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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6658 S St Andrews Court Gilbert, AZ 85298

$580,000
2 Beds
2.5 Baths
1,764 SqFt
Status Active
MLS # 6730222
Property Type Single Family Residence
Price Type --
This 2 bedroom 2.5 bathroom home is located right in the heart of Seville. On a corner lot in a quiet cul-de-sac you will find this gem that sits on the golf course right between the hole 9 tee box and the hole 8 green. The home has a large, beautiful kitchen with granite countertops and plenty of storage space. Gorgeous stone and wood accents are all throughout the home giving it that Arizona charm. There is a large master bedroom with a full bathroom and it is complete with a large walk-in closet. A full bar room/office is perfect to come relax on a hot day. As you step into your lovely backyard you are greeted with the sound of a calming rock fountain and the stunning golf course views. This home is impeccably well maintained and shows a real pride of ownership.

3705 Ridgeview Terrace Wickenburg, AZ 85390

$580,000
2 Beds
2 Baths
1,554 SqFt
Status Active
MLS # 6754596
Property Type Single Family Residence
Price Type --
This perfect 2-bedroom, 2-bath home is ideal for two, offering 1,554 sq. ft. of thoughtfully designed living space. The open great room features stunning eastern mountain views and beautiful landscaping. Inside, you'll find upgraded cabinets with soft-close drawers, granite countertops throughout, under-mount sinks, and custom tile flooring with upgraded carpet in the bedrooms. Custom shutters adorn the bedrooms, while the living room boasts a custom entertainment center and shelving. Additional features include central vac, water filtration, a fully fenced yard with ample entertaining space and a custom water feature, all framed by open mountain views to the north and east. Paired with your resort lifestyle living, you've found your desert oasis!

3920 E Tonto Street Phoenix, AZ 85044

$580,000
3 Beds
2 Baths
2,152 SqFt
Status Active
MLS # 6763663
Property Type Single Family Residence
Price Type --
**Your Dream Home Awaits in Ahwatukee!** Welcome to this charming 3-bedroom, 2-bathroom home in the heart of Ahwatukee. With an abundance of natural light, the spacious floor plan creates a warm and inviting atmosphere. The gourmet kitchen features stainless steel appliances, granite countertops, and plenty of space for culinary adventures. ALL new Andersen Windows. Step outside to a **spacious yard** complete with a **generous swimming pool**, perfect for entertaining or enjoying Arizona's beautiful weather. The yard offers plenty of space for relaxation and outdoor activities, making it an ideal retreat. Enjoy the perfect blend of style and comfort in every corner of this home. Spacious bedrooms and modern bathrooms complete the package. Don't hesitate, this one will go fas

10323 E Durant Drive Mesa, AZ 85212

$580,000
3 Beds
2 Baths
1,764 SqFt
Status Active
MLS # 6769379
Property Type Single Family Residence
Price Type --
Welcome to your new oasis in the vibrant Eastmark community! This beautifully maintained single-story home features 3 bed, 2 bath, all situated on a spacious corner lot with a fantastic pool-perfect for relaxation & entertaining. Enjoy bright, open living spaces with tile flooring throughout, complemented by a large glass slider that floods the area with natural light. The kitchen boasts stainless steel appliances, ideal for family gatherings. The primary suite includes a generous walk-in closet & an ensuite bath, providing a serene retreat. Step outside to your expansive backyard, perfect for sunny days and backyard barbecues. Extensive community ammenities include: pool, walking paths, the Mark(community ctr), numerous play areas and more. Close to the 202 and shopping/dining.

29740 N 121st Avenue Peoria, AZ 85383

$580,000
4 Beds
3 Baths
2,884 SqFt
Status Active
MLS # 6769909
Property Type Single Family Residence
Price Type --
Welcome to Vistancia! This spacious 4 bedroom 3 bath home, with an optional office/5th bedroom, is move-in ready! Situated on a large lot, it offers plenty of room for relaxation and entertainment. Inside, enjoy a bright and airy open layout featuring a cozy fireplace perfect for chilly evenings. The kitchen boasts ample counter space and plenty of storage, ideal for meal prep and gatherings. Step outside to discover an expansive backyard with natural grass and established shade trees, creating a serene space for outdoor enjoyment. Located in the highly sought-after Vistancia community, this home is conveniently close to schools, parks, and amenities like pools and golf courses. Don't miss the chance to make this your new home sweet home!

9934 E Twin Spurs Lane Florence, AZ 85132

$580,000
4 Beds
2.5 Baths
2,378 SqFt
Status Active
MLS # 6770985
Property Type Single Family Residence
Price Type --
Looking for an affordable horse property in Wild Horse Estates? 1.17 fenced acers w NO HOA. 2400 sf home with 4 beds, 2.5 bath, 3 car garage + 1 car detached garage w 220amp, detached finished insulated HVAC construction office. 12' gate, 5' gate. Enjoy the stunning sunsets from your full-length covered rear patio, front patio or while riding in or nearby desert trails. Home has open vaulted floorplan, eat-in island kitchen, SS appliances, herringbone tile flooring, fireplace, generous primary bedroom with separate exit. Fresh interior paint. Solar lease for energy efficiency and lower utility bills = savings. Plenty of room for vehicles, hobbies, RV, horses. Running a business and need to park trucks, trailers? Close to shopping, weekend ventures, still has that country feel! Great horse neighborhood with shopping, dining and entertainment within a short driving distance.

6337 W Irma Lane Glendale, AZ 85308

$580,000
3 Beds
2 Baths
1,942 SqFt
Status Active
MLS # 6773664
Property Type Single Family Residence
Price Type --
Seize the opportunity to own this bright and inviting pool home located on the golf course at Arrowhead Ranch. Experience resort-style living in the beautiful Arizona sunshine with a backyard designed for relaxation and entertainment. Outdoor features include a sparkling pool with a waterfall, a BBQ cooking area, fire pit, and a covered patio—perfect for hosting or just enjoying the greenery. Many upgrades done over the last 10 years, this home boasts high-end finishes including fresh interior paint, wood flooring, granite countertops, backsplash, and stainless steel appliances. Upgraded with a new AC in 2018. Conveniently located near shopping and top-rated schools. You have to see this one to feel its beauty and charm. Don't hesitate as homes like this rarely last long.

16777 W Toronto Way Goodyear, AZ 85338

$580,000
6 Beds
5 Baths
3,486 SqFt
Status Active
MLS # 6779198
Property Type Single Family Residence
Price Type --
Gorgeous home!! 6 bedroom/ 5 bathroom and a loft. This is an Artesia Floor plan which is one of the most desirable homes in the Canyon Trails Community. You will have plenty of room to roam with your family. Double islands in the kitchen give this home a luxury feel and leads to a large family room. Two bedrooms downstairs which one could be a Mather-in-law suite and 4 bedroom upstairs plus a huge loft. This is a unique home that won't disappointed you. New paint, new carpet, new quartz, new ceiling fans, new faucets, new water softener, new water heater, new electrical panel, new appliances and more. Owned solar panels, no payments. So much room for your family and ready to move in and enjoy.

4808 N 24th Street Unit 303 Phoenix, AZ 85016

$580,000
2 Beds
2 Baths
1,356 SqFt
Status Active
MLS # 6779827
Property Type Apartment
Price Type --
This bright and spacious 2 bedroom, 2 bathroom condo at Biltmore Optima features an open-concept design with floor-to-ceiling windows with views overlooking the mountains and Fashion park mall. The kitchen includes a gas stove, granite countertops, and a full-sized washer and dryer for convenience. Just steps from the elevator, this condo also offers two underground parking spots and additional guest parking. Resort-style amenities include a 24-hour fitness center with a steam room, concierge services, and on site hoa. The rooftop terrace showcases breathtaking 360° views of sunsets, mountains, and city lights, with a barbecue area and misters for outdoor enjoyment. Relax in the brand-new pool and spa with panoramic views at sunset. Steps away from shopping, dining, and entertainment.

13050 W Running Deer Trail Peoria, AZ 85383

$580,000
2 Beds
2 Baths
1,867 SqFt
Status Active
MLS # 6782144
Property Type Single Family Residence
Price Type --
Welcome Home to Luxury & Convenience! Experience the pinnacle of modern living in this beautifully upgraded 'Libertas' model with over $70,000 in recent enhancements! With a stunning stone exterior and extensive updates, this home is truly MOVE-IN READY. Highlights & Features: Owned Solar System (installed 2023) - Eco-friendly and cost-saving! State-of-the-Art TRANE 5-Ton HVAC (2021) - Complete with full-home allergy filtration and surge protection for total comfort. Chef's Kitchen (2022) - Renovated with refinished staggered cabinets with roll-out shelves, premium granite slab countertops, and a massive island. Outfitted with top-of-the-line GE Café stainless steel appliances, including a 6-burner gas stove with griddle, double ovens, French door refrigerator with water dispenser, microwave, and dishwasher. Freshly Painted Interior & Plush New Carpeting in bedrooms (2023) - Every detail is fresh and inviting. Outdoor & Lifestyle Features: North/South exposure with a private backyard featuring a built-in gas BBQ, a covered patio with surround sound, and an ideal setup for gatherings with friends. Low-maintenance landscaping with a PVC drip system & timer (2018). 4-foot extended garage for golf cart storage or extra space! Additional Upgrades: New Maytag washer & dryer with pedestals (2022), reverse osmosis system (2021), water softener, garbage disposal (2022), upgraded LED recessed lighting, and new dimmer switches in key areas. Great room with built-in surround sound speakers for an immersive experience. Community & Location: Nestled in the award-winning, gated Trilogy at Vistancia community for ages 55+, enjoy a world-class lifestyle with 5-star resort amenities at the 35,000 SF Kiva Club, which includes indoor and outdoor pools, a fitness center, spa, cafe, billiards, meeting rooms, library, and courts for tennis, pickleball, and bocce. The Gary Panks-designed golf course winds beautifully through the neighborhood, and additional amenities are available at the Mita Club. With quick access to the 303, enjoy nearby shopping, dining, entertainment, and outdoor recreation at Lake Pleasant and Peoria's Paloma Park. This incredible home is ready to welcome you! Act quicklythis is a rare find in Trilogy!

1543 E Oakland Street Chandler, AZ 85225

$580,000
3 Beds
2 Baths
2,060 SqFt
Status Active Under Contract
MLS # 6769326
Property Type Single Family Residence
Price Type --
Immaculate Single-Level Home with Pool—No HOA! Don't miss this stunning 3-bed, 2-bath home, complete w/a spacious 3-car garage, Conveniently located near shopping & schools, this beautifully updated property boasts an array of features that make it feel just like new. Step inside to discover tile & wood like flooring T/O. The kitchen features gorgeous granite countertops, refinished cabinets including a new stainless steel gas stove and a large pantry. The living room showcases a tiled fireplace & elegant wood shutters, creating a warm and inviting atmosphere. The bathrooms have been beautifully remodeled, featuring wood-look tile floors & a stunning walk-in shower in the primary bath. Recent updates include a brand-new heater and pump for the sparkling PebbleTec pool and spa, Enjoy the beautifully landscaped, private backyard with a heated pool and spa, perfect for entertaining or relaxing and an extended cool deck, this outdoor space is a true oasis. Additional highlights include high ceilings, two fireplaces, double front doors. The master suite features a separate exit to the backyard and a spacious walk-in closet. The third bedroom boasts the largest walk-in closet of all! Plus, you have your choice of outstanding elementary and middle schools nearby. Walk to the park down the street. Drive around the corner to Gilbert/Chandler Community College or Chandler Hospital or Phx/Mesa Gateway Airport. This home is truly a gem.

25958 W Westcott Drive Buckeye, AZ 85396

$580,000
2 Beds
2 Baths
1,862 SqFt
Status Active Under Contract
MLS # 6746921
Property Type Single Family Residence
Price Type --
SPARKLING POOL, SPA ,OWNED SOLAR AND A SEPERATE GOLF CART GARAGE- THIS HOME HAS IT ALL! Enjoy your own private oasis on the Mountain side of Sun City Festival. Nestled on a quiet street, this light and bright home will not disappoint. Many features include- wood plank tile flooring throughout, dual vanity master bath with tiled low threshold shower and a large spacious closet. Kitchen features S/S appliances and granite countertops. The Den is perfect as an office or hobby room. Step thru the center sliding doors to the back covered patio with extended pavers, built-in BBQ, and lush landscaping and your own putting green. The center courtyard is perfect for your morning coffee and is adjacent to the kitchen. Both garages have epoxy flooring. A short walk or drive to the rec center.

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