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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1982 W Periwinkle Way Chandler, AZ 85248

$625,000
2 Beds
2 Baths
1,839 SqFt
Status Active Under Contract
MLS # 6771908
Property Type Single Family Residence
Price Type --
Discover unparalleled lakefront living in the highly sought-after Montefino Village! This stunning lot offers breathtaking views of serene lakes, charming bridges, a tranquil waterfall, and a private park complete with walking paths. Completely Upgraded Throughout: No detail has been overlooked in this exquisite residence. Enjoy cooking with GE Profile appliances, quartz countertops, under-counter dimmable lighting, and soft-close kitchen drawers. Relax in the inviting living room featuring a gas fireplace and stunning slate flooring. Double pane windows with stylish shutters, ceiling fans throughout, and nearly new HVAC. Covered Patio with stunning views, misters and bistro lights. Schedule your showing today and seize the opportunity to enjoy your home, inside and out.

2622 E Acoma Drive Phoenix, AZ 85032

$625,000
4 Beds
2 Baths
2,306 SqFt
Status Active Under Contract
MLS # 6775073
Property Type Single Family Residence
Price Type --
VIEWS, VIEWS, VIEWS!! Spectacular location in a very peaceful and serene neighborhood. Walk across the street and enter the preserve for a nice hike. Enjoy this unique floorplan w/updated kitchen, personal bar with built-in keg dispenser, updated bathrooms w/oversized master shower. Extended exterior deck for a place to escape while taking in the breathtaking views!

4622 E Firestone Drive Chandler, AZ 85249

$625,000
4 Beds
2 Baths
2,255 SqFt
Status Active
MLS # 6777232
Property Type Single Family Residence
Price Type --
Welcome to this gorgeous 4-bedroom home with an RV gate, thoughtfully designed and adorned with features you'll love! Discover a spacious open floor plan perfect for entertaining and everyday living, showcasing wood flooring, pre-wired surround sound, and a cozy fireplace that adds warmth and charm. Granite counters, SS appliances, recessed lighting, a pantry, a prep island with a breakfast bar, abundant cabinetry with crown moulding, and subway tile backsplash complete this spotless kitchen. Large main bedroom is a serene retreat, offering plush carpet and an ensuite with dual sinks. The Bonus room can be used an office, play space, or more! Expansive backyard won't disappoint, equipped with a covered patio, paver seating area, and a refreshing pool ideal for year-round enjoyment.

925 W Heatherbrae Drive Phoenix, AZ 85013

$625,000
2 Beds
2.5 Baths
1,284 SqFt
Status Active Under Contract
MLS # 6779789
Property Type Single Family Residence
Price Type --
Welcome to a rare find in the heart of the Woodlea Historic District—a classic English Tudor on one of the most iconic streets, complete with a charming guest house and nestled on a lush, irrigated lot. From the moment you arrive, this storybook home enchants with its curb appeal: mature shade trees, a paver walkway, and a sunny front porch that invites you to step inside. Enter through the beautiful paned glass front door and fall in love with the spacious living room, where original wood floors, coved ceilings, built-in bookshelves, and a stunning plaster fireplace create a timeless ambiance that's both cozy and elegant. The kitchen has been thoughtfully updated with quartz countertops, stainless steel appliances, ample shaker cabinets, and stylish tile flooring, seamlessly blending modern convenience with historic charm. The primary suite is a luxurious retreat, featuring a sitting area, an updated ensuite bath, walk-in closet, and a private exit to the lush backyard. The home's second bedroom (currently used as a dining room) and the fully updated guest bath make hosting a delight, while the dedicated indoor laundry space adds extra ease to daily life. Step into the backyard and discover the charming guest house with a half bath, perfect for visitors, a home office, art studio, or anything your heart desires. Surrounding outdoor spaces provide private, tranquil areas to unwind and enjoy Arizona's beautiful weather. Located just a short stroll from the vibrant shops and restaurants of Melrose, this home is as ideal as its neighborhood. Don't miss your chance to own this classic Tudor- rarely does a home this special come to the market. (Main home is 1080 sqft with 2 bed/2bath, guest is 204 sqft with 1/2 bath)

16214 E Bainbridge Avenue Fountain Hills, AZ 85268

$625,000
3 Beds
2 Baths
1,485 SqFt
Status Active
MLS # 6773629
Property Type Single Family Residence
Price Type --
Welcome to your beautifully updated and meticulously maintained home with a sparkling pool and sweeping mountain views in scenic Fountain Hills. Your remodeled kitchen has handsome stainless appliances and quartz counter tops, and it opens to the spacious great room with mountain views, a vaulted tongue and groove ceiling, fireplace, sound system, large flat-screen TV and dining area. Step outside to the amazing backyard with a covered patio, panoramic mountain views, synthetic lawn, artistic pavers and resurfaced pool (2023). Relax in your primary suite with an updated bath, walk-in closet and a door to the covered patio. Two guest bedrooms, updated guest bathroom, laundry room and 2-car garage with a storage room complete this lovely home. No HOA! Lucky you to live in Fountain Hills - a beautiful town known as an international dark sky community, with gorgeous mountain views, a world-famous fountain, a large public art collection, numerous special events, world-class golf and a mountain preserve with hiking trails. Many outdoor activities are within a 30-minute drive - hiking, cycling, boating, fishing, camping, horseback riding, plus popular areas of Scottsdale with wonderful dining, shopping, entertainment, hospitals and renowned school, BASIS Scottsdale. Sound system components, DVD player and TV in great room/family room are included in the sale, if requested by Buyer. All windows and sliders were replaced in 2013. New 14.00 SEER Trane A/C in 2016. For more information on all the updates for this wonderful home see the attached list.

1384 N Alexis Drive Gilbert, AZ 85234

$625,000
3 Beds
2 Baths
2,108 SqFt
Status Active
MLS # 6787092
Property Type Single Family Residence
Price Type --
Modern Elegance Meets Relaxing Retreat in Superstition Meadows! Discover your dream home in the heart of Gilbert's coveted Superstition Meadows subdivision! This beautifully remodeled single-family home boasts 3 spacious bedrooms, 2 luxurious bathrooms, and a versatile den perfect for a home office or playroom. Step inside to an open floorplan bathed in natural light, featuring modern finishes throughout. The newly remodeled kitchen gleams with sleek cabinetry, quartz countertops, and stainless steel appliances, seamlessly connecting to a welcoming living space designed for entertaining or quiet evenings at home. Outside, the tranquil backyard is an entertainer's paradise. Enjoy Arizona living under the expansive covered patio or custom pergola, gather around the cozy fire pit, or relax on the lush turf surrounded by established, low-maintenance landscaping. The new roof provides peace of mind, ensuring this home is move-in ready. Located near top-rated schools, shopping, dining, and easy freeway access, this stunning home offers the perfect blend of style, comfort, and convenience.

15225 N 6th Circle Phoenix, AZ 85023

$625,000
3 Beds
3 Baths
2,684 SqFt
Status Active
MLS # 6777789
Property Type Single Family Residence
Price Type --
Amazing Moon Valley location! Well-cared for 3 Bedroom/3 Bath tucked in a cul-de-sac. Huge bonus room could be craft room, storage, home business or workshop! Enter into formal living room with double-sided fireplace. Family room leading to updated kitchen. Formal dining room. Primary bedroom with French doors. 2 spacious secondary bedrooms, one with office built-ins. E-facing patio with view fencing. Beautiful HOA-maintained grounds with community pools. Solar Lease has been PAID forward! No neighbors behind! Walking distance to Moon Valley Park, convenient to shopping, freeways, schools and more!

4402 W Goldmine Mountain Drive San Tan Valley, AZ 85144

$625,000
4 Beds
3.5 Baths
3,007 SqFt
Status Active
MLS # 6760727
Property Type Single Family Residence
Price Type --
This stunning 4 bedroom home with a den & a loft is nestled in the scenic beauty of San Tan Valley. This well maintained property offers breathtaking mountain views from both the front & backyard, adding to its serene atmosphere. The open floor plan with 9' ceilings allow for comfortable living, whether you're hosting friends or spending time with family. The kitchen is beautiful & features an island, granite countertops, pull outs & a ton of storage. Upstairs you'll find all 4 bedrooms, the loft, 3 full bathrooms & the laundry room. The owner's suite has gorgeous views of the backyard & mountains as well as a separate shower & tub, dual vanities & a large walk in closet. When you step outside into the backyard, you'll discover a deep pool perfect for cooling off in the Arizona heat. Enjoy movie nights under the stars in the pebble tech pool with a built in pull down projector screen. The pool also features a Baja step, a water feature, colorful LED lighting & it's extra deep. The covered patio & pergola is the ideal space for entertaining & outdoor dining. You'll love the beautiful backyard landscaping which includes a tangelo tree. Both the front & back have a yard watering system that can be controlled from your phone & there's also solar lighting. The backyard is absolutely spectacular! Pride of ownership is evident from the moment you walk in the front door. Within the past year a new AC unit, water softener & RO system were all installed. All appliances are also included with the sale. Located in a quiet & friendly neighborhood, this home is in the popular 85144 zip code on the Queen Creek/San Tan Valley border & it's just 15 minutes from Queen Creek Marketplace. The community of San Tan Heights features a ton of amenities such as a community center with a heated pool with lap lanes, a fitness center, a play area as well as several parks & playgrounds, & multiple volleyball & basketball courts. San Tan Heights is close proximity to San Tan Mountain Preserve for hiking & backpacking & minutes away from Golf Club at Johnson Ranch. You'll have easy access to shopping, dining, & entertainment while enjoying the tranquility of this lovely community. This home is the perfect blend of convenience, space, & charm & it's ready for you to call home!

3259 E Isaiah Court Gilbert, AZ 85298

$625,000 - 4Br/3Ba -  for Sale in Seville Parcel 28, Gilbert
New
$625,000
4 Beds
3 Baths
2,410 SqFt
Status Active
MLS # 6780469
Property Type Single Family Residence
Price Type --
This two-story residence, built in 2007, offers a spacious layout with 4 bedrooms, 3 baths, with bedroom, bath and office/den on the first floor. With 2,410 sq ft of living space on a generous 7,573 sq ft lot, there's room for everyone to enjoy. The open floor plan is ideal for entertaining, while the well-appointed kitchen flows seamlessly into the dining and living areas. Recent upgrades such as LVP flooring, HVAC and water heater make this home lower maintenance. Step outside to your backyard, complete with 8' RV gate for easy access and plenty of space for outdoor activities. The 3-car tandem garage provides ample storage for vehicles and toys alike and has a 220V outlet. Residents have the option to purchase memberships to the Seville Golf Club and recreation centers.

48039 N Kelley Road New River, AZ 85087

$625,000
4 Beds
2 Baths
1,954 SqFt
Status Active
MLS # 6776384
Property Type Single Family Residence
Price Type --
Welcome to this single-level home with breathtaking mountain views on a vast 5-acre lot! Enjoy carport parking and a large front porch, perfect for sipping morning coffee while soaking in the scenery. Inside, the spacious Arizona room is ideal for gatherings or relaxation. The open living and dining area is filled with natural light and cozy carpet. The kitchen offers storage shelves for easy organization. Each bedroom provides a peaceful retreat, with the primary bedroom featuring exposed ceiling beams, tile flooring, and a private bathroom. Plus, a fabulous casita awaits as a fantastic bonus! Massive backyard displays a covered patio, gazebo, and storage shed. Don't miss this gem!

30124 W Mckinley Street Buckeye, AZ 85396

$625,000 - 4Br/2Ba -  for Sale in West Phoenix Estates Unit 12, Buckeye
New
$625,000
4 Beds
2 Baths
1,977 SqFt
Status Active
MLS # 6788382
Property Type Single Family Residence
Price Type --
Just WOW! This beautiful 4-bed, 2-bath home nestled on a HUGE 1-acre lot will surely impress you! Great curb appeal with a desert landscape, stone accent details, & a front porch. The fabulous interior boasts abundant natural light, a neutral palette, wood-look tile flooring in common areas, and plush carpet in bedrooms. The impressive eat-in kitchen offers SS appliances, granite counters, recessed & pendant lighting, an island, a pantry, and a bay window. Its peninsula, with a breakfast bar, overlooks the large living space for a great room effect! The main bedroom has a barn door that opens to the ensuite with dual granite sinks, soaking tub, tiled shower, & a walk-in closet. Laundry room with a sink & cabinetry. Unlimited landscaping potential can be explored in the expansive backyard! You'll love the full-length covered patio to relax and an oversized trailer that can be a workshop or storage. Bring your toys, horses, trucks, RV, & other animals - this property has plenty of space for all. Enjoy the neighborhood's tranquility and serene mountain views! Conveniently close to the I-10. Ready to move in! Don't miss this opportunity!

43809 W Avalon Drive Tonopah, AZ 85354

$625,000
4 Beds
2 Baths
2,734 SqFt
Status Active
MLS # 6780132
Property Type Single Family Residence
Price Type --
This is the kind of property that everyone is looking for when searching for country life at its finest! Amazing floor plan with 4 large bedrooms and 2 full baths, plus an absolutely amazing game-room/media-room that has its own exterior doors to darling patio! Wonderful for entertaining guests! All new flooring throughout entire home, ceramic tile in living areas and luxury vinyl plank flooring in bedrooms. New interior paint and new exterior paint! Cozy fireplace that is the focal point for the open living-room and kitchen. But wait..theres more! Lets step outside to the mountain views that will blow you away! Literally ride out into the sunset! Fully fenced 2 acres perfect for the furry friends! Now the shop! The shop was just built in 2023. 2400 sqft. 7 vehicles can fit. Mezzanine! Mezzanine has stairs with gradual rise 6 for every 12 forward to ease when carrying heavy items up and down. There is a 30 amp, 50 amp, and (2)-20 amp sockets. (2) 10x10 doorways and 12x14 high RV door. 14' tall doorway has rollup door. Fully insulated. Hardwired internet in Garage. Heavy I-beam designed for hoisting. 2 large ridge vents. Garage will hold 4 cars and an RV, plus still has room for 22x27 shop space. The water well is owned, NOT shared with somebody else. The garage includes nearly 4,000 SF of storage space (2400 SF on the ground and 1600 SF in the mezzanine). It is designed so the ground floor has room for 4 vehicles plus a 30-foot motor home, and even with 4 cars and the motor home inside, there is still room for a shop area of about 22' x 27', and if a person does not have a motor home, they could put in a lift and use that spot as an auto service bay which would be 16' x 30', with a 14' clearance (to the bottom of the truss). With the additional 1600 SF of mezzanine storage above, this is the equivalent of a much larger home (whatever does not fit in the house can be put in the mezzanine). The flooring in the bedrooms is NOT wood laminate--it is the much more expensive and functional LVP (Luxury Vinyl Planking) (water proof and scratch resistant, unlike laminate flooring). This has a much better location than many properties in Tonopah. Only a few minutes to the freeway (where gas and food services are also available). The road is nicer than many (no washboard here) and the property is at the end of the road, so there is no traffic, and it is much more secure than if drivers were moving past your home on a regular basis. It is very private, with no nearby neighbors. There is a BEAUTIFUL view of rugged Saddleback Mountain, which is very close to us. The sunsets and lightning shows are mind-blowing. It is also important to note that, IN ADDITION to being able to park a 30' motor home inside the garage, with pop-out extended, and electrical hook-up, there is ANOTHER motor home parking spot beside the house, with full hook-ups that include 30/50 amp electrical, septic, and water.

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