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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7175 E Camelback Road Unit 704 Scottsdale, AZ 85251

$3,250,000
2 Beds
2.5 Baths
2,284 SqFt
Status Active
MLS # 6694279
Property Type Apartment
Price Type --
Extremely unique high-rise condo in one of the most prestigious buildings in Scottsdale. This ~2,300 sq ft condo is the only one of its kind in the Scottsdale Waterfront, boasting both sunrise and sunset views from the approximately 1,400 sq ft 7th floor contiguous deck, on the quietest corner in the building, overlooking the canal and most of south Scottsdale. The views are a must-see and truly an incredible and rare find. Located in the heart of Old Town Scottsdale, across the street from Scottsdale Fashion Square Mall, walking distance to the Entertainment District, and too many fabulous restaurants to mention.

25002 N Quail Haven Drive Rio Verde, AZ 85263

$3,250,000
6 Beds
6.5 Baths
6,868 SqFt
Status Active
MLS # 6707772
Property Type Single Family Residence
Price Type --
If you are looking for peace and serenity and room to breathe, this is the house for you! Don't miss this rare opportunity to own a piece of paradise in the wonderful Rio Verde golf community. Situated on over 1.5 acres (17,598 sq ft adjacent lot included) and bordering The McDowell Mountain Park, this privately gated property offers ultimate privacy. The main house features two primary suites and three secondary en-suite bedrooms. The spacious kitchen with a butler's pantry is a chef's dream. A double-sided fireplace separates the large great room and dining area. Additional highlights include a 1,073 sq ft guest house, a 2,300 sq ft pool house with a 980 sq ft heated pool and spa, nine patios including a rooftop patio with 360-degree views, and multiple desert gardens. The custom exterior lighting package ensures you can enjoy the entire property at all times. The adjacent lot, also included in the sale, can be sold and built on. The Rio Verde community offers a golf course, state-of-the-art community center, tennis courts, restaurant, Community Church, and post office. This is truly a unique and exceptional property!

5825 E Cochise Road Paradise Valley, AZ 85253

$3,250,000 - 4Br/5Ba -  for Sale in Country Estates Unit 2a, Paradise Valley
Open House
$3,250,000
4 Beds
4.5 Baths
3,729 SqFt
Status Active
MLS # 6747881
Property Type Single Family Residence
Price Type --
Desert contemporary 2024 new build! Experience Paradise Valley's resort style, tranquil living in this 4 bed, 4.5 bath estate. With natural light beaming in through 2 walls of sliding doors, home boasts modern and clean design elements with open concept great, dining, and kitchen. Custom two-toned wood cabinets, oversized 2-tier kitchen island, and with stainless steel Wolf appliances, including gas cooktop, multiple ovens, coffee bar, and a wine fridge, creating a chef's dream kitchen. Primary suite includes private sliders to the backyard, dual sink vanity, soaking tub, oversized shower, enclosed toilet, and incredible walk-in closet with custom cabinetry. Entertain family and friends in the backyard with custom pool with expanded pool deck, built-in BBQ, covered patio, turf and desert landscaping or front yard with additional covered patio perfect for lounging and dining. Additional features include 3 en suite guest bedrooms, 4 car garage, RV gate, and builder warranty. Located minutes away from Paradise Valley and Scottsdale's top resorts, golf, dining, and shopping.

88 N Country Club Drive Phoenix, AZ 85014

$3,250,000 - 5Br/7Ba -  for Sale in Country Club Pl Lot 45 Ex, Phoenix
Open House
$3,250,000
5 Beds
7 Baths
5,639 SqFt
Status Active
MLS # 6777151
Property Type Single Family Residence
Price Type --
Welcome to Manor 88- a timeless retreat nestled within the heart of vibrant downtown Phoenix, yet offering serene seclusion behind the private gates of the renowned and historic Phoenix Country Club. Upon arrival you are warmly greeted by an expansive brick driveway and tree-filled lawn that frame your view of a charming extended front porch, a perfect spot for an early morning coffee or evening conversations. Meticulously renovated, this 1947 classic offers a sprawling floor-plan bathed in natural light and accented by warm oak hardwood floors throughout. You'll discover spaces designed for both intimacy and entertainment, from the built-in living room bar and floor to ceiling brick gas fireplace to the versatile game/gym/study/movie room along with an office and 4 other generously sized en-suites that ensure comfort and privacy. The grand chef's kitchen features top-of-the-line appliances, granite and quartz counters, brick backsplash, ample storage, solid wood cabinetry and many designer details offering both beauty and function. Off the kitchen, discover the laundry and mudroom, complete with custom cabinetry and a built-in fridge that leads you through a gorgeous light filled hallway to your primary retreat. The dining room opens to an expanded courtyard through elegant pocketed doors and overlooks multiple seating areas, a crafted swing set, a spa and a full grass field, providing endless opportunities for outdoor enjoyment and entertainment. This reimagined European farmhouse style home is complete with owned solar panels, an epoxied 3-car garage, and numerous updates throughout to combine classic charm with modern conveniences. Located near the clubhouse and just moments from the city's heart, this property isn't just a house - it's a warm, inviting home ready for your next chapter.

39402 N 67th Place Cave Creek, AZ 85331

$3,249,000
4 Beds
6 Baths
5,312 SqFt
Status Active
MLS # 6775546
Property Type Single Family Residence
Price Type --
Discover your ultimate desert oasis, a quiet, peaceful, and luxurious 5,312 sq ft retreat surrounded by iconic saguaros and endless desert vistas. Set on 2.1 meticulously landscaped acres, this stunning home was fully rebuilt and expanded in 2020, featuring modern upgrades like plumbing, electrical systems, and state-of-the-art amenities. With two owned water softeners, a propane tank, RO system, and ADT security, every detail has been considered. Step into elegance with four ensuite bedrooms, 4 full bathrooms and 2 half baths, and masterful craftsmanship throughout. A wall of Fleetwood thermopane windows greets you upon entry, revealing breathtaking views. The open-concept gourmet kitchen and great room is an entertainer's dream, boasting leathered granite countertops, a Miele range, and Dacor column fridge and freezer, built-in Miele coffee maker, and custom cabinetry. The expansive U-shaped island, with seating for eight, is perfect for gatherings. A spacious walk-in pantry, complete with washer/dryer hookups and floor-to-ceiling cabinetry, offers ample storage. Relax by the three-sided gas fireplace, whether you're dining or enjoying one of the two cozy living areas. Automated shades provide comfort and privacy at the touch of a button. Retreat upstairs to your luxurious primary suite, featuring a tranquil sitting area, unique granite accent wall, custom furniture, a private balcony with panoramic views and direct access to the pool area. The spa-like bathroom includes custom cabinets, quartzite and marble finishes, and a two-person digital steam shower with body sprays. The large split two-sided closet, complete with washer/dryer hookups, makes the space entirely self-sufficient. On the main floor, you'll find an office and additional bedrooms, including a second primary suite with a wood-burning fireplace, walk-in closet, and a bathroom overlooking a beautiful painted courtyard. There's also a flexible space ideal for a gym or second office. High-end finishes abound, including designer lighting fixtures, custom Italian doors, and intricate steelwork. Outside, the resort-style backyard awaits with a Pebble Tec diving pool, cascading waterfalls, and a shaded ramada. The outdoor kitchen includes space for a BBQ set up and a granite island with a sink and fridge. Enjoy evenings around the custom gas fire pit or unwind in the private hot tub, surrounded by lush gardens and a courtyard adorned with a hand-painted mural. This home also features a four-car, temperature-controlled garage with epoxy floors, a horse corral, tack room, and ample land for future expansionswhether you're dreaming of a guest house, sports courts, or additional horse facilities. This Arizona paradise offers unmatched luxury and endless possibilities.

4849 N Camelback Ridge Road Scottsdale, AZ 85251

$3,225,000
2 Beds
3 Baths
2,594 SqFt
Status Active
MLS # 6681503
Property Type Apartment
Price Type --
Tucked at the base of revered Camelback Mountain, Ascent is a new, private residential enclave adjacent to The Phoenician Resort - one of Arizona's premier luxury resort destination. This community incorporates the Sonoran Desert landscape directly into its design, at the most enviable location in Scottsdale. Ascent offer views overlooking the Valley & Camelback Mountain. Home designs feature contemporary architecture integrating warm, natural materials, expansive windows, and large outdoor patios. Thoughtfully designed by Nelsen Architects and Vallone Interior Design. Luxury finishes include exquisite Bulthaup Kitchens, Provenza wood floors, Sub Zero Wolf appliances & 10' ceilings.

875 Rim Drive Pinedale, AZ 85934

$3,200,000
16 Beds
8.5 Baths
10,823 SqFt
Status Active
MLS # 6732458
Property Type Single Family Residence
Price Type --
Once in a lifetime opportunity! Located in the White Mountains and surrounded by USFS property, this 60-acre property has everything you are looking for. Adorned with mature ponderosa pines, fruit trees, pastures, and Pinedale Wash running through. Currently used as a Family retreat, there are many possibilities from company retreat, dude ranch, rentals, and much more. The property has been well cared for over the years and has many upgrades. The picturesque views from every home, lawns, playground, fire pit, are just a few of the things you'll fall in love with. With 4 separate houses, one of which is duplex, there's plenty of room for everyone. The main house has 5 bedrooms and 3 baths with an open floor plan. The large living room is great for gatherings and the kitchen is perfect for entertaining and making memories with friends and family. The Guest house has 4 bedrooms, 2 baths, and an extra-large kitchen and great room: a perfect place for family gatherings. The Caretaker's home and the duplex add an additional 7 bedrooms and 3.5 baths. In addition, there is also a 2200 square foot stable with a fenced in corral. Pastures are fenced in to allow for grazing, and a variety of equipment is available. The private well provides plenty of fresh water for all the homes and additional water lines running through the property.

1575 S 155th Street Gilbert, AZ 85296

$3,200,000
5 Beds
7 Baths
5,667 SqFt
Status Active
MLS # 6754626
Property Type Single Family Residence
Price Type --
Luxurious newly built & professionally designed masterpiece! This stunning home offers 5 generously sized bedrooms & 7 exquisite bathrooms, including a unique bedroom w/ a private outside entrance, perfect for guests/extended family. The state-of-the-art kitchen is a culinary dream, featuring top-of-the-line Wolf & Sub-Zero appliances, complemented by elegant finishes & ample counter space. A dedicated teen room adds versatility, while foam insulation ensures exceptional energy efficiency. Step outside to your own private oasis, complete w/ two sophisticated firepits, a sprawling pool & a rejuvenating spa. The meticulously landscaped front & back yards create a seamless blend of beauty & functionality. Located near major roads & highways, this home offers easy access to key amenities. Enjoy proximity to vibrant downtown Gilbert, renowned for its dining, shopping & entertainment options. Additionally, nearby facilities include top-rated schools, scenic parks & recreational areas. This residence combines opulence w/ convenience, making it the ultimate retreat for both entertaining & relaxing.

25505 N 114th Street Scottsdale, AZ 85255

$3,200,000
4 Beds
4.5 Baths
4,113 SqFt
Status Active
MLS # 6565469
Property Type Single Family Residence
Price Type --
New custom coming in Troon Mountain Estates! This gorgeous, soft contemporary home to-be-built has approximately 4113 square feet, 4 bedrooms, 4.5 baths, including a 679 square foot one bedroom/one bath separate casita, plus an open kitchen with butler's pantry, a great room, game room/den and walls of glass overlooking spectacular views of the McDowells, 4 Peaks and city lights from the top of a 20,000+ sf lot in gated Troon Mountain Estates. The main house is all on one level/no stairs, including the 3 car garage, except for steps down to the casita, infinity pool and spa.

26782 N Donna Place San Tan Valley, AZ 85144

$3,200,000
3 Beds
2 Baths
2,577 SqFt
Status Active
MLS # 6679447
Property Type Single Family Residence
Price Type --
Some properties have to be seen to be believed. Welcome to The Arthouse, the Valley's best kept secret. Having operated as a luxury destination wedding venue in recent years, this home presents an exceedingly rare opportunity to enjoy modern living among natural, undisturbed desert. Winding desert roads scattered with saguaro cacti and picturesque mountain views lead you through San Tan Mountain Regional Park, to a property where peace, calm and serenity envelop all who enter. At this one-of-a-kind retreat, the current stewards have lovingly and carefully crafted every inch of this property's 3.3+ acres to maximize desert dwelling in a secluded setting surrounded by untouched state park land - offering privacy that no other property in the Phoenix metro area can come close to. Each evening, painted skies abound for you to enjoy sunset from the wraparound deck - this property has been designed for those who simply cannot compromise on the joys of outdoor living. The interior of the home is the ideal blend of comfort and cozy with a South Western twist. Prepare meals in the gourmet kitchen - complete with butcher block island, modern cabinetry and farmhouse-style sink. The exclusive owner's retreat will rejuvenate your soul - gas fireplace and soaking tub. In addition to the main home, don't miss the separate suite plumbed for a bathroom with it's own private entrance, which has in recent history served as a bridal suite. You will not find a home that soothes you in a way that The Arthouse does, while offering all the indulgences of modern living.

5020 E Pershing Avenue Scottsdale, AZ 85254

$3,200,000
4 Beds
4.5 Baths
4,400 SqFt
Status Active
MLS # 6780704
Property Type Single Family Residence
Price Type --
Discover luxury living in this impeccably upgraded home! The wide open floor plan seamlessly blends into the chef's kitchen featuring Wolf appliances, beautiful cabinetry & quartz counters- PERFECT FOR ENTERTAINING. Retreat to the sprawling master suite offering a soaking tub, double sinks, and a massive closet with a vanity. Step outside to the resort-style backyard oasis with a sparkling pool, gazebo, large covered patio with misters & huge grassy play area. Additional highlights include a separate workshop, 4-car garage, private bar area with a climate-controlled wine room, & a massive game room for endless entertainment possibilities! Sunburst Farms is a wonderful Scottsdale community located near Kierland shopping and entertainment, excellent golf courses & A+ schools. A MUST SEE!

30424 N 148th Street Scottsdale, AZ 85262

$3,200,000
5 Beds
4.5 Baths
3,904 SqFt
Status Active Under Contract
MLS # 6776961
Property Type Single Family Residence
Price Type --
Stunning Equestrian Estate with Guest House nestled on a sprawling 10 Acre property in the serene landscape a short distance from the Tonto National Forest. This property offers an exceptional blend of modern comfort, views, and exceptional Equestrian facilities. This 3bedroom, 2.5 bath home with open floorplan, showcases a chef's kitchen featuring a gas range, granite counters, custom cabinetry, newer microwave and dishwasher. Master split to one side with direct access to rear patio, two additional spacious bedrooms. Large Greatroom with Gas Fireplace and walls of glass opening up to the beautifully landscaped green rear yard. Enjoy the Outdoor beauty of Arizona year round with the deep wraparound covered patio looking east towards the iconic Four Peaks. Large Heated play pool with Boulder Water feature. Separate above ground spa. Back yard is surrounded by block wall covered in white rose vine creating a private oasis. The views are unobstructed and panoramic of the mountain ranges to the east as the land gently falls away. Four Peaks, Weavers Needle, Bartlett Dam all in full view. The separate Guest House features 2BR, 2BA with full kitchen and large living space. In addition the owners created unique lodging converting a container into a charming guest suite with outdoor shower and toilet. If you have an RV or friends coming to stay there is one RV full hookup with electric, water, and sewer. Top Notch Professionally Designed and Built Equestrian Facilities with 7 stall shed row style Block barn with deep overhang. Each stall is fitted with rubber mats, fan, mister and fly control system, and excellent lighting. Runs off back of each stall if you prefer them going in and out or you can shut the back door to keep them inside. Large Airconditioned tack room with built in saddle and bridle racks and storage. Mud room can double as grain/feed room with deep sink, refrigerator, storage cabinets and plumbed for washer/dryer. Outside wash rack with hot water piped in. The entire 10 acres is perimeter fenced with Rustic oil pipe fencing. Your horses will love the 8-pipe fenced turn out paddocks with shades with room to add more. Large steel container to store hay. Dressage size arena with rubber/sand footing and an additional large, cleared area if you need something a bit larger, plenty of room and lot coverage left to build a large Covered Arena. Round pen with sand footing. You will love the direct access out your gate to miles of trails with soft decomposed granite footing NO ROCKS! Just a short 10-minute trail ride to Tonto National Forest for scenic trail riding. Do you love gardening and fruit trees? Wonderful Herb Garden and talk about trees! Fruit trees planted include Lemon, Lime, Peach, Apple, Guava, Fig, Kumquat, Grapefruit, Blood Oranges, Pomegranate all on drip system and not just any drip system this system has automated fertilizer system added so trees are slow fertilized in spring and fall with the watering system and they are thriving! Utility rates are on the rise, so problem has been solved with Solar Panels (owned) that keep those bills at or under $300 a month. Located in Maricopa County where property taxes are low, Scottsdale Mailing address, and a good producing Private well with newer pump installed this property has it all. Perfect for any equestrian or outdoor enthusiast your perfect oasis in the desert.

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