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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16800 W Mesquite Drive Goodyear, AZ 85338

$579,880 - 4Br/3Ba -  for Sale in Canyon Trails Unit 3 Parcel B/c, Goodyear
New
$579,880
4 Beds
2.5 Baths
2,929 SqFt
Status Active
MLS # 6783417
Property Type Single Family Residence
Price Type --
Beautiful 4 bedroom 2 1/2 baths , two story, 2 car garage, with a Workshop & Cabinets, big backyard with Sparkling pool w/ Pebbletech surface. Solar - Low Electric Bills, Updated Equipment in Pool & Solar, Exterior of home was freshly painted 2020, Upstairs Loft areas great for kids studying, secondary Loft for adult work, Plantation shutters, Granite Counter tops & backslash, Stainless steel Appliances - range, Oven, Dishwasher & microwave all in SS. Bay window overlooking beautiful backyard with Sparkling Pool. Great for family picnics and barbeques.

15170 W Corrine Drive Surprise, AZ 85379

$579,500
5 Beds
3.5 Baths
2,928 SqFt
Status Active
MLS # 6746709
Property Type Single Family Residence
Price Type --
This stunning home in the highly desirable Marley Park neighborhood combines charm, functionality, and energy efficiency with owned solar. The quintessential Marley Park front porch, accented with stone and a picturesque sidewalk, leads to a spacious interior designed for modern living. The primary suite is conveniently located on the first floor, featuring a luxurious bathroom with upgraded tile shower and bath surround, frameless glass shower door, dual sinks with granite counters, and two separate walk-in closets. Upstairs, four spacious bedrooms provide ample room for everyone, with two sharing a Jack-and-Jill bathroom and the other two enjoying a hall bathroom. Three of these bedrooms feature walk-in closets, ensuring plenty of storage space. The main living areas are adorned with white wooden shutters and beautiful flooring, with no carpetjust tile and high-quality wood-look laminate. The heart of the home, the kitchen, is a chef's dream with a large island, custom pendant lighting, quartz counters, white cabinets, a custom tile backsplash, and stainless steel appliances. A butler's pantry adds extra storage and convenience, complete with additional cabinets, a spacious food pantry, and a separate beverage refrigerator. A large den/office/bonus room near the front door offers flexibility for various uses, while the built-in organization nook with shelves, hooks, and a sliding barn door keeps clutter hidden. The laundry room, also located downstairs, features extra storage cabinets, a quartz counter, utility sink, and an additional storage closet. The home's powder room has been tastefully updated with a new vanity, mirror, and fresh paint. The backyard is a true oasis, featuring a heated pool with a pebble finish, custom LED resort lighting, and a tranquil water feature. The travertine pool surround and stone planter lined with mature ficus trees offer both beauty and privacy. Additionally, the side yard is equipped with artificial turf, perfect for pets. The home's 3-car tandem garage, with spotless epoxy flooring, built-in cabinets, and an overhead storage rack, along with an extra-long driveway, ensures ample parking and storage. With owned solar, this home offers energy efficiency to match its exceptional style. All of this located in the amazing community of Marley Park, featuring three community pools and 21 unique parks connected by an Arbor Walk and within walking distance to schools.

16026 W Alameda Road Surprise, AZ 85387

$579,378
4 Beds
3.5 Baths
2,674 SqFt
Status Active
MLS # 6649950
Property Type Single Family Residence
Price Type --
MOVE IN READY, BRIGHT GREAT ROOM PLAN , QUICK CLOSE!! 4 BEDROOM PLUS LOFT, 3.5 BATH , 9'CEILINGS, GOURMET KITCHEN LAYOUT, UPGRADE CABINETS , GRANITE KITCHEN TOPS, SPA SHOWER, TILED FLOORING. 2'WHITE BLINDS, CEILING FANS, FRONT YARD LANSCAPING COMPLETED, ENERGY STAR QUALIFIED HOME, INDOOR AIR PLUS. A SHORT DISTANCE FROM THE COMMUNITY POOL AREA, PICNIC AREA, TOT LOTS, BASKETBALL, PICKLE BALL COURTSAND SO MUCH MORE.

7810 E Quintana Avenue Mesa, AZ 85212

$579,340
5 Beds
3 Baths
1,960 SqFt
Status Active
MLS # 6783972
Property Type Single Family Residence
Price Type --
MLS#6783972~Ready January ~The Harlow! This single-story home is the largest of the single-story floor plans, this home is sure to please. The gourmet kitchen with an island is only steps away and opens to the dining and gathering rooms, making a perfect setting for gatherings! The owner's suite is tucked away and shows off a corner entry bath featuring dual sinks and a huge walk-in closet. Three equally sized secondary bedrooms share a full bath. Structural upgrades include: added 5th bedroom and extended outdoor living.

Show Low AZ 85901

$579,000
3 Beds
3 Baths
2,065 SqFt
Status Active
MLS # 6716176
Property Type Single Family Residence
Price Type --
Gorgeous New Home on the Fairway! You will love the open concept floor plan conveying furnished. Offering beautiful laminate flooring, 11ft granite kitchen Island, lg pantry, 8ft interior doors, stone gas FP, Master BR w/sitting area/office, granite in both baths, Trex decking, fenced, landscaped & more.

22261 W Ocupado Drive Wittmann, AZ 85361

$579,000
3 Beds
2 Baths
1,900 SqFt
Status Active Under Contract
MLS # 6763926
Property Type Single Family Residence
Price Type --
Are you wanting to live in a no HOA area? Would you love to have an RV garage? How about a BRAND NEW Home? Located close to Grand Ave. This home will be done before the holidays. This gorgeous home features 3 great size bedrooms, the master has a stunning huge tiled walk in shower. Custom cabinets through out home (Buyers choice from samples) and Beautiful granite countertops. There is wood look tile though out. The layout of this home is great, there is a walk through laundry with a wash station. The home also sits North/South which is highly desired. Builder will consider putting up a block wall around backyard. This can be negotiated into the purchase price. PHOTOS ARE FROM COMPLETED HOME!!

104 N 3114 -- Vernon, AZ 85940

$579,000
2 Beds
2 Baths
1,866 SqFt
Status Active
MLS # 6713245
Property Type Single Family Residence
Price Type --
Tucked away in the White Mountain landscape, this custom-built, full-log cabin offers a perfect blend of rustic charm and modern updates on an expansive 10.57-acre lot. Featuring 2 spacious bedrooms, 2 bathrooms, and a grand loft, this home provides ample space for relaxation and enjoyment. Step outside to enjoy the covered porch and open deck, perfect for soaking in the natural beauty that surrounds you. The property is heavily treed, creating a private, tranquil setting. Inside, admire the beautiful hardwood floors and exposed logs that highlight the cabin's craftsmanship. The charming, updated kitchen is equipped with modern amenities, perfect for any culinary enthusiast. The exterior of the cabin has been recently refreshed, and the floors have been carefully refinished by hand, ensuring this home is move-in ready. Animal lovers will appreciate the fact that the property is already set up for your furry friends. Come experience comfort in this White Mountain retreat.

6298 S Dean Road Buckeye, AZ 85326

$579,000
3 Beds
2 Baths
1,639 SqFt
Status Active
MLS # 6720711
Property Type Single Family Residence
Price Type --
Welcome to this charming home that offers modern comfort on a quiet private street. This open floor plan concept has stainless steel appliances with a large kitchen island and rear covered patio sitting on 2plus acres! Conveniently located close to Sundance & Canyon Trails Towne Centers, schools, parks, and shopping, golf and more! Est. completion date Feb. 2025.

18225 W Paseo Way Goodyear, AZ 85338

$579,000
5 Beds
3 Baths
3,058 SqFt
Status Active
MLS # 6760115
Property Type Single Family Residence
Price Type --
This 5-bdrm, 3-bath Ashton Woods home is nestled within the highly coveted Estrella Mtn. Ranch community. It offers over 3,000 sqft and is adorned with updated laminate flooring, lighting, ceiling fans, and stainless appliances, creating a modern and inviting atmosphere. This residence boasts a first-floor bdrm or office and full bath, complemented upstairs by a split primary suite, three additional generously proportioned bdrms, and a versatile loft space that can be customized to suit your needs. Out back there's an oversized covered patio with pergola, overlooking a mature landscaped backyard with a tranquil fountain and fireplace with large flagstone seating area. Home is a short distance from schools, grocery, residents club & lakes! Don't miss out on this one!

22410 N Arrellaga Drive Sun City West, AZ 85375

$579,000
2 Beds
2 Baths
1,684 SqFt
Status Active
MLS # 6775501
Property Type Single Family Residence
Price Type --
Presenting blue skies and green grass as far as the eye can see! This beautiful Arcada model is perfectly positioned on an elevated lot & on the 5th Fairway of Corte Bella Country Club. This home captures a stunning environment that's designed to make every day seem like you're on vacation. The covered patio spans the width of the house and pavers invite you to sit by the firepit or trickling fountain. The focal point of the living room is the designer entertainment wall with lighted niches. The dining area has a view! The kitchen includes gas stove and granite counters, Two spacious bedrooms and a den with double doors. The bonus space behind the kitchen can be used for a desk, hobby room, pet room, or air-conditioned storage. Most of the furniture is available outside of escrow.

2103 W Claremont Street Phoenix, AZ 85015

$579,000
3 Beds
2 Baths
2,495 SqFt
Status Active
MLS # 6778124
Property Type Townhouse
Price Type --
Stunning transformed home showcasing meticulous design and lavish upgrades throughout. As you approach, custom security and entry doors welcome you. Upon entering, custom luxury vinyl plank floors flow seamlessly into the open-concept living area. The chef's dream kitchen features top-of-the-line premium appliances, custom cabinetry, and a massive quartz-topped center island. The spacious master suite is a true sanctuary, offering a huge walk-in closet with its own washer and dryer hookup. The luxurious en-suite bathroom features a custom tiled walk-in shower with built-in seating, a freestanding soaking tub, and a double vanity with stylish fixtures. Additionally, the home includes two multi-functional bonus rooms PLUS an indoor enclosed patio. A true dream home!

1124 S Sycamore Circle Unit 1 Payson, AZ 85541

$579,000
3 Beds
2 Baths
1,650 SqFt
Status Active
MLS # 6786712
Property Type Single Family Residence
Price Type --
Wow! Is what you will say when you step into this brand new 2024 Home in Pinon Ridge! 3 bedroom/2 bath open concept with views of the Rim. Take the steps up to this one level home and walk into an open and bright living room with vaulted ceilings which opens up to the covered wrap around deck. The low maintenance yard is ready to put your plants and flowers in the raised bed area. The home backs to reservation land to allow for a very private backyard. Dining Room has amazing views of the Rim, laminate wood flooring throughout, with carpet in the bedrooms Split floor plan with a large primary, private access to the patio, large walk in closet and large en-suite with rock inlayed shower, amazing counter space with dual sinks, Laundry room, 2 Car Garage

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