Lack of Homes for Sale Slowing Down the Housing 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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11124 E Del Timbre Drive Scottsdale, AZ 85259

$2,785,000

5 Beds

4 Baths

4,297 SqFt

Status Active

MLS # 6753067

Property Type Single Family Residence

Price Type --

VIEWS, VIEWS, VIEWS!! 2024 Completely Renovated Single Level Home nestled at the end of a Private Cul De Sac in Prestigious HillCrest at Scottsdale Ranch**RARE FIND Oversized Private Quiet Lot, Away from Noise & Traffic**Stunning Yard Pebble Pool & Spa & Huge Grassy Area**13 Foot WALL OF RETRACTABLE DOORS expands Great Room to a Perfect Indoor/Outdoor Living Experience! New Kitchen w/ Stacked Cabinetry**WOLF Appliances GAS Cooktop, Speed Oven & Convection Oven**''Gorgeous Slab Counters** Built in Bar w/ wine frig**Wide Plank HARDWOOD Flooring*New Master Bath Large Format Tile**Custom Built in Master Closet**High Ceilings**Split Floorplan*3 CAR SIDE ENTRY GARAGE EPOXY FLOOR W/ OVERSIZED SLAB perfect to park your Scottsdale Luxury cars!*NEW ROOF**NEW A/C's**Fabulous Home & Lot, Just Move in City of Scottsdale owned land across the street affords extra privacy and no traffic. Lots like these are Rarely for Sale! Hurry Don't Miss this Once in a Life Time Opportunity to Own this Exquisite Home & Exceptional Lot! Stunning Renovation just completed....Just Move In!

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11415 E Dreyfus Avenue Scottsdale, AZ 85259

$2,775,000

4 Beds

4.5 Baths

5,612 SqFt

Status Active

MLS # 6555062

Property Type Single Family Residence

Price Type --

Modern luxury audiophile home perched high on a rare hillside Ancala lot nestled into the luxurious hills of North Scottsdale's most sought-after golf community. From your negative edge pool, enjoy the cool sunset breeze, and watch the twinkle of the city lights blend with the desert starscape. Impress friends & family with a functional & fun floorplan, room for 3 cars, fine finishes, top-of-the-line appliances, stonework, wood paneling, 4 fireplaces, 2 wet bars, & private bathrooms for every bedroom. From your smartphone transform the lower-level into an immersive audio-visual adventure in opulent sound, operate interior & exterior audio systems, mood lighting, window shades, cameras, televisions, door locks, & more. It's all user-friendly & supported by your own personal system advisor.

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7520 S Estrella Parkway Goodyear, AZ 85338

$2,775,000

4 Beds

4 Baths

4,600 SqFt

Status Active

MLS # 6719816

Property Type Single Family Residence

Price Type --

Beautiful Mid-Century Estate offering a blend of luxury, privacy & investment potential! SELLER FINANCING AVAILABLE! An Entertainers Dream perfectly situated atop 5 mountainside acres with panoramic views of the Phoenix Skyline. Enter an inviting foyer with soaring ceilings setting the tone for the elegance found throughout. Natural light floods the bright kitchen & dining area. The family room boasts vaulted ceilings & a cozy fireplace. The living space comprises 4 bedrooms, 2 flex rooms & 4 bathrooms. Outside enjoy Palm Trees, BBQ Island, Fire Pits & a Cooled Patio Room +Entertainment Barn w/AC! Zoned commercial/residential PAD, Underground power/city water/gated driveway. No HOA. 220V EV Charger in Garage. Perfect for Business or Private Estate. 10 additional acres MLS: 6719816

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26924 N 35th Lane Phoenix, AZ 85083

$2,750,000

5 Beds

4.5 Baths

4,776 SqFt

Status Active

MLS # 6741410

Property Type Single Family Residence

Price Type --

NEW HOME TO BE BUILT!!! Wake up in the home of your dreams! Collaborate with Arizona's most acclaimed architects and planners to create a new way of living in North Phoenix. Nestled just north of Happy Valley, this 4,776-square-foot property offers breathtaking mountain and city light views within the prestigious gated community of Deem Hill Estates. This luxurious home includes an 875-square-foot guest suite, complete with a kitchen, living area, full bath, laundry room, and separate garage. The main house features an expansive master suite with a huge walk-in closet, two bedrooms with Jack and Jill bath and walk-in closets, a separate office, and a mudroom. The second floor boasts a spacious concept room with a walk-in closet and full bath. Experience unparalleled elegance and comfort in this exclusive hillside community. Seamlessly transition from indoors to a resort-style outdoor space via multi-slide doors, where a shimmering pool, state-of-the-art BBQ, chic bar, firepit, and a cozy gas fireplace await. For peace of mind, it's pre-wired for security and cameras. Just moments away from schools, exclusive shopping, and the renowned TSMC facility.

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28080 N 101st Street Unit 116 Scottsdale, AZ 85262

$2,750,000

3 Beds

3 Baths

2,846 SqFt

Status Active

MLS # 6696862

Property Type Single Family Residence

Price Type --

Enjoy the luxury of the LaScala Terracina home, located in the prestigious Estancia community with prime southeast exposure. This residence features a sophisticated office space and a custom-built entertainment cabinet. The patio is equipped with a spa and a gas grill for optimal relaxation and entertaining. The home showcases a classic European design, highlighted by meticulous attention to detail and the use of high-quality materials and finishes. Estancia offers residents exclusive amenities, including a championship golf course, state-of-the-art fitness center, and private access to hiking trails. The gated community ensures privacy and security, making it a perfect sanctuary for those seeking a luxurious and peaceful living environment.

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6450 E Fanfol Drive Paradise Valley, AZ 85253

$2,750,000

4 Beds

2.5 Baths

3,465 SqFt

Status Active

MLS # 6780683

Property Type Single Family Residence

Price Type --

PARADISE VALLEY CANVAS: START CREATING YOUR DREAM! Rare opportunity to customize & build your dream home in a quiet & peaceful neighborhood in coveted PV. A classic mid-century modern w/ butterfly roof, stacked stone, and horseshoe paver driveway is perfectly positioned on an oversized North/South lot! The property is currently taken down to the studs, but has a resort pool, & built-in BBQ, and abundant room to build a sport court/pickleball court, guest casita, addt'l garages, or the farm-to-table garden of your dreams! Near Scottsdale's Three C's Schools, Gainey Hyatt Resort, developing Ritz-Carlton, shopping, dining & endless entertainment! Full AIA architectural plans designed to expand the existing home to 5,824sqft are ready for permit submission & available w/ the sale.

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7740 E Santa Catalina Drive Scottsdale, AZ 85255

$2,750,000

5 Beds

5 Baths

5,371 SqFt

Status Active Under Contract

MLS # 6774091

Property Type Single Family Residence

Price Type --

Discover your dream home in the heart of the Sonoran Desert! This beautifully appointed property offers a perfect blend of modern elegance and timeless charm.The recently updated Gourmet Kitchen boasts new cabinets '' Vittara Crystal'' Quartzite countertops with a waterfall island along with Sub-Zero, Wolf, Cove and Scotsman appliances.This meticulously designed and maintained home has an expansive outdoor living area with a sparkling pool, hot tub and putting green, perfect for entertaining or unwinding. Located in a very desirable neighborhood with top-rated schools, parks and dining options nearby, this home is perfect for families or anyone seeking a vibrant community.

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16122 E Tombstone Avenue Fountain Hills, AZ 85268

$2,750,000

4 Beds

4 Baths

3,435 SqFt

Status Active

MLS # 6659474

Property Type Single Family Residence

Price Type --

Backing to FireRock Country Club #14 tees and fairway, this new contemporary SW home is the ultimate setting for entertaining. Featuring a 460 ft casita, pool, spa and full-size RV garage, the home is perched on over a half-acre. Completion expected October, 2024. The very open and large Great Room features 16' X 10' stacking slider doors to views and a 60' electric fireplace. The kitchen features a 10' island, offers Shaker style cabinetry to 10' height, SS Frigidaire Pro Series appliances w/full size refrigerator and freezer plus a 139-bottle wine captain. All bedrooms are large and fully suited to custom closeting, plus a den/office. The Casita features a private bedroom plus a hospitality area. The large 5+ car garage features an RV bay with 14' door and 16' ceilings.

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1831 E Palmaire Avenue Phoenix, AZ 85020

$2,750,000

5 Beds

5.5 Baths

5,186 SqFt

Status Active

MLS # 6781630

Property Type Single Family Residence

Price Type --

Welcome to your dream eco-friendly home, built by Blue Sky Homes, recognized as Arizona's top sustainable builder for two consecutive years by Green Living magazine. This High-Performance Home showcases 5,186 square feet of artistic architecture with 5 bedrooms and 5.5 bathrooms, all designed for a healthier living environment. Offering 50% more energy efficiency than standard new builds, this home features Energy Star and Indoor AirPlus Certifications, ensuring significant cost savings. Abundant natural light streams through expansive windows, creating a bright and inviting atmosphere throughout. The open kitchen seamlessly connects to the dining and gathering room, highlighting a striking 60-inch linear gas fireplace. Culinary enthusiasts will appreciate the kitchen's high-end Sub-Zero, Wolf, and Cove appliances, guaranteeing a luxurious and functional cooking experience. The standout primary suite has exclusive access to a private courtyard and outdoor shower, and is beautifully enhanced by a magnificent freestanding bathtub, and separate vanities. All the bedrooms are equipped with ensuite bathrooms for added privacy and convenience. A dedicated office or den provides a perfect space for work or study, while a flex teen space with a dry bar offers a versatile area for relaxation or entertainment. Stroll out to the large terrace for an evening sip, or meander down the spiral staircase to the inviting pool for a twilight swim. Nestled in the heart of Phoenix, Arizona, this brand-new Blue Sky Home is surrounded by 360-degree city lights and mountain views. Located just moments from world-class dining, shopping, hiking and biking trails, and Sky Harbor Airport, it epitomizes modern luxury.

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2916 E Arrowhead Trail Gilbert, AZ 85297

$2,750,000

4 Beds

3.5 Baths

5,300 SqFt

Status Active

MLS # 6786943

Property Type Single Family Residence

Price Type --

This spectacular home was renovated in 2021, by previous owners! It is modernly updated, refreshing in its palette and understated in its elegance. It offers amazing private amenities and a plethora of entertaining spaces you'll be proud to own. Positioned on an enormously lot and pleasantly quiet street in a gated luxury neighborhood in Gilbert. It's split floor plan is perfection w/highlights including: 4 bedrooms, 3.5 bathrooms- that includes a guest room with private ensuite & exterior entrance, a full office, a large bonus room currently used as an in-home gym, custom 6 person infrared sauna in master bathroom, 4-car garage, 2 pickleball or 1/2 basketball court, an RV gate, and 1 pool cabana complete w/wet bar kitchenette! Furniture + more included- Seller will carry, ask for terms! The grand primary suite showcases soft carpet, direct outdoor access, a walk-in closet, and a pristine bath w/dual vanities & a small sauna room! other bedrooms enjoy access to a Jack & Jill bath for added convenience. Double doors open up to a sizeable den, and don't forget about the exercise room! Lastly, the expansive backyard includes a covered patio w/an outdoor fireplace, paver seating area, a basketball court, a detached bonus room, and a refreshing pool/spa combo as well as a refreshing hot tub! Your new home is waiting for you, act now!

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2144 E San Juan Avenue Phoenix, AZ 85016

$2,750,000

5 Beds

5.5 Baths

3,480 SqFt

Status Active

MLS # 6763200

Property Type Single Family Residence

Price Type --

This stunning 5-bedroom, 5.5-bathroom home offers modern elegance in one of the most desirable neighborhoods in Phoenix. Featuring an open-concept layout, the gourmet kitchen includes high-end finishes, a large walk-in pantry, and a spacious island. The home boasts smart technology, built-in speakers, and a custom bar that opens to the backyard perfect for entertaining. The luxurious master suite includes a spa-like bath and a huge walk-in closet, with each bedroom offering its own private ensuite. Additional highlights include a three-car garage, RV gate, large backyard, and a prime location near the Biltmore Shopping Center and Biltmore Golf Club.

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19778 E Sonoqui Boulevard Queen Creek, AZ 85142

$2,750,000

3 Beds

4.5 Baths

4,407 SqFt

Status Active

MLS # 6742898

Property Type Single Family Residence

Price Type --

Prepare to be amazed! Check out this luxurious home now for sale in Circle G at Queen Creek! Nestled on an oversized corner. Walk up to a gorgeous front courtyard with a beautiful outdoor fireplace featuring a stunning facade w/stone accents, lush green landscape, circular paver driveway, 3 car garage plus a detached 40 x 60 RV garage, huge motor court perfect for car lovers, and 2 RV gates! Open the door to a spacious open floor plan w/beamed ceilings, elegant wood-look tile flooring, and a linear fireplace. The chef's kitchen is comprised of custom cabinetry w/quartzsite countertops, 60'' Viking Stove with Double Ovens, 60'' Viking Fridge/Freezer, an additional wall oven/Microwave, pendant lighting, stylish backsplash, a breakfast nook, and a 16 ft island complete w/a breakfast bar. You'll also find a formal dining room w/an accent wall and plantation shutters, perfect for hosting dinner parties. End your busy day in the primary bedroom, boasting private outdoor access, a walk-in closet, and a lavish ensuite w/dual vanities. Don't forget about the cozy den, ideal for an office or lounge area. The laundry room has a dog washing station. Attached to the 40 x 60 RV garage is a 12 x 24 casita with it's own bathroom and small kitchen. All of the gas features are fed by a 1000 gallon propane tank. Finally, the wonderful backyard includes a covered patio, extended seating area, a 3rd fireplace, fire pit, a built-in BBQ containing a flat top grill, a charcoal grill, & 2 large burners, margarita station, a lovely pergola, and a sparkling blue pool! This is the opportunity of a lifetime, hurry and act now!

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