope of Go John Mountain, this 4503 sq. ft. Desert Contemporary will feature over 3200 sq. ft. main level living and 1300 sq. ft. lower lever attached Guest Home. Fabulous Great Room, Temp controlled glass enclosed wine room, luxurious Owner's Suite, an elevator and the most incredible expansive views. Exceptional luxury for multi-generational living or generate income with separate lower-level guest Cottage. Go John Canyon by Del Rey Development is a hidden and secluded enclave of premium custom homes. Each estate sized parcel is 4.3 acres and borders the Desert Foothills Land Trust with direct, private trail access to Cave Creek Regional Park. This luxury home also includes a custom, heated pool/spa

5231 E Kaniksu Street Apache Junction, AZ 85119

$3,650,000
3 Beds
2 Baths
2,473 SqFt
Status Active
MLS # 6677803
Property Type Single Family Residence
Price Type --
Welcome to a one-of-a-kind opportunity to own a magnificent adobe block custom home nestled on 11.2 acres of picturesque land nestled at the base of the Superstition Mountains. Boasting panoramic views of the majestic Superstition Mountains, this property offers a rare blend of luxury living, income potential, and endless outdoor adventure. Step into a world of rustic elegance with this meticulously crafted adobe block home, where every detail reflects the charm and character of the Southwest. From the exposed wooden beams to the handcrafted finishes, this home exudes warmth and authenticity at every turn. Take advantage of the property's income-producing potential with a fully equipped horse stable and RV camping facilities.

8250 E Via Del Sol Drive Scottsdale, AZ 85255

$3,650,000
5 Beds
5 Baths
5,394 SqFt
Status Active
MLS # 6730619
Property Type Single Family Residence
Price Type --
Exquisitely renovated, this magnificent estate spans an impressive 5,300 square feet of opulent living space, gracing nearly one acre within the esteemed North Scottsdale guard gated Pinnacle Peak Country Club. The expansive primary suite indulges with a spa-like bathroom, dual closets, and a serene lounge area offering breathtaking views of the backyard oasis. The gourmet kitchen, adorned with state-of-the-art Thermador appliances and a majestic hood, effortlessly caters to grand entertaining with a seamless pass-through window to the outdoor haven. A well-appointed walk-in pantry enhances culinary convenience. Additional luxuries abound, including a meticulously climate-controlled wine cellar, a captivating fireplace, and three sumptuous bedroom suites exuding timeless elegance. A lavish guest house features a full-sized kitchen, luxurious bathroom, inviting bedroom, and expansive sliding doors opening to the shimmering poolside retreat.

40980 N 97th Street Scottsdale, AZ 85262

$3,650,000
4 Beds
4 Baths
4,954 SqFt
Status Active
MLS # 6758043
Property Type Single Family Residence
Price Type --
Situated on the 10th fairway of the beautiful Chiricahua golf course at Desert Mountain, this charming Santa Barbara style home offers sparkling city lights, sunset, mountain and golf course views. The open and flowing floor plan has three suites in the main home as well as a detached casita. The home is tucked back off of the street for ultimate privacy and has a courtyard entry complete with beautiful water feature and spacious patios. Enjoy the great views from the wrap around outdoor living space complete with pool/spa/bbq and outdoor living room with fireplace and tv. Exquisite details include multiple use of natural stone and wood thru out the home. Being offered turn key minus several of sellers personal items. Truly a must see!

3800 E Lincoln Drive Unit 57 Phoenix, AZ 85018

$3,650,000 - 5Br/7Ba -  for Sale in Estate Antigua, Phoenix
Open House
$3,650,000
5 Beds
7 Baths
8,032 SqFt
Status Active
MLS # 6780781
Property Type Single Family Residence
Price Type --
Exquisitely custom built Mediterranean hillside home nestled at the top of guard gated ''Estate Antigua'' in the Phoenix Mountain Preserve with unparalleled panoramic mountain & city light views! Cut into the mountain rock, and 1 of only 4 custom homes, this home features the highest elevation offering million dollar unobstructed majestic views of the Phoenix Mountain Preserve behind, to the sweeping valley views including uptown & downtown Phoenix in front. Located in the foothills next to Paradise Valley, you will feel like you've escaped to Sedona while being only minutes away from Scottsdale Fashion Square Mall, Old Town, and the Biltmore area... where you'll find world class shopping and countless restaurants of all gourmet levels. Whether you prefer a morning cup of coffee while coffee watching the sunrise over the mountains or an ice tea relaxing in the infinity edge spool at sunset, you'll find that you can't wait to get home after a long day at work. There is only one concern - once you are home, you'll never want to leave!

42016 N 54th Street Cave Creek, AZ 85331

$3,600,000
4 Beds
4.5 Baths
4,000 SqFt
Status Active
MLS # 6657847
Property Type Single Family Residence
Price Type --
Luxurious and spacious home with stunning mountain views. This to-be-built home will offer four bedrooms, 4.5 bathrooms, and 4000 sqft of living space on a 2.5-acre lot. The home will have a north/south exposure, a formal dining area, a great room, a private pool, and a three-car garage. The home will also have no HOA fees, giving you more freedom and flexibility. This is a perfect opportunity to own a custom and elegant home in a scenic and convenient location!

3818 E Brown Road Mesa, AZ 85205

$3,600,000
5 Beds
5 Baths
8,460 SqFt
Status Active
MLS # 6752634
Property Type Single Family Residence
Price Type --
Discover the epitome of luxury living at 3818 East Brown Road, Mesa, AZ. This rare, gated, 4-plus acre equestrian estate is a dream come true for horse enthusiasts and those seeking an unparalleled lifestyle. Nestled in the heart of northeast Mesa, this single-level, custom-built Amberwood home spans 8460 square feet (Main House is 6836sf, guest house is 576sf, guest house basement is 1048sf) and offers an array of exceptional features. The property boasts a 4-stall barn, two tack/feed rooms, a wash rack, and an arena, making it perfect for equestrian activities. Inside, you'll find 4 spacious bedrooms, including 2 primary suites, and 4 well-appointed bathrooms. The home is designed for both comfort and elegance, featuring... formal living, dining, and family room with wet bar, a large office with wet bar, a gym, and a game room with wet bar. Car enthusiasts will appreciate the attached and detached garages that can accommodate up to 10 cars, with 6 garage spaces equipped with A/C. The outdoor amenities are equally impressive, with an amazing custom pool and patio seating, a covered patio with a fireplace, and an outdoor ramada complete with a fireplace and kitchen. The guest house/casita offers additional living space with 1 bedroom, 1 bathroom, a kitchen, and a basement that includes an exercise room and a shooting/archery range. The expansive lot is beautifully landscaped with large front and back lawns, numerous citrus trees, and mature palm trees, creating a serene and picturesque environment. Conveniently located close to the 202 freeway, residents enjoy easy access to all parts of the Phoenix metro area, including PHX Sky Harbor. The property is an ideal choice for families. For recreation, the Mesa Tennis & Pickleball Center at Gene Autry Park are just a short drive away. This home offers the perfect blend of convenience and luxury. This estate is not just a residence but a lifestyle choice for those seeking the best in Mesa living. Don't miss out on this extraordinary opportunity to own a piece of paradise in one of Mesa's most sought-after locations.

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