Lack of Homes for Sale Slowing Down the Housing Market

Lack of Homes for Sale Slowing Down the Housing Market | Simplifying The Market

The housing crisis is finally in the rear-view mirror as the real estate market moves down the road to 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 winter, supply is not keeping up.

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

National Association of Realtors

“Total housing inventory at the end of December dropped 10.8%…which is the lowest level since NAR began tracking the supply of all housing types in 1999. Inventory has fallen year-over-year for 19 straight months and is at a 3.6-month supply at the current sales pace.”

Jonathan Smoke, Chief Economist for Realtor.com

“More than two-thirds of the markets are seeing less inventory now compared to a year ago.”

Lawrence Yun, Chief Economist at NAR:

“The dismal number of listings in the affordable price range is squeezing prospective first-time buyers the most. As a result, young households are missing out on the wealth gains most homeowners have accrued from the 41% cumulative rise in existing home prices since 2011.”

Sam Khater, Deputy Chief Economist at CoreLogic

“The lack of affordable supply is really driving up home prices.”

Peter Muoio, Chief Economist at Auction.com

“Tight housing inventory remains a constraining factor limiting stronger sales growth…

We expect further price growth to entice more homeowners to list their homes, particularly as existing homeowners have greater equity.”

Bottom Line 

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

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6711 E Camelback Road Unit 61 Scottsdale, AZ 85251

$1,750,000
3 Beds
2 Baths
2,236 SqFt
Status Active
MLS # 6752393
Property Type Townhouse
Price Type --
Discover the epitome of luxury living in this beautifully appointed home located in the exclusive Pavoreal gated community in Scottsdale. Featuring modern finishes and soaring high ceilings, this residence offers a perfect blend of elegance and comfort. The backyard boasts brand-new landscaping, providing an ideal space for outdoor entertaining or simply relaxing in privacy. Situated within walking distance to Scottsdale's premier shopping and dining destinations, this home offers the convenience of urban living while maintaining a tranquil, private atmosphere. Don't miss this opportunity to experience this exceptional property in one of Scottsdale's most sought-after communities.

10275 E Winter Sun Drive Scottsdale, AZ 85262

$1,750,000
4 Beds
4 Baths
3,952 SqFt
Status Active
MLS # 6766921
Property Type Single Family Residence
Price Type --
Beautiful corner lot with a very peaceful magical garden. where you can enjoy the AZ sunsets. Highly upgraded home built around a huge courtyard. Very private setting with several outdoor living areas. Courtyard has a large ramada, and firepit. The 4,000 sq ft home features 4 bedrooms, 3 1/2 bathrooms, including a mastersuite with fireplace and his and hers closets. Wonderful kitchen with beautiful granite SS appliances, gas cooktop, warming drawer. Open to the oversized greatroom. The livingroom features a fireplace and wetbar off the diningroom. There is also a bonus/gameroom with sliders out to the courtyard. The backyard was created for entertaining and relaxing. In addition to the pool with a water feature, BBQ, fireplace, and pergola.

9445 E Quail Trail Carefree, AZ 85377

$1,750,000
3 Beds
2.5 Baths
3,977 SqFt
Status Active
MLS # 6772648
Property Type Single Family Residence
Price Type --
Welcome to Quail Trail Haven: Where nature meets serenity! Escape to your private desert oasis. This stunning single-level home offers the perfect blend of luxury & tranquility. With 3 bedrooms, 2.5 baths, & an open-concept floor plan, Quail Trail Haven is ideal for entertaining or star gazing. Enjoy the newly remodeled kitchen, sparkling saltwater pool, hot tub & multiple fireplaces while soaking in the serene desert views. The expansive primary suite is a true retreat, complete with a sitting room, fireplace, & spa-like bath. Additional features include NEW Anderson windows, a flex room(perfect for a workshop/3rd car garage),& breathtaking desert landscaping. Whether you want to relax in your backyard or explore nearby hiking trails and trendy restaurants. Quail Trail Haven is living!

30 Sycamore Canyon Road Sedona, AZ 86336

$1,750,000
3 Beds
3 Baths
2,323 SqFt
Status Active
MLS # 6770114
Property Type Single Family Residence
Price Type --
Live in Luxury w/ NO HOA & enjoy 180 Degree UNBLOCKABLE PANORAMIC VIEWS of Sedona'a Majestic Red Rocks. Use as a secondary or primary residence & STR when not in use. 2024 Upgraded Chef's Dream Kitchen offering massive island/ Wolf Oven & Steam Oven/ Induction Cooktop/ 2 wine fridges and Butlers' Pantry to Die For, Great Room Living, 572 sq ft Terrace Featuring Hot Tub & Electronic Sun Shade, ELEVATOR to access both floors, Primary Suite featuring Spa Bath/ Steam Shower & 3 Way Fireplace. Spacious 2nd & 3rd Bdrms w/ full bath for guests to visit. Step out to the south 966 sq ft sun deck for privacy or meander out to the terraced landscaping and listen to the water feature. The Oversized 2 car garage has plenty of storage. Once You Enter You Won't Want to Leave! 2023 HVAC's, Other upgrades in 2023: remote window shades in the kitchen, Instant hot water, Reverse Osmosis w/Whole House Water Treatment System, Dual Zone A/C, soft water spigot for car washing, Western Decorative Security Door & Emergency Access Fire Dept Key Box at Front Entrance. STUNNING Chef's Kitchen boasts polished granite island with built-in GE Monogram Induction Cooktop, built in Sharp Microwave and storage beneath. Gorgeous Taj Mahal Quartzite Counters with full textured tile backsplash make this kitchen a gathering magnet with upgraded appliances including Wolf Oven and Wolf Steam Oven, Oversized dual faucet Farmhouse Sink, Bosch Dishwasher, Samsung side by side fridge, and dual mini wine/beverage fridges. Enjoy casual island dining with guests while admiring the custom metalwork chandelier above and views of nature to the South & Red Rock Show to the North. Multiple options to dine both inside at the island or formal dining area OR take the entertaining outside on th 572 sq ft terrace with huge retractable awning when shade is desired. In the evenings enjoy stargazing from the hot tub or on the south deck around a firepit table. Plenty of Alder soft-close upper and lower cabinetry, PLUS spacious walk-in Butler's Pantry with granite counters, beverage and coffee stations and Iron metal door to access your south deck. Huge and Lavish Primary Bedroom Suite invites you to pamper yourself in luxury. Plenty of space with dual vanities and large walk-in closet. Relax in the jetted tub while reading a book next to the three-sided fireplace. The walk-in STEAM SHOWER is stunning featuring four complimentary tile designs, dual shower heads and wand and spacious bench. Even the shower has views!! Enjoy coffee in bed with the best views in Sedona or stroll out onto the terrace through the glass slider. Guests can enjoy privacy and comfort on the lower level in the two spacious bedrooms with walk-in closets and shared full bath. The larger bedroom can also be an office with enough space for gym equipment or full on media room. The exterior of this home is as amazing as the interior. Paver walkways and shimmering tiled stairs adorn the front entrance. Transport yourself through the red rock portal and hike up to the picnic table in the back yard or meditate on the stone bench while listening to the sound of the trickling water feature. All surrounded by mature native tree provided shade and privacy. When it's time to dine outside, BBQ in Style on South Trex Deck w/ Shade provided by the towering native evergreens.

8 Biltmore Estate Unit 301 Phoenix, AZ 85016

$1,750,000
3 Beds
2.5 Baths
3,080 SqFt
Status Active
MLS # 6777233
Property Type Apartment
Price Type --
Luxury third-floor penthouse at Fairway Lodge on the Adobe Golf Course at the historic Arizona Biltmore Resort! The open great room flows into a gourmet kitchen with SubZero and Wolf appliances, wine fridge, and custom cabinetry. The spacious master retreat offers floor-to-ceiling windows and a luxurious bathroom with dual vanities, his-and-hers closets, a stone-finish soaking tub, and a large walk-in shower. Bedroom #2 has a walk-in closet and ensuite bath, plus a den off the kitchen. The unit features one of Fairway Lodge's largest patios with views of the Biltmore Hotel and Piestewa Peak, and includes access to luxury amenities like the clubhouse, pool, spa, and gym.

2086 E Mead Drive Gilbert, AZ 85298

$1,750,000
5 Beds
4.5 Baths
4,235 SqFt
Status Active
MLS # 6782221
Property Type Single Family Residence
Price Type --
Simply stunning understated elegance in this gorgeous pristine home in the beautiful gated community of Legacy At Freeman Farms. This home and property exudes pride of ownership.Featuring 4235sf with 5 bedrooms and 4.5 baths, 4 car garage.Wonderful guest suite (2nd primary bdrm) with wet bar,ensuite bathroom & walk in closet. Sumptuous primary suite incl sitting area,luxurious bathroom & oversized shower. Chef's kitchen with Quartz counters, stainless appl.gas cooktop, huge center island, dining nook with wet bar & wine fridge plus a huge walk in pantry. Exquisite manicured grounds incl a heated salt water pool, water feature, firepit,built in bbq plus gorgeous landscaping. Expansive patio for relaxing. Luxury gated community of 1 level homes features parks & basketball court.

11165 E Gold Dust Avenue Scottsdale, AZ 85259

$1,750,000
5 Beds
3.5 Baths
3,601 SqFt
Status Active
MLS # 6782919
Property Type Single Family Residence
Price Type --
Impressive custom home in luxury gated community. Large corner cul-de-sac lot with huge grassy area and drive through portico. Spectacular yard has sparkling pool with waterfall, built-in BBQ, misting system, outdoor shower, ramada, fire pit and large play area. 5 bedrooms. Kitchen completely remodeled in 2021 with new countertops and appliances. Master suite is truly One of a kind as it features two separate his and hers bathrooms with shared walk through shower and two walk-in closets. Large living area with wood burning fireplace, kitchen with eat-in dining area and two-sided wood burning fireplace, flex room next to kitchen has been turned into a bar that is perfect for entertaining. Close to community amenities including tennis, basketball, and sand volleyball.

25225 S 194th Street Queen Creek, AZ 85142

$1,750,000
4 Beds
4.5 Baths
4,115 SqFt
Status Active
MLS # 6784389
Property Type Single Family Residence
Price Type --
Experience luxury and modern design in this stunning newly-built home, thoughtfully designed by a professional interior designer. Featuring 16-foot ceilings, custom tile and trim in the foyer, and wood beams, this home exudes sophistication. The living room boasts a marble-surrounded fireplace with custom built-ins and a 20-foot glass slider wall for seamless indoor-outdoor living. The gourmet kitchen includes a large island, quartz countertops, a 48'' double oven gas range with a pot filler, and a Frigidaire side-by-side refrigerator/freezer with filtered water and ice. A walk-in pantry, quartz slab backsplash, and ample cabinetry complete this space. The mudroom adds functionality with an Elkay water bottle filler, enclosed storage, and a drop zone. Also including a backyard covered patio where you can sit back and enjoy a relaxing afternoon, this home is a true gem! Don't miss out!

4302 E Mountain View Road Phoenix, AZ 85028

$1,750,000
4 Beds
2.5 Baths
3,296 SqFt
Status Active Under Contract
MLS # 6750177
Property Type Single Family Residence
Price Type --
This luxury home is nestled in the quiet neighborhood of Rancho Alta Vida with breathtaking views of Phoenix Mountain Preserve from every angle! Your new home sits on a private cul de sac corner lot, and steps away from the community pickleball and tennis courts. The custom wood gate leading to the secluded courtyard offers a peaceful area to enjoy the beautiful sunsets. Upon entering the home through double wooden doors, you are presented with a spacious foyer that gives you views and an exit to your outdoor oasis, along with site lines to both the living room and family room. Stepping into the chef's kitchen you will find an abundant offering of cabinets, pantry storage, granite counters, built in microwave and wall oven, a cook top with hood, breakfast bar, wine fridge and more amazing views of your outdoor oasis, including a built in BBQ for that indoor/outdoor entertaining that Arizona weather offers us. Plenty of room for formal dining and a cozy family room with a wood-burning fireplace. The primary suite has a private sitting room with private exit to your oasis, large walk in closet, with built-ins, spacious ensuite bathroom with walk in shower, double vanities, and a bidet. The 3 other bedrooms are spacious and down the hall, along with the second full bath and additional half bath. Your backyard has plenty of entertaining space, with 3 separate patio and lounging areas, built in BBQ, and all to enjoy the astounding custom 60 foot, pebble tec lap pool. The property is adorned with grapefruit and lemon trees, lush private landscaping and picturesque mountain views.The oversized 3-car garage has built in cabinets, and a cedar-lined storage room. Close proximity to excellent private and public schools, shopping, entertaining, yet secluded from the hustle and bustle of downtown living. Enjoy the Paradise Valley area with an 85028 affordability.

10801 E Happy Valley Road Unit 45 Scottsdale, AZ 85255

$1,750,000
3 Beds
3.5 Baths
3,251 SqFt
Status Active Under Contract
MLS # 6777607
Property Type Single Family Residence
Price Type --
Breathtaking views of Pinnacle Peak, the valley, and city lights set the stage for this stunning home, nestled on just over an acre of mature desert landscape. Freshly painted throughout with all new switches and cover plates, this three bedroom plus office and three and a half bathroom home is a blank canvas ready for its new owner. The main house spans 2,791 square feet of single-level living, featuring two bedrooms, plus an office that could serve as a fourth bedroom, and two-and-a-half bathrooms. The thoughtful split floor plan provides privacy, while the detached 460 square foot guest house, with its own private entry, offers a bedroom, full bath, classic kiva fireplace, sitting area, and kitchenette. The main home welcomes you with an open great room, where an oversized sliding glass door fills the space with natural light and offers seamless views of the backyard. A modern fireplace with a custom wood surround and display shelving adds warmth to the room. Extending from the home is a spacious travertine patio, offering plenty of room for outdoor dining and lounging, all while overlooking the pool, spa, and barbecue areaperfect for entertaining. The kitchen is a contemporary chef's dream, with flat-panel European cabinetry, matching paneled refrigerator and freezer, stainless steel appliances, gas cooktop, and a center island topped with black granite. A hidden walk-in pantry, accessible from both the kitchen and garage, provides extra storage and convenience. Adjacent to the kitchen is a full wet bar with matching finishes, a beverage fridge, and an open flow to the great room and wine room, which features built-in wine storage and an arched steel and glass display door. The primary suite is a tranquil retreat with exterior access and a cozy fireplace. The ensuite bathroom features dual vanities, a separate shower and soaking tub, a private water closet, and a large walk-in closet. Additional highlights of the home include timeless travertine flooring throughout, a media closet off the entry, an oversized steel and glass double entry door, and a side-entry three-car garage with built-in cabinets. The spacious laundry room includes a sink, ample cabinetry, and direct access from the garage. With classic Southwest styling, including smooth stucco and a red tile roof, this home blends charm with modern comforts, all set against the backdrop of the serene desert landscape.

39032 N 101st Way Scottsdale, AZ 85262

$1,750,000
2 Beds
2.5 Baths
2,234 SqFt
Status Active Under Contract
MLS # 6769860
Property Type Single Family Residence
Price Type --
Desert Mountain GOLF MEMBERSHIP available from Seller with Club approval. Welcome to this stunning Sonoran Ridge home, where breathtaking sunset and city light views await you. Offering 2 split primary suites, each with its own unique charm and personality. This private expanded wrap-around patio is accessible from both suites, providing the perfect place to relax and take in the stunning desert vistas which enhances its tranquil and serene atmosphere. Both suites offer plenty of closet space, as well as spa-like en suite bathrooms with double vanities, a walk-in shower, and luxurious soaking tubs. Close proximity to the Sonoran Clubhouse adds to this coveted location within Desert Mountain.

30308 N 117th Drive Peoria, AZ 85383

$1,750,000
4 Beds
3.5 Baths
3,982 SqFt
Status Active
MLS # 6785414
Property Type Single Family Residence
Price Type --
This solar powered masterpiece in the prestigious Blackstone community is nestled along the country club's 12th green on a premier view lot. The ''Costellana'' model is known for its split floor plan, open concept living, and an attached casita. As soon as you step into this home, you are looking through the 15 ft pocket sliding wall of doors onto the golf course. The sunset and mountain views on the golf course are breathtaking. Celebrate luxury living with an outdoor space that includes a pebble-tec, heated pool and spa, gas firepit, putting green, and outdoor kitchen sitting under a custom pergola. The desert and mountain views are so amazing you will never want to leave this sensational space! This beautiful kitchen features a massive 14 ft center island with granite countertops, farmhouse sink, and double oven. Beautiful designer cabinets and extended built-in buffet with dual wine racks and a drink refrigerator. All this flows into a large dining area sitting at a wall of windows so you can enjoy those tranquil views with your meal. A Formal Dining Room is a perfect place for large family meals. This room has been upgraded with glass French doors to give the option of additional flex space. The Primary Bedroom sits on the North wing of the home. You will find a large bedroom with plenty of windows to enjoy those amazing views. It boasts a massive 14 ft long closet. The spa-like bath features dual vanities with granite countertops, walk-in tiled shower with bench and rain shower head, and a romantic soaking tub is at the center of this large bathroom. The Casita is perfect for guests, business space, or multi-generational living. It includes a living room, separate bedroom with walk-in closet, and a bath with tiled shower and granite countertop. All of this with its own private exit. Solar is owned and features a VERY LARGE 15-kilowatt system with 46 panels. 4 Car Tandem Climate Controlled Garage with 4-foot extension is insulated attic and air conditioned. It has epoxy floors and plenty of built-in cabinets that include a workbench. 8' RV Gate VERY RARE for this neighborhood. You will love the curb appeal of this home's low maintenance and elegant landscape, paver driveway, and paver walkway through the courtyard lined with colorful plants! Landscape lighting front and back makes this home come alive at night. Additional exterior features: Led multi-color pool lighting, Pool, Spa, and lighting all controlled from your phone. Travertine decking on the patio, around the pool, a gas fire pit, synthetic grass accenting the travertine, and an outdoor kitchen. Rain gutters for those rare days with no sunshine. Additional interior features: Bonus / Flex Room, Office featuring glass french doors, Power sunshade at pocket doors in great room, Gas Fireplace and Surround Sound Speakers in the great room, Wood Designed Tile in all traffic areas, 8 ft Solid Core Doors and Water softener. Country Club Membership Options: Blackstone Country Club offers both Equity Golf and Equity Social Membership opportunities. All memberships at Blackstone Country Club are family and cover children up to the age of 26. Both golf and social memberships enjoy all the amenities of the Club including: Indoor and outdoor dining with breakfast, lunch, dinner and happy hour menus. Members also enjoy gourmet wine dinners, specialty nights and cooking classes. State-of-the-art fitness center, group exercise classes, personal training, and massage services. Fully appointed locker room areas with luxurious showers and steam rooms Four lighted tennis courts with a ball machine and half-court basketball. Three resort pools- the main pool featuring cabanas and a firepit and food and beverage service; Lap Pool heated year-round; and a large, shallow Children's Pool and play area.

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