Inventory Shortages Are Slowing Down 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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4940 W La Puenta Avenue Laveen, AZ 85339

$655,261

4 Beds

3 Baths

2,683 SqFt

Status Active

MLS # 6772025

Property Type Single Family Residence

Price Type --

New home with an RV garage on a large lot! Amazing home with 4 bedrooms, 3 full bathrooms, an upstairs loft and a guest suite on the 1st level. Enjoy your Chef's kitchen with gourmet appliances, double ovens, gas cooktop, oversized island and beautiful linen cabinets & quartz counters. Kitchen opens to a large great room and dining area. Enter the large back yard thru your 12' slider that allows for endless entertaining. All wood plank tile on the lower level except in the guest suite. Owner's suite, and guest rooms are upstairs along with a loft. All bedrooms have walk in closets and lots of storage. Enjoy mountain views all around this lovely home. This home is complete. Make it yours. Seller is offering closing cost / interest rate buydowns. Photos are of a model home.

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$655,000

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2 Baths

1,432 SqFt

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3161 S 183rd Drive Goodyear, AZ 85338

$655,000

3 Beds

2.5 Baths

2,390 SqFt

Status Active Under Contract

MLS # 6706885

Property Type Single Family Residence

Price Type --

Discover your dream home in the desirable Las Brisas community of Goodyear, AZ! This elegant 3-bedroom, 2.5-bathroom residence features a versatile flex room/office and an upgraded RV garage with A/C mini splits and epoxy flooring. Boasting 2,390 sqft of living space on a sprawling 12,765 sqft corner lot, this property offers breathtaking views of the Estrella Mountains. Step inside to find a beautifully upgraded gourmet kitchen, complete with 42-inch upper cabinets, quartz countertops, and top-of-the-line appliances. The open-concept layout is enhanced by upgraded flooring and warm interior colors, creating an inviting atmosphere throughout. The living area is perfect for entertaining, with a multi-slide door that opens to a spacious back patio showcasing gorgeous views. The primary suite is a private retreat, featuring a deluxe walk-in shower and ample space. Enjoy added security and style with a main entrance security door and pavers. The upgraded ceiling fans throughout the home add to the comfort and elegance. Outside, the huge backyard is a blank canvas ready for your personal touchideal for family gatherings, outdoor cooking, or additional landscaping. The RV gates provide easy access and convenience for your recreational vehicles. Don't miss the opportunity to own this exceptional home with stunning mountain views and endless potential. Schedule a showing today and experience the luxury and charm of Las Brisas living!

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1845 S Morrison Lane Gilbert, AZ 85295

New

$655,000

4 Beds

2 Baths

2,174 SqFt

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MLS # 6788317

Property Type Single Family Residence

Price Type --

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17245 W Dartmouth Street Surprise, AZ 85388

$655,000

2 Beds

2 Baths

1,530 SqFt

Status Active

MLS # 6765989

Property Type Single Family Residence

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1845 S Morrison Lane Gilbert, AZ 85295

$655,000

4 Beds

2 Baths

2,174 SqFt

Status Active

MLS # 6757501

Property Type Single Family Residence

Price Type --

Completely remodeled 4 bedroom 2 bathroom home. Beautiful new white shaker kitchen with quartz island and custom wood island new backsplash custom tile showers in both bathrooms, nice open living room with optional kids/playroom, laundry room inside hallway right by master bedroom, custom master tile shower with bench and double vanities walk in closet and toilet room. Very nice custom rock water feature with grotto pebble tech pool and grill and bar area for family time epoxy garage new interior and exterior paint, roof recently replaced all roofing, trane ac, all new window blinds, custom new vinyl flooring and tile bathrooms nice driveway and grass front lawn with 2 car garage!! all new trim fixtures fans and much more!! check this one out as it wont last long!

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10158 E Texas Avenue Mesa, AZ 85212

$655,000

4 Beds

3.5 Baths

2,689 SqFt

Status Active

MLS # 6740167

Property Type Single Family Residence

Price Type --

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12546 W Via Caballo Blanco -- Peoria, AZ 85383

$655,000

4 Beds

2.5 Baths

2,468 SqFt

Status Active

MLS # 6740198

Property Type Single Family Residence

Price Type --

UP TO $8,000 CONCESSION A MUST SEE! THIS HOME HAS IT ALL! SMART HOME SETUP, 4 BEDS + DEN, CUSTOM BUILT BARN DOORS, UPGRADED CEILING FANS AND LIGHT FIXTURES, 9' PLUS CEILINGS, 8' DOORS, TILE IN ALL THE RIGHT PLACES. LARGE GREAT ROOM. ARCADIA HAS UPGRADED SECURITY STEEL SCREEN DOORS, BACK YARD FULLY LANDSCAPED WITH ARTIFICIAL TURF. BACKS UP TO WALKING PATH. KITCHEN BOASTS GRANITE COUNTERTOPS, GAS RANGE, WALK IN PANTRY & LOTS OF COUNTERSPACE. SPLIT FLOOR PLAN-MASTER W/ DOUBLE SINKS, LRG WALK IN CLOSET. 3 CAR TANDEM GARAGE HAS POLYASPARTIC FLOORING, SMART OPENER, SOFT WATER SYSTEM OWNED, HOA APPROVED PAVERS IN FRONT FOR 3 CAR PARKING ON SLAB. A BEAUTIFUL HOME READY FOR MOVE-IN! SOLAR IS NOT A LEASE, OWNED WITH LOAN ASSUMPTION, SAME PAYMENTS OF 217.91 EVERY MONTH, CHECK DOCS TAB FOR IN

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4924 W Boston Street Chandler, AZ 85226

$655,000

4 Beds

2 Baths

1,827 SqFt

Status Active

MLS # 6738908

Property Type Single Family Residence

Price Type --

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141 S 156th Drive Goodyear, AZ 85338

$655,000

4 Beds

3 Baths

2,500 SqFt

Status Active

MLS # 6767723

Property Type Single Family Residence

Price Type --

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40478 N Wood Lane San Tan Valley, AZ 85140

$655,000

3 Beds

2.5 Baths

2,586 SqFt

Status Active

MLS # 6770116

Property Type Single Family Residence

Price Type --

Everything about this home is perfect. The layout, the lot, the upgrades, the backyard and the community! The home has been tastefully upgraded throughout and features custom touches that make it a standout. The kitchen is a dream - with quartz countertops, tasteful backsplash,tons of cabinet space, stainless steel appliances, gas stove and custom hood, in wall oven and a huge island to entertain friends and family. The great room has a wall of glass that makes the space feel even larger and allows conversations and views to flow easily from inside to outside. The backyard is perfect - pool, pergola, BBQ and large covered patio are ready for you to enjoy the upcoming fall and winter cooler weather.Back inside, the secondary bedrooms have walk in closets and both them and the office are spacious. The master suite has tons of natural light due to the bay window plus a huge closet. The master bath is as upgraded as the rest of the home with gorgeous appointments to the shower, flooring and countertops. The powder bath is perfect for guests and the secondary bath is large enough to be shared and not feel cramped. The home has so many other gems to offer - RV's are welcome, the smart home apps allow you to control the garage door, yard watering system, thermostat, and Ring doorbell remotely, most of the interior flooring is wood look plank flooring, the pool is salt water, there is a gas stub in the backyard to add to the oasis, sunscreens, lush landscaping and tons of storage inside are some of them!

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14023 W Monte Vista Road Goodyear, AZ 85395

$655,000

5 Beds

3 Baths

2,976 SqFt

Status Active

MLS # 6774191

Property Type Single Family Residence

Price Type --

Pristine, better-than-new gem in sought-after Palm Valley! Experience effortless flow & abundant natural light throughout. Whip up culinary masterpieces in the spacious kitchen complete with an expansive island just perfect for gatherings for breakfast with the family or a social spot for chatting and sipping vino. Use the versatile & flexible loft as an office, workout room, or game room—tailor it to your lifestyle. From elegant plantation shutters to stunning wood plank tile flooring, every detail has been meticulously chosen. Resort-like backyard features a sparkling pool, easy care turf & covered, extended patio. Community perks include a golf course & community pool. Why wait for new... this home is truly done to the nines so don't miss your chance to own this slice of paradise!

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