Inventory Shortages Are Slowing Down the Market

Inventory Shortages Are Slowing Down the Market | Simplifying The Market

The real estate market is moving more and more into 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 summer, supply is not keeping up.

Here are the thoughts of a few industry experts on the subject:

Lawrence Yun, Chief Economist at NAR:

“Sellers are in the driver’s seat this spring as the intense competition for the few homes for sale is forcing many buyers to be aggressive in their offers. Buyers are showing resiliency given the challenging conditions. However, at some point — and the sooner the better — price growth must ease to a healthier rate. Otherwise sales could slow if affordability conditions worsen.”

Tom O’Grady, Pro Teck CEO

“The lack of inventory is very real and could have a severe impact on home sales in the months to come. Traditionally, a balanced market would have an MRI (Months Remaining Inventory) between six and 10 months.

This month, only eight metros we track have MRIs over 10, compared to 27 last year and 48 two years ago—illustrating that this lack of inventory is not being driven by traditionally ‘hot’ markets, but is rather a broad-based, national phenomenon.”

Ralph McLaughlin, Chief Economist at Trulia

“Nationally, housing inventory dropped to its lowest level on record in 2017 Q1. The number of homes on the market dropped for the eighth consecutive quarter, falling 5.1% over the past year.”

Freddie Mac

“Tight housing inventory has been an important feature of the housing market at least since 2016. For-sale housing inventory, especially of starter homes, is currently at its lowest level in over ten years. If inventory continues to remain tight, home sales will likely decline from their 2016 levels. …all eyes are on housing inventory and whether or not it will meet the high demand.”

Bottom Line

If you are thinking of selling, now may be the time. Demand for your house will be strongest 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 details – J.P. Cook – 602-320-4253.

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7113 E Mcdonald Drive Paradise Valley, AZ 85253

$1,350,000 - 2Br/2Ba -  for Sale in Villa Serena, Paradise Valley
Open House
$1,350,000
2 Beds
2 Baths
1,830 SqFt
Status Active
MLS # 6707837
Property Type Townhouse
Price Type --
Welcome to your dream home in the heart of Paradise Valley! This newly renovated townhome with new custom designer flooring and baseboards in the prestigious Villa Serena community offers an unparalleled blend of luxury, comfort, and modern living. Boasting 2 spacious bedrooms plus a den and 2 beautifully appointed bathrooms, this home is perfect for those seeking a serene and sophisticated lifestyle. Step inside to discover a stunning open-concept floor bathed in natural light, high ceilings, with large windows to enjoy the lush landscaping. The brand-new gourmet kitchen features top-of-the-line stainless steel appliances, including Wolf gas cooktop, quartz countertops, and custom contemporary cabinetry, making it a chef's paradise. The adjoining dining and living areas flow seamlessly, ideal for entertaining guests. Relax in the inviting den that looks on to the patio with large new sliders and plenty of room for a desk. The luxurious master suite is a private retreat complete with an en-suite bathroom featuring a dual vanity, shower, and walk-in closet. The additional bedroom offers ample space next to a fully renovated bathroom with modern fixtures and finishes. Enjoy Arizona's beautiful weather on your private patio, perfect for morning coffee or evening relaxation. This home also includes a two-car garage, providing convenience and additional storage. Villa Serena is known for its lush landscaping, tranquil ambiance, and exceptional amenities. Residents enjoy access to a sparkling community pool, spa, fitness center, and clubhouse, all within a secure environment. Located in the heart of Paradise Valley, you are minutes away from the new Ritz Carlton Resort Hotel, world-class dining, shopping, golf courses, and hiking trails.

4625 E Garnet Circle Mesa, AZ 85206

$1,349,990
5 Beds
4.5 Baths
5,654 SqFt
Status Active
MLS # 6698697
Property Type Single Family Residence
Price Type --
Nestled inside the exclusive 46-home gated community of Sunny Mesa, this custom property perfectly combines modern touches and classic elegance. The red brick façade provides tremendous curb appeal for this corner lot sitting on just over half an acre. This recently renovated estate features 5 bedrooms and 4.5 bathrooms with a versatile layout and OWNED SOLAR. The front entry leads you to your sunken living room with gas fireplace followed by the formal dining area. The gourmet kitchen shines with custom cabinetry, a huge island, built in fridge, and high-end Bosch and Thermador appliances. The primary bedroom features an upgraded en-suite with two walk-in closets - one with its own dedicated laundry and the other was converted from a secondary bedroom for optimal size and fully customized. The west corridor of the home has the perfect guest quarters for next-gen living with 1.5 bathrooms, living room, kitchenette, plus an additional 735 sqft of flex space. The backyard features a large grass lawn, citrus trees, and an extended patio area leading to the pebbletec diving pool with pool cooler and spa. There's plenty of parking and storage with 3+ car garage, extended driveway, and RV gate/parking. Close to the highly coveted Franklin at Brimhall elementary school and US-60 freeway. This amazing property is ready for its new owners!

10154 E Happy Hollow Drive Scottsdale, AZ 85262

$1,349,950
4 Beds
3.5 Baths
3,798 SqFt
Status Active
MLS # 6756125
Property Type Single Family Residence
Price Type --
Nestled on a pristine acre of Sonoran Desert land, this exceptional residence offers captivating mountain and sunset views that perfectly embody the essence of Arizona living. Located in the coveted gated community of Cresta Norte, this well-maintained home by its original owner exudes both elegance and comfort. Boasting 4 spacious bedrooms, 3.5 bathrooms, and a versatile layout that includes two flexible office spaces, this home is designed for both luxury and practicality. The updated open kitchen, adjacent to the family room and informal dining area, features modern finishes and seamlessly flows into the living spaces. A formal dining room and inviting living room create an ideal setting for both intimate family moments and larger gatherings. (Continued ) Step outside into the meticulously designed outdoor oasis, where two covered patios offer shaded areas to relax, while a sparkling pool and two tranquil fountains provide a serene ambiance. A stone-surfaced pergola completes the outdoor entertaining space, perfect for enjoying the breathtaking Arizona sunsets. The north/south exposure ensures optimal light and comfort throughout the day. Inside, recent upgrades include a freshly painted interior and an updated master bathroom, adding a touch of modern luxury to this timeless desert retreat. Tile and wood floors flow throughout the home, enhancing its warm, sophisticated appeal. The residence also includes a detached casita, ideal for guests or additional workspace, and a 3-car garage for ample storage. Cresta Norte offers residents access to tennis and pickleball courts, a neighborhood park, and unparalleled serenity, all within the embrace of the natural desert surroundings. This is more than just a homeit's a private sanctuary in one of Scottsdale's most exclusive neighborhoods.

19788 E Cattle Drive Queen Creek, AZ 85142

$1,349,900
5 Beds
4.5 Baths
4,002 SqFt
Status Active
MLS # 6771250
Property Type Single Family Residence
Price Type --
Welcome to your dream home located in La Jara Farms. This beautifully maintained property has been lovingly cared for by its original owners and offers a perfect blend of luxury and comfort. This home boasts 5 spacious bedrooms and 4.5 bathrooms, ensuring plenty of space for family and guests. The luxurious primary suite features plush carpet and a spa-like bathroom. Additional guest bedrooms include Bedroom #2, which is larger than average and features a walk-in closet and a Jack & Jill bath. Bedroom #3, although cozier, is still spacious and shares the Jack & Jill bath, while Bedroom #4 includes an ensuite bathroom with a single vanity and a tub/shower combo. The attached casita offers its own entrance, living area, kitchenette, and ensuite bath, making it perfect for guests or extended family. The interior also includes a versatile den with tile flooring, ideal for a home office or study, along with an elegantly appointed formal dining room. The gourmet kitchen is a chef's delight, featuring a massive island with bar seating, granite counters, and stainless steel appliances, including an industrial gas range and a built-in fridge. A butler's pantry with a beverage fridge and ample additional cabinetry completes this impressive culinary space. The great room boasts soaring 12' ceilings and a carpeted TV area, with a sliding door that opens to your outdoor paradise. Outside you will find your private resort-style backyard, beautifully designed for relaxing, entertaining and/or playing. The heated saltwater pool and spa feature a Pebble Tec play pool, a Baja step, and a swim-up bar with seating, perfect for summer entertaining. The sunken BBQ area, equipped with an Alumawood-style pergola, is plumbed for natural gas and powered for convenience, making outdoor cooking a breeze. The travertine patio and surround create a serene atmosphere for relaxation, while the turf area has been measured specifically for your cornhole games. A covered patio, complete with fans and a TV projector, sets the stage for memorable movie nights under the stars. Additional amenities include an attached 3-car garage and detached RV garage measuring 20' x 40' with a 14' door. This garage is fully insulated and climate-controlled, featuring its own A/C unit and an alarm system. This exceptional property combines luxurious living with thoughtful design and is waiting for you to call it home. Don't miss out on this rare opportunity in the heart of Queen Creek!

15857 E Ponderosa Drive Fountain Hills, AZ 85268

$1,349,900
5 Beds
3 Baths
4,066 SqFt
Status Active
MLS # 6779193
Property Type Single Family Residence
Price Type --
Where do you begin with a home like this!?!? nearly 4100 sq. feet on .4 acres, It seems the views go on forever! 180 degree views of the fountain, Red Mountain and Superstition Mountains, WOW! The home has so many living & hang out areas, a living room, 2 great rooms, beautiful kitchen that takes advantage of all the incredible views, there's a small bar & kitchenette downstairs as well! A huge Storage room as well as a den, two breakfast eating areas & formal dining, outside, well the outside has 2 HUGE covered patios with multiple seating areas, dining room & built-in BBQ, The private pool area with a brand new jacuzzi, is a true oasis, complete with expansive sitting areas, water features and exquisite fireplace, an RV gate & driveway are perfect for RV parking, What a Home!

3374 E Virgil Drive Gilbert, AZ 85298

$1,349,500
5 Beds
4 Baths
4,485 SqFt
Status Active
MLS # 6744459
Property Type Single Family Residence
Price Type --
**Exquisite Golf Course Home at Seville Golf & Country Club on hole 14** Discover luxury living in this stunning 5 bedroom, 4 bathroom residence nestled within the exclusive Seville Golf & Country Club gated neighborhood of La Mirada. Boasting 4,485 sf, this home offers the perfect blend of elegance and comfort. Step into a newly renovated kitchen, complete with top-of-the-line appliances, built in refrigerator freezer with modern finishes. The spacious primary suite, along with updated bathroom and two walk-in closets, reflects attention to detail and quality craftsmanship. Entertain in style in the expansive backyard, featuring a sparkling pool, spa, and a charming Ramada with a built-in BBQ and outdoor fireplace, perfect for gatherings year-round. The fully finished basement includes a second kitchen, a family room, and a private gym with a built-in saunaideal for relaxation and entertaining. With a 3-car garage and a gated neighborhood offering privacy and security, this home is designed for those who appreciate the finer things in life. Enjoy breathtaking views of the pristine golf course right from your backyard, and experience the serene lifestyle that Seville Golf & Country Club has to offer. This is more than just a home; it's a lifestyle. Don't miss this rare opportunity!

5907 E Night Glow Circle Scottsdale, AZ 85266

$1,349,000
4 Beds
3.5 Baths
3,451 SqFt
Status Active
MLS # 6776488
Property Type Single Family Residence
Price Type --
GORGEOUS & IMMACULATE HOME IN GATED SUBDIVISION OF LOS ALISOS!ALL ONE LEVEL, 3451 sft/4 BEDROOM PLUS OFFICE/3.5 BATH/EXTENDED 3CG W/BUILTINS /SOUTH FACING PEBBLETEC POOL!NEW ROOF 2023 & NEW EXTERIOR PAINT IN 2021 !N/S EXPOSURE;SOARING CEILINGS,OVERSIZED WINDOWS LENDS TO LOTS OF NATURAL LIGHT.COOKS KITCHEN W/LG ISLAND;GRANITE COUNTERTOPS;GAS COOKTOP;DOUBLE OVENS;EAT IN KITCHEN OVERLOOKS FR W/GAS FP;FORMAL DINING;SPLIT PRIMARY w/LG SITTING AREA & DOOR TO BACK PATIO/HIS-HERS CLOSETS-DUAL VANITES-HUGE DUAL SHOWER-JACUZZI TUB! OTHER BEDROOMS ARE SPLIT; SPACIOUS! SOUTH FACING ENTERTAINMENT PATIO W/COVERED PATIO; BUILT IN NATURAL GAS FP; LG FIREPIT AREA W/SEATING FOR PLENTY!STUNNING POOL (HEATED!),MATURE PLANTS & TREES! BORDERS COMMON AREA.EXTRA DEEP 3CG (21'10''LONG)W/BUILTINS & WORKSPACE!MORE!

23875 N 79th Avenue Peoria, AZ 85383

$1,349,000
4 Beds
3 Baths
3,151 SqFt
Status Active
MLS # 6783398
Property Type Single Family Residence
Price Type --
This PERSONAL PARADISE in Peoria is CLOSE to EXCELLENT SCHOOLS, SHOPPING, FREEWAYS, and ENTERTAINMENT but STILL TUCKED AWAY in a PRIVATE and PEACEFUL LOCATION*KITCHEN has GRANITE at ABUNDANT COUNTER SPACE, neutral UPGRADED CABINETS, ISLAND, bay window, and EXTRA LARGE WALK-IN PANTRY*GREAT ROOM has FIREPLACE*FRONT ROOM can be office or sitting room*GREAT STORAGE*GUEST SUITE has FULL BATH and separate OUTDOOR EXIT*EXPANSIVE OWNER SUITE has SITTING ROOM (used as office) and FANTASIC BATH with WALK IN SHOWER and TUB with JETS*RASTA (IFC) BLOCK CONSTRUCTION*NEWER ROOF, SHUTTERS, SOFT WATER, GARAGE CABINETS and the list goes on*OASIS BACKYARD has FABULOUS DEEP PATIO, SOOTHING POOL, TURF, MOUNTAIN VIEWS, and room for RV PARKING*Come by and see why YOU WILL WANT TO CALL THIS PLACE YOUR ''HOME''

5740 E Red Bird Road Scottsdale, AZ 85266

$1,349,000 - 5Br/4Ba -  for Sale in Lengthy, Provided In Escrow. No Hoa Horse Privleges, Scottsdale
New
$1,349,000
5 Beds
4 Baths
3,555 SqFt
Status Active
MLS # 6788720
Property Type Single Family Residence
Price Type --
Two homes in one! Hard to find multi-generational home custom built in 2000. NO STEPS. Wide Hallways. No HOA, Horse Privileges. TWO kitchens, TWO laundry rooms, TWO Living rooms, TWO inside fireplaces, TWO Patios, TWO access doors to the 3-car garage! 1.06 Acres. Mountain Views. Layout: 3 bed/2 bath in main home, and 2 bed/2 bath in Casita. Prime Scottsdale 6 miles north of Desert Ridge at Loop 101 for quick access to downtown Phoenix, Sky Harbor Airport. (2) 16 SEER Trane/York HVAC units & 60 gallon hot water heater installed May 2021. UPGRADED 3'' foam w/ transferable roof warranty. Freshly painted inside & out. 50 Amp RV hookup. PebbleTec pool, waterfall, new motor and filters. 16x12x10 Shed/Tack Room. Scottsdale City Water! 50 feet from entry to 6,600+ acres of open riding trails. Near Scottsdale Bible North, Desert Sun academy, Horseshoe Trails Elementary, Sonoran Trails Middle School, Saguaro Forrest Farm, Across from Jodi Scotts School of Horsemanship (Papago Stables North - a riding, training and boarding facility), 5.5 miles to Desert Ridge High Street restaurants and mall, 2 miles to Scottsdale Rd, 4.6 miles to AJs Plaza on Scottsdale Rd.

10302 S 16th Avenue Phoenix, AZ 85041

$1,349,000
4 Beds
4.5 Baths
4,077 SqFt
Status Active
MLS # 6713642
Property Type Single Family Residence
Price Type --
INCREDABLE luxury home nestled on the side of South Mountain overlooking downtown Phoenix. Owners have spent the past two years returning the home to its original territorial style with new travertine flooring throughout, new interior paint, bath fixtures, door hardware, numerous upgraded lighting fixtures and the primary shower and garden tub remodeled. Great entertaining home from the huge dining and family rooms to the incredible chefs kitchen with GE Monogram appliances. Back yard is truly resort style with infinity edge pool, separate in ground spa, fire pit and outdoor kitchen. The rooftop deck offers incredible views from downtown phoenix to the South Mountains. Oversize 4 car garages for all your toys too.

1326 E Wier Avenue Phoenix, AZ 85040

$1,349,000
6 Beds
4 Baths
3,296 SqFt
Status Active
MLS # 6763350
Property Type Single Family Residence
Price Type --
Main house is 5 bedrooms, office with 3 bathrooms. Open floorplan to kitchen in main living area. Additionally includes an attached 1 bed, 1bath, office and kitchen apartment. Sale includes the additional 1.1 acre vacant lot 113-52-014. Zoned R3 allowing for up to 3 stories with close to 30 units on both lots combined along with the current house.

7731 E Manana Drive Scottsdale, AZ 85255

$1,349,000
4 Beds
4 Baths
4,200 SqFt
Status Active Under Contract
MLS # 6716693
Property Type Single Family Residence
Price Type --
Beautiful Sonoran Hills home in north Scottsdale! This remodeled gem offers 4,200 sq ft of luxury living, blending modern elegance & timeless charm. 4 bedrooms, 4 bathrooms, including a huge downstairs ensuite bedroom. Large upstairs/office/ playroom/workout room includes custom built-ins plus 2 bedrooms w/jack&jill bath & oversized Master. Downstairs great room plus dining/iving & breakfast areas are very light w/bright/plantation shutters thoughout. Pool only 4 years old. Entertain in the formal dining room, enjoy casual meals in the sunny breakfast nook overlooking the sport court & pool. A Tesla charging station, 43G solar panels, an entire house humidifier in AC, the underlayment of the roof is new as was redone when the solar panels were installed, newer flooring throughout, inside just painted throughout. Have had 2 offers that didn't materialize so ignore days on market. Great location!! Great park nearby!

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