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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18373 W Devonshire Avenue Goodyear, AZ 85395

$662,000 - 3Br/3Ba -  for Sale in Sedella Parcel 4b, Goodyear
Open House
$662,000
3 Beds
2.5 Baths
2,322 SqFt
Status Active
MLS # 6747749
Property Type Single Family Residence
Price Type --
Welcome to your beautiful new home located in the truly desirable and highly sought after community of Sedella in the rapidly growing city of Goodyear Arizona. Pulling up to this incredible home, you will be immediately greeted by the flawless curb appeal boasting a fully pavered driveway entering into two separate garages - one two car and another separate one car garage - both with epoxy flooring. Walking through the front door you'll be greeted by this one of a kind floor plan. Introducing the Broadmoor model! This 3 bedroom, 2 ½ bath, 2,322sq/ft expansive model literally has everything you have ever dreamed of!! Featuring a large extended modern kitchen with quartz countertops, an oversized waterfall edge island, new dishwasher, new faucet, new garbage disposal, gas range with stainless steel hood, built in double ovens, built in microwave, French door refrigerator(INCLUDED), and more cabinetry than you can possibly imagine, storage will never be an issue again! Touring through the rest of the home you will be overwhelmed with luxury and upgrades including but not limited to 12' ceilings in all living areas, 8' doors throughout, wood slat blinds throughout, energy efficient low E KIitchen windows, Shiplap wall in living room, high end fans & fixtures, new carpet, and custom built in closets throughout every room in the home! As you walk through either your living room or master bedroom pocket sliding glass doors, you will be astounded by an extended covered patio with a custom stone wall gas fireplace, HUGE grassy area surrounded by Indian Ficus for extra added privacy. This is indoor-outdoor living at its very best! Did we mention that your new home also comes with a separate Pavillion detached from the covered patio. The Pavilion is fully equipped with electric, shelving, built in bar, new bar fridge, and pavers.This is literally an entertainer's dream! Owners even strategically placed foliage at every window to create a private oasis. If you stayed with me this long, we might as well lay out a few extra upgrades that may not be as sexy but still necessary when picking the perfect home and this is THE PERFECT HOME! Owners recently added a new A/C compressor, new washer and dryer(INCLUDED!), new exchange tank water heater, new irrigation lines, new turf side yard which is perfect for pets or children's play area, new grout patio, new bar tile & stucco work, tile & grout cleaned throughout home, and a new shower head in master bath. Many furnishings may be included on a separate bill of sale! Homes like this go FAST!!!! Buyer to verify all facts and figures listed in MLS.

3131 N Central Avenue Unit 4015 Phoenix, AZ 85012

$661,517
2 Beds
2 Baths
1,363 SqFt
Status Active
MLS # 6576911
Property Type Apartment
Price Type --
Construction Completed! *5% BUYER INCENTIVE* Introducing Edison Midtown Phase 2 with 60 new construction condominiums. This spacious two bedroom +den condo is one of the larger two bedroom floor plans and offers ten ft. ceilings, an open floor plan, and large master bedroom with ensuite bathroom. Chefs kitchen offers expansive cabinetry, quartz countertops and stainless steel appliances including a gas range. Enjoy the views over the pool and exterior common areas from the interior of this condo. Spacious balcony to capture the amazing views while outside as well. Edison Midtown features incredible amenities for that perfect Urbanite lifestyle. A beautiful pool and lap pool, 2000 sq. ft. fitness center and lounge, and gated parking garage.

7422 W Whitehorn Trail Peoria, AZ 85383

$661,265 - 4Br/3Ba -  for Sale in Aloravita North Phase 3 Parcel 4, Peoria
Open House
$661,265
4 Beds
3 Baths
2,084 SqFt
Status Active
MLS # 6774992
Property Type Single Family Residence
Price Type --
This is it and ready for the holidays! Experience the charm of Aloravita, nestled within the scenic mountains of Peoria. This community boasts breathtaking views and is conveniently located minutes away from shopping, dining, hiking trails and more! Our popular 'Tamarron' floorplan features 4 full bedrooms with a study, 3 bathrooms, 2 Car-Garage and a private yard with views! Designer selected finish includes Birch Burlap Cabinetry, Quartz Kitchen Countertops, Wood Like Tile Throughout, and Plush Carpet in all the bedrooms. This beautiful home will have it all including 8' doors, Gourmet Gas Kitchen, Smudge Proof Stainless Steel Appliances, Blinds, Pre-Plumb for Soft Water, and Smart Home Technology. Photos of similar spec home to show layout, options may vary-finishing final touches**

7680 N Outlook Lane Prescott Valley, AZ 86315

$661,225
3 Beds
2 Baths
2,263 SqFt
Status Active
MLS # 6782609
Property Type Single Family Residence
Price Type --
Outstanding Value on this 2263 square foot, Contemporary Ranch, in the Gated area (PARK RIDGE) of The Viewpoint placed on a Corner Lot with nearly ¼ Acre of space. This fine home has 3Bedrooms, 2Bathrooms, 2CarGarage, plus Formal Living Room/Den, & Formal Dining Room....GREAT ROOM Concept with Open/Split Floor Plan, Vaulted Ceilings, Gas Fireplace w/Blower, 20'' Tile in wet/traffic areas, Pleated Shades, Ceiling Fans, Wood Sill Plates, Security System, & Surround Sound. Kitchen is very functional with White Painted Cabinetry, GRANITE Countertops, Quality Black Appliances (inc. Fridge, DW, Micro, Gas Range), Breakfast Nook, Breakfast Bar, Pantry, & RO Unit for drinking water. Large Master with Dual Sinks, Walk-In closet, Garden Tub, Large Snail Shower, & has Direct Access to back Patio which has Superior Landscaping, including a Waterfall/Water Feature, Grass, Built in BBQ Grill, Fire pit, & has Extended Pergola covering BBQ Grill & the Hot Tub..... Let's not forget the Spacious/Screened in Rear Patio w/Tiled floor, Built In Bar in Covered Patio, Large Laundry w/Upper & Lower Cabinetry & Folding area, Central Vac is Plumbed, Storage Shed, & the HOT TUB Conveys!!!!

2983 E Cherry Hill Drive Gilbert, AZ 85298

$660,990
4 Beds
2 Baths
2,128 SqFt
Status Active
MLS # 6747433
Property Type Single Family Residence
Price Type --
This beautiful single-story home seamlessly combines functionality and comfort, featuring 9-ft. ceilings, a spacious great room and porcelain tile flooring spanning the entire home. The gourmet kitchen boasts a large center island, quartz countertops with pendant light prewiring, a stunning tile backsplash and stainless-steel appliances including a built-in KitchenAid® double wall oven and separate gas cooktop. The primary bath features a walk-in shower and separate 42-in. garden tub, a dual-sink vanity, and an enclosed water closet. Please note: The photos displayed are of a model home and may not represent the actual property. Please verify specific features and details.

26457 S 231st Way Queen Creek, AZ 85142

$660,474
5 Beds
4.5 Baths
3,291 SqFt
Status Active
MLS # 6780161
Property Type Single Family Residence
Price Type --
Dont miss this great opportunity for a 5 bedroom, 4.5 bath house PLUS a 3 car garage. This brand new home comes with COMPLETED backyard landscaping! This community offers an abundance of amenities including pickleball courts, resort-caliber outdoor pool with plenty of seating and lounging areas, fitness center with multi-use activity room, open air pavilion with fireplace and grilling stations, event and game lawns, shaded play parks, half-court basketball and two dog parks.

7414 W Whitehorn Trail Peoria, AZ 85383

$660,085 - 3Br/3Ba -  for Sale in Aloravita North Phase 3 Parcel 4, Peoria
Open House
$660,085
3 Beds
2.5 Baths
2,051 SqFt
Status Active
MLS # 6779740
Property Type Single Family Residence
Price Type --
North/South Exposure ready now! Experience the charm of Aloravita, nestled within the scenic mountains of Peoria. This community boasts breathtaking views and is conveniently located minutes away from shopping, dining, hiking trails and more! Our popular 'El Dorado' floorplan features 3 full bedrooms, 2.5 bathrooms, 2 Car-Garage and a private yard with views! Designer selected finish includes White Cabinetry, Quartz Kitchen Countertops, Wood Like Tile Throughout, and Plush Carpet in all the bedrooms. This beautiful home will have it all including 9' ceilings, Gourmet Gas Kitchen, Smudge Proof Stainless Steel Appliances, Blinds, Pre-Plumb for Soft Water, Desert Backyard Landscaping and Smart Home Technology! Interior photos of similar spec home, options may vary-exterior photos of spec.

3820 Ridge Runner Way Wickenburg, AZ 85390

$660,000
2 Beds
2 Baths
1,959 SqFt
Status Active
MLS # 6751381
Property Type Single Family Residence
Price Type --
This stunning home at 3820 Ridge Runner Way in Wickenburg Ranch features 2 beds, 2 baths + den and a split floor plan with approximately 1950 sq. ft. of living space. The corner lot property's options include a 4' garage extension with epoxy flooring, retracting corner multi-slide glass doors leading from the living room and extended dining room onto the covered patio, Smart Space utility sink and upgraded flooring. Additional customized features include granite countertops throughout, full tile in showers and vanity areas, ceiling fans, pendant lights and golf cart plug-ins. The outdoor living space is enhanced by the extended tile onto the covered patio including a stone fireplace and newly installed matching BBQ area under a beautiful pergola. The kitchen offers elegant granite counters to promote a sleek and stylish workspace with upgraded soft close drawers and rollout shelves that provide ample storage and easy access to your kitchen essentials. The Smart Space laundry and desk area includes cabinets and a customized coat rack bench to ensure efficient multitasking and organization in your home. The home is situated near the 18-hole, par-71 championship golf course, recognized as one of Arizona's three best golf courses. The Club amenities cater to the diverse interests of its members. This home is a must-see to appreciate all the features too numerous to mention!

3628 W Pecos Road Chandler, AZ 85226

$660,000
4 Beds
3 Baths
2,231 SqFt
Status Active
MLS # 6732316
Property Type Single Family Residence
Price Type --
Your dream home is here! This 2022 CUSTOM build offers 4-bedroom, 3-bath with a 3-car garage, RV gate with power outlet and sewer dump. NO HOA! Its beautifully landscaped from front to back with an inviting porch. Inside, enjoy an open floor plan with soaring 10-foot ceilings, recessed lighting, and stylish wood-look tile flooring. The gourmet kitchen has granite countertops, ample white cabinets with crown molding, chic pendant lighting, a tile backsplash, stainless steel appliances, a large walk-in pantry, and a two-tier island with a breakfast bar. The main bedroom offers plush carpeting, a luxurious ensuite with dual sinks, and a spacious walk-in closet. Relax in the backyard oasis with a covered patio, pavers, and low-maintenance artificial turf. Make this exceptional home yours toda

6231 E Kelton Lane Scottsdale, AZ 85254

$660,000
2 Beds
2.5 Baths
2,037 SqFt
Status Active
MLS # 6756144
Property Type Single Family Residence
Price Type --
Single level Open Floorplan in a Highly Desirable Neighborhood. This 2037 sq ft Patio Home offers Two Primary Bedrooms and an additional Den with half bath. Eat-in Kitchen, Formal Dining, and large Great Room with Fireplace, Wet Bar and access to a private patio with gated access to the expansive grassed common area. Second bedroom features en-suite bath. Recent remodel includes new energy efficient Windows, Window Coverings, All new Stainless Steel Appliances, Roof, Gutters, Water Softener, Reverse Osmosis, and complete remodel of guest suite bathroom. North South exposure. Quiet well manicured neighborhood with community pool and walking paths. Lots of storage.

27789 N 129th Lane Peoria, AZ 85383

$660,000
3 Beds
2 Baths
2,111 SqFt
Status Active
MLS # 6779627
Property Type Single Family Residence
Price Type --
Trilogy at Vistancia is one of the nicest and most sought after communities in all of Arizona and then to top it off we are bringing you the best floor plan to boot. Make sure to put this one on your list to tour! The home is impeccably maintained, truly move in ready and features 2 bedrooms (plus den/3rd bedroom), 2 bathrooms, 2.5 car garage, stunning front courtyard, expansive rear patio with hot tub and TV mounts. You are buying more than a HOME...you are buying a luxury lifestyle. This home is conveniently located just off the 303 freeway, 8 minutes to TSMC, neighborhood shopping/restaurants, Target, Home Depot, Costco are all closeby. Trilogy amenities include 2 Luxurious Clubhouses (Kiva Club & Mita Club), 3 pools, championship golf course, PICKLEBALL, tennis, arts, crafts, exercise

1917 W Ashland Avenue Phoenix, AZ 85009

$660,000
5 Beds
4 Baths
1,622 SqFt
Status Active
MLS # 6784348
Property Type Single Family Residence
Price Type --
This beautifully remodeled 5-bedroom, 4-bathroom home is located in a quiet cul-de-sac and features a fully equipped casita with a living room, kitchen, bedroom, bathroom, and carport, offering privacy and versatility. Inside, you'll find brand new white shaker cabinets, a modern kitchen with a new stove and sink, and a bright, open living space. Additional perks include an RV gate in the back for easy access to parking and extra outdoor space, making this home perfect for both relaxation and entertaining. A true gem with plenty of updates, ready to move in!

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