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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9985 N 79th Place Scottsdale, AZ 85258

$2,200,000
3 Beds
3.5 Baths
4,550 SqFt
Status Active
MLS # 6731153
Property Type Single Family Residence
Price Type --
Finally, a resort-style home in Gainey Ranch, North Meadows community! AC unit (New Sept 2024) with a transferrable warranty to the buyer. Exceptional designs by the builder & owner add luxury and charm. First floor 2 Main bedrooms with full baths. Open kitchen and family room to enjoy fireplace. Large formal living space, dining, and office/den with custom cabinetry. The second floor has large bedroom, bath, and balcony for perfect guest quarters. Evap cooled storage and work space in the 3-car. Roof fully replaced 2021. Enjoy the private, low-maintenance backyard with a built-in BBQ. Luxury living extends to the Gainey Estate Club for all residents with state-of-the-art fitness equipment, pickleball & tennis, lap pool, spa, and luxurious gathering spaces.

702 E Carver Road Tempe, AZ 85284

$2,200,000
5 Beds
4 Baths
4,577 SqFt
Status Active
MLS # 6736179
Property Type Single Family Residence
Price Type --
Rare Opportunity! Privately gated, no HOA, 2012 build by VIP Homes, and on 0.75 of an acre lot with $600,000 spent in recent years exterior upgrades. This meticulously maintained custom-built estate is an entertainer's dream and is situated in an extremely convenient Tempe location. The main level features plenty of common area entertainment space with a nicely appointed chef's kitchen, plus a guest bedroom, bathroom, and bonus room. The upstairs includes a spacious master suite, entertainers loft, laundry room, and an additional three bedrooms and two bathrooms. The backyard is a show stopper, over $150,000 spent in installing mature privacy and resort-style trees alone. Complete pool remodel (2024) including a fire feature, new pebble tech surface, pool heater, and glass accent tile. The backyard also includes an incredible built in sound system, custom lighting, sport court, bar and Hydropool hot tub. Plenty of parking including a 3-car garage and an automatic RV gate with shaded parking. Don't miss this opportunity, it is a rare property you won't see every year.

2457 E Amber Court Gilbert, AZ 85296

$2,200,000
5 Beds
5.5 Baths
5,249 SqFt
Status Active
MLS # 6737871
Property Type Single Family Residence
Price Type --
Welcome to your dream home! Nestled on a corner lot within the prestigious gated community of TH Ranch in Gilbert, Arizona, this exquisite 5-bedroom, 5.5-bathroom estate offers unparalleled luxury and comfort. With 5249 sqft of single-story living space, this home appraising for its list price features an open floor plan designed for modern living, with 12' ceilings. The heart of the home boasts a gourmet kitchen with double-stacked cabinetry, stunning quartz countertops, and top-of-the-line Wolf and Sub-Zero stainless-steel appliances, making it a chef's paradise. Choose between two luxurious primary suites, perfect for ultimate privacy or an ideal setup for a home theater, both including expansive his/her walk-in closets. Each of the additional bedrooms features... its own private ensuite bathroom, ensuring comfort and convenience for every member of the family. A thoughtful in-law suite/wing provides a separate living space for guests or extended family, ensuring everyone has their own retreat. Step outside to a beautifully paved courtyard and a stunning salt water pool, perfect for relaxation and entertaining. The home backs to a serene greenbelt, offering beautiful views and added privacy. For car enthusiasts, the property includes an attached 4-car extended garage and a detached 50' temperature-controlled RV garage with 220V power, capable of accommodating up to 4 additional cars. Positioned on a desirable corner lot, this home offers added space and privacy within the community. This magnificent home combines luxury, functionality, and style in one of Gilbert's most sought-after communities. Don't miss your opportunity to own this incredible property!

86 Linda Vista -- Sedona, AZ 86336

$2,200,000
4 Beds
4 Baths
4,634 SqFt
Status Active
MLS # 6767898
Property Type Single Family Residence
Price Type --
This 4,364 sq. ft. home in the gated Foothills S subdivision sits on .47 acres offering Thunder Mountain Red Rock VIEWS and NEW SOLAR & HVAC! The GREAT ROOM features NEWER wood floors, cedar wood ceilings, a stone gas fireplace, and floor-to-ceiling windows flooding the space with natural light. The chef's kitchen boasts NEW quartz countertops, a gas Viking cooktop, Wolfe double ovens, a Sub-Zero refrigerator, and a Wolfe microwave. The main level offers a luxurious master suite with a sitting room, gas fireplace, private deck, and a stunningly remodeled bathroom. Oversized 2-car garage + Tesla charger. Expansive deck with a fireplace for entertaining. The lower level features a home theater, gym, 2 guest bedrooms, and 2 baths plus 2 bonus rooms not added in sqft! SIMPLY STUNNING! Property Highlights: - Panoramic Views of Thunder Mountain and Red Rock from every corner of the home - Recent Remodels include new wood floors, quartz countertops, and top-of-the-line appliances - .47 Acres of private, serene land Close to Sedona's Best Attractions and amenities - Spacious Great Room with new wood floors, cedar wood ceilings, and a stunning stone gas fireplace - Commercial-Grade Open Kitchen with new quartz countertops, a gas Viking cooktop, new Wolfe double ovens, a new Sub-Zero refrigerator, and a new Wolfe microwave - Eat-in Kitchen with a bar counter for informal dining - Primary Suite with a separate sitting room, gas fireplace, and private deck off primary bedroom - Powder Room with quartz countertops - Oversized 2-Car Garage - Massive Outdoor Deck with a fireplace for entertaining and BBQs - Lower Level features 2 additional bedrooms, a flex room, 2 bathrooms, and a theater room - Desirable Gated Community in West Sedona Buyer Appeal - Ideal for Buyers seeking an open, spacious, entertaining home in a desirable location - Panoramic VIEWS and high-end finishes make this property stand out - Gated Community provides added security and privacy

12975 E Buckskin Trail Scottsdale, AZ 85255

$2,200,000
4 Beds
3.5 Baths
3,095 SqFt
Status Active
MLS # 6763855
Property Type Single Family Residence
Price Type --
Imagine: you're waking up with the sun lighting up your unobstructed, protected mountain views. Then, you're hiking Tom's Thumb on a gorgeous AZ December day and coming home to your pre-heated dry sauna. This isn't a dream, it could be your new reality when you live in this spectacular Storyrock home. Yes, there's the seamlessly flowing floorplan, chef-worthy kitchen, purposeful open concept living, & stunning luxury fixtures. Of course there's every upgraded finish throughout - every room featuring a statement design aesthetic. There's the most serene backyard with heated pool & firepit...Those details are important - but you're here because when the sun is setting and you're enjoying dinner al fresco - you're experiencing absolute serenity. We could barely put a price tag on it.

2782 E Citadel Court Gilbert, AZ 85298

$2,200,000
5 Beds
5.5 Baths
4,447 SqFt
Status Active
MLS # 6765545
Property Type Single Family Residence
Price Type --
Amazing Custom home on Huge 1 Acre Lot. Professionally designed, this modern/mediterranean gem boasts hand-scraped engineered hardwood flooring, modern kitchen with gourmet appliance package, stone and quartzite slab tops and deco tile surrounds, trim wall accents and custom shelving, upgrade modern light package, gorgeous outdoor living spaces including front courtyard and back covered and entertaining patios, full guest casita and en-suite quarters with separate entrances, drive-through garage, amazing play pool with slide and grotto, oversized RV gate and parking area, cathedral ceilings, and natural lighting throughout. Cul-de-sac orientation provides plenty of privacy and grand open space vistas.

333 W Bethany Home Road Phoenix, AZ 85013

$2,200,000
4 Beds
3.5 Baths
5,300 SqFt
Status Active
MLS # 6766329
Property Type Single Family Residence
Price Type --
Prime Location in the Heart of North Central Phoenix, surrounded by Multi-Million Dollar Homes this property is a luxury contemporary/classic living home nestled on a 1/2 acre lot. Completely remodeled featuring four bedroom 4 baths, play room, library room, den/office room and a four car garage. As you enter the home, you are greeted by an open and bright floor plan that leads to an open concept family room with a fireplace, a formal dining room and the gourmet kitchen which boasts custom stainless steel appliances, granite countertops, center-piece large island, and walk-in pantry. Two master suites, the big master suite is located on the second floor and it features a sitting area, custom made built-in TV and fireplace, a balcony, and a walk-in closet and a luxurious ensuite bath. The backyard features a pool with a water fountain, a spa, a large entertaining patio, and a shed. Conveniently located near the Uptown's Plaza eateries and shops featuring AJ's Fine Foods, the Uptown Farmers Market, the Murphy Bridle Path, and the Phoenix Mountain Preserve. Close to freeways I-51, I-17, and the airport.

13815 N Vista Del Oro -- Fort Mcdowell, AZ 85264

$2,200,000
5 Beds
5 Baths
4,533 SqFt
Status Active
MLS # 6770848
Property Type Single Family Residence
Price Type --
Welcome to your exclusive 10-acre estate, a private oasis just 12 minutes to Fountain Hills, 30 minutes to Sky Harbor, Old Town Scottsdale, and 10 min to Saguaro Lake. This Santa Barbara-style home offers stunning mountain views from every angle, set on its own mountaintop with 5 acres above and 5 acres below. A gated entry and security system ensure privacy and peace of mind as you enter this luxurious retreat. The gourmet kitchen is a chef's dream, featuring a 6-burner Wolf range, Sub-Zero refrigerator, two center islands, and a custom pantry with a drawer microwave and full-size wine fridge. The spacious 2,200 sq. ft. patio is professionally enclosed with rattlesnake-proof fencing, creating a safe outdoor living space. Enjoy the heated infinity pool and spa, a sunken seating area with a fireplace and an outdoor kitchen, perfect for entertaining with panoramic mountain views as your backdrop. An additional large, fenced-in side yard is home to mature fruit trees, including Meyer lemon, white grapefruit, mandarin orange, and lime. Inside, the home is partially furnished and features soaring 22-foot ceilings, three electric fireplaces (two in the living room and one in the dining room), and expansive windows. The guest house offers a kitchenette and a large walk-in closet, while the property includes a large storage shed behind the casita. This home has a private well, along with a Kinetico water softener and whole-house filtration system, along with reverse osmosis (RO) in the kitchen. This one-of-a-kind property also boasts a meditation area with a firepit and hammock overlooking Four Peaks, partially fenced horse arena is ready for horses with water access to the lower 5 acres, and a 220V outlet in the garage for electric vehicle charging. With no HOA, this home combines luxury, privacy, and modern conveniences in an unbeatable location.

118 E Palm Lane Phoenix, AZ 85004

$2,200,000
4 Beds
4 Baths
3,915 SqFt
Status Active
MLS # 6775423
Property Type Single Family Residence
Price Type --
Own a piece of Phoenix history with the esteemed RA Cox House, a 1925 adobe by Hollywood architect C. Lewis Kelley. Situated next to the Alvarado historic district, and on the National Register of historic homes, this stunning Spanish Colonial shares her 20,000+ sf irrigated lot with numerous citrus, fig, Crepe Myrtle and palm trees. Complete with beamed ceilings, wood floors and restored windows, the home is timeless and elegant with fabulous entertaining spaces. The light-filled east-facing kitchen is a culinary dream, with Soapstone counters and Carrara marble island. The serene master suite comes complete with a spacious walk-in closet and recently renovated bath. French doors spanning the back of the home lead to the covered porch and oasis-like backyard, featuring a glass-tiled pool , mature landscape and raised-bed gardening area. Additional highlights include a temperature-controlled wine cellar with arched brick storage, high-capacity AC units, 2 car garage with additional storage area and reduced property taxes. This exceptional property offers a unique blend of history, luxury and tranquility.

7026 E Warner Road Tempe, AZ 85284

$2,200,000
5 Beds
5 Baths
5,500 SqFt
Status Active
MLS # 6786409
Property Type Single Family Residence
Price Type --
1.94 ACRE BULK SALE OPPORTUNITY includes APN 301-52-984 (Vacant Land to the North) in a highly sought after location in Tempe. City approved easement on the west side of the properties for access to the North lot; Build your Dream Estate, two brand new homes, or renovate the existing property. This is a rare opportunity with a variety of possibilities, in a prime Tempe location.

501 S Saguaro Drive Wickenburg, AZ 85390

$2,200,000 - 3Br/3Ba -  for Sale in Vista Del Rio Estates, Wickenburg
New
$2,200,000
3 Beds
2.5 Baths
2,583 SqFt
Status Active
MLS # 6787388
Property Type Single Family Residence
Price Type --
Welcome to your very own slice of roper's paradise! This stunning property blends the best of luxury living with a top-of-the-line roping facility, all set against breathtaking views. Step inside this beautifully updated Santa Fe-style home, where charm and comfort harmonize perfectly. Rock fireplace creates a warm and inviting centerpiece for cozy nights. In the kitchen the gorgeous granite countertops, updated refrigerator, and many cabinets add sophistication and practicality. The Spanish style tile floors and wood accents & rock wall are finishes that showcase the exceptional craftsmanship of the home. The numerous entertainment spaces are perfect for hosting family and friends. The courtyard entrance and gate provide a stunning welcome with extensive landscaping, mature plants and trees with true Southwestern charm. Enjoy the Arizona sunsets, relax and unwind in your private heated pool. Ropers will love the professional arena equipped with sprinklers, roping chute and return alley. There is also a large turnout, steer pen, and 7 pens with covers misters and automatic waterers. There is a hay barn and tack room with a covered tie rack that will fit all your storage needs. For visitors there are two full RV hookups that will make hosting friends and family a breeze. The property is also fenced with steel pipe and no climb. This extraordinary property offers the ultimate balance of luxury living and equestrian excellence. Whether you're a professional roper, a weekend cowboy, or simply someone who appreciates the Western lifestyle, this is the place where dreams become reality. Come and experience firsthand why this roper's dream is truly one of a kind!

7112 E Wildcat Drive Scottsdale, AZ 85266

$2,200,000
4 Beds
3.5 Baths
4,203 SqFt
Status Active Under Contract
MLS # 6783557
Property Type Single Family Residence
Price Type --
Stunning Tuscan elegance in North Scottsdale! Absolute luxury in this truly one of a kind Custom Entertainers Dream! Two gated entrances, guest casita, & indoor/outdoor living in this special home. Gourmet kitchen w/granite counters, commercial grade appliances, plenty of cabinets & walk-in pantry! Designer touches T/O are impeccable works of art & must be seen to be believed. Fireplaces throughout the home for those gorgeous winter nights, multiple outdoor living spaces, & custom built Coral Craft Stalls, tackroon, turnouts & 60 ft round pen! 6 waterfalls in your outdoor oasis including; Beach entry Diving Pool, Spa & Heated Exercise pool! Very private & secluded feeling & yet only minutes to world class dining, shopping, and art galleries. Stunning Mountain Views!

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