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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4301 E Taurus Place Chandler, AZ 85249

$2,450,000

5 Beds

6 Baths

5,994 SqFt

Status Active

MLS # 6782437

Property Type Single Family Residence

Price Type --

Exceptionally Detailed custom home in Vasaro Citrus Preserve of South Chandler. 5 bedrooms 6 bathrooms. Gated Court yard with beautiful Iron/glass custom front door. This spectacular home displays amazing craftsmanship that is second to none. Beautiful stone accents on the ceilings throughout the home. The flooring is tumbled travertine and Imported Italian porcelain tile that looks like real wood planks. Formal living room has a Cantera fireplace. Gourmet kitchen has alder cabinets and granite countertops. Dual islands and GE Monogram appliances with a six-burner gas range. Open great room with a huge Cantera arch and pillars. Built in cabinets and an 80-inch TV. Go to the movies at home, in a custom designed Home Theater screening room. Primary suite with built in entertainment system. Primary closets with custom cabinets and a washer/dryer. Walk thru shower. Backyard is an entertainer's delight custom BBQ center large, covered patio, and enjoy a dip in the pool or spa. In the evenings you can enjoy a cozy warm fire and swap stories with your friends. Large over-height 4 Car Garage with epoxy flooring, all new AC units in 2017, Wow what more can you ask for! Come on by and see your new home, it's waiting just for you!

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6930 E 1st Street Scottsdale, AZ 85251

$2,450,000

2 Beds

2.5 Baths

2,638 SqFt

Status Active

MLS # 6657702

Property Type Townhouse

Price Type --

Nestled in Arizona's most sought-after city, The NINES are a new collection of residences in Old Town Scottsdale brought to you by Two Hawks Design and Development. This custom home offers 2,638 SF of living space, 2 bed (3rd bedroom upgrade option available), 2.5 bath, Loft, a 2-car garage, and NO HOA FEES!!! Sleek modern architecture opens to three light-filled levels of refined interior luxury. This home offers expansive windows, a private backyard, a rooftop terrace, 2 additional outdoor patios, and bespoke details and finishes. This custom contemporary home invokes a simple refined style of living with unbeatable proximity to Scottsdale's premier lifestyle amenities. Discover fine dining, high end retail, and the Scottsdale Arts District just steps from your door.

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6922 E 1st Street Scottsdale, AZ 85251

$2,450,000

2 Beds

2.5 Baths

2,638 SqFt

Status Active

MLS # 6657708

Property Type Townhouse

Price Type --

Nestled in Arizona's most sought-after city, The NINES are a new collection of residences in Old Town Scottsdale brought to you by Two Hawks Design and Development. This custom home offers 2,638 SF of living space, 2 bed (3rd bedroom option available), 2.5 bath, loft a 2-car garage, and NO HOA FEES!!! Sleek modern architecture opens to three light-filled levels of refined interior luxury. This home offers expansive windows, a private backyard, a rooftop terrace, 2 additional outdoor patios, and bespoke details and finishes. This custom contemporary home invokes a simple refined style of living with unbeatable proximity to Scottsdale's premier lifestyle amenities. Discover fine dining, high end retail, and the Scottsdale Arts District just steps from your door.

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9917 E Filaree Lane Scottsdale, AZ 85262

$2,450,000

3 Beds

3 Baths

3,800 SqFt

Status Active

MLS # 6683190

Property Type Single Family Residence

Price Type --

Discover luxury in this beautifully remodeled contemporary home, set amidst pristine grounds. Remodel recently completed by The Phil Nichols Company. All new appliances, fixtures, plumbing and roof. Custom architectural details enhance its elegance, while south-facing patios with extensive glass invite natural light and offer views of the resort-like backyard. The open floor plan, high ceilings, and modern finishes create a refined living space. The kitchen features state-of-the-art appliances and custom cabinetry. The master suite is a private sanctuary with a spa-like bathroom and ample closet space. Additional bedrooms offer comfort and privacy. This home is a testament to design and craftsmanship, providing a perfect blend of style and luxury. No Membership Available with this home.

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39115 N 99th Place Scottsdale, AZ 85262

$2,450,000

3 Beds

3.5 Baths

2,960 SqFt

Status Active

MLS # 6755921

Property Type Single Family Residence

Price Type --

Completely remodeled stand-alone home, situated on a corner lot with stunning mountain views and picturesque sunrises and sunsets. This home offers the luxury of a Five-Star resort, featuring beautiful wood floors throughout, sleek modern cabinetry in the kitchen and bar area (with a wine fridge), quartzite waterfall countertops, and an elegant backsplash. The primary bathroom is designed for a spa-like experience, with a freestanding tub and newly installed windows. The inviting patio, complete with a pebble tech spa and gas barbecue, provides the perfect space to unwind after a busy day. The home also includes a two-car garage with epoxy flooring and new patio railings. Home is being offered turnkey with gorgeous artwork.

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37200 N Cave Creek Road Unit 1126 Scottsdale, AZ 85262

$2,450,000

3 Beds

3.5 Baths

2,453 SqFt

Status Active

MLS # 6775900

Property Type Townhouse

Price Type --

Discover this beautifully updated designer townhome in the Retreat at Desert Mountain with an inviting courtyard entrance and enticing spa. This home features a harmonious palette of soft greens, warm browns, and striking blacks. The chef's kitchen is a dream with Wolf and Subzero appliances. Nestled along the 6th fairway of the par 54, Seven Golf Course, at Desert Mountain. This first-floor unit offers a fantastic covered patio that provides breathtaking views of the golf course, surrounding mountains, and stunning sunsets. With an immediate Golf Membership available, for transfer through escrow, you can easily immerse yourself in the Desert Mountain lifestyle after a simple 30-day approval process. This is a rare chance to own a slice of paradise in a serene and luxurious setting.

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4549 E Marion Way Phoenix, AZ 85018

$2,450,000

4 Beds

2 Baths

2,650 SqFt

Status Active

MLS # 6778240

Property Type Single Family Residence

Price Type --

4549 East Marion Way in the idyllic neighborhood of Arcadia and on the west face of Camelback Mountain offers four bedrooms and two bathrooms. Beautiful, open, and light-filled; this carbon-negative home was sustainably remodeled in 2010. Featuring seller owned solar panels, Low E windows, energy star appliances, low allergenic American Clay wall treatment, and natural stone and tile flooring throughout. Outside is a desert oasis and bird refuge with a multi-zone, automated drip system to maintain mature desert landscaping. Enjoy year-round, spectacular sunset views and the downtown Phoenix skyline, as well as sightings a variety of rare birds, including rosy-faced lovebirds and great horned owls. Served by quality schools, Hopi Elementary and Arcadia High, this home is within an easy walk to neighborhood hotspots like the Global Ambassador Hotel and Steak 44 dining; you cannot live in a better location. Also within walking distance is The Village at Camelback with all of its offerings, including tennis, pickleball, swimming, and fitness. The Echo Canyon Trail of iconic Camelback Mountain is in your backyard, as are miles of hiking and biking trails along the Arizona Canal System. Don't miss out on this rare opportunity to go green and own a peaceful and healing mountain retreat.

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9290 E Thompson Peak Parkway Unit 257 Scottsdale, AZ 85255

$2,450,000

4 Beds

4 Baths

3,742 SqFt

Status Active Under Contract

MLS # 6770797

Property Type Single Family Residence

Price Type --

Nestled in the prestigious guard-gated community of DC Ranch, this stunning home is perfectly situated on a serene golf course lot at the end of a cul-de-sac. This home boasts a desirable split floor plan featuring 4 bedrooms (one versatile as a den/office) and 4 bathrooms. A gourmet kitchen, and open living spaces make this home ideal for entertaining. Step into the tranquil backyard, complete with a heated spool and built-in BBQ, offering the perfect setting for relaxation and outdoor dining.

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7462 S Mccormick Way Queen Creek, AZ 85142

$2,450,000

5 Beds

4.5 Baths

5,158 SqFt

Status Active

MLS # 6758272

Property Type Single Family Residence

Price Type --

Experience luxury living in this stylishly upgraded 5 bedroom/4.5 bath home set on a spacious ¾-acre lot within the highly coveted community of San Tan Lakeside Estates community. Prepare to be impressed by the home's sophisticated design elements, customized wallpaper, exquisite light features & ceiling beams, all complemented by SMART TECHNOLOGY throughout. The chef's kitchen combines elegance with practicality inclusive of an oversized granite island, high-end appliances, 6-burner gas stove w/ pot filler. Enjoy the convenience of both formal and casual dining areas, providing flexibility for various occasions and moods. The primary master retreat offers an inviting foyer entrance, a private exit to the backyard, an oversized walk-in shower, a stand-alone tub, dual sinks, bonus room & an expansive walk-in closet. The floorplan is thoughtfully designed to showcase the outdoor living spaces, three ensuites and is situated on a generous ¾ acre lot. The original owners have transformed the backyard into an entertainer's paradise, featuring a sparkling lap pool/spa/built-in table/bench perfect for relaxing evenings and lively weekends. Enhance your leisure time with a five-hole putting green for practicing your short game or enjoying friendly competitions. The entertaining backyard is adorned with breathtaking mountain views, lemon and lime trees, and mature landscaping. Whether you're unwinding at the outdoor BBQ/bar area, sitting by the built-in fire pit, or soaking in the hot tub, there's something magical about admiring the majestic mountains from the comfort of your own home. Be sure to check out the document section for additional details on home. This property is truly a must-see!

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6130 E Via Estrella Avenue Paradise Valley, AZ 85253

$2,450,000

4 Beds

3 Baths

3,312 SqFt

Status Active

MLS # 6784042

Property Type Single Family Residence

Price Type --

Welcome to an exquisite ranch-style estate in the coveted Paradise Valley, where elegance and comfort meet. This stunning 3,312 sq ft residence offers a spacious layout featuring 4 bedrooms, 2.5 baths, a dedicated office, and a versatile game room. The gourmet kitchen is a chef's haven, fully equipped with top-tier stainless steel appliances, including a 6-burner Wolf stove, double ovens, a Sub-Zero refrigerator, a 30+ bottle wine cooler, and a separate ice maker. Granite countertops, custom cabinetry, and an expansive island make it ideal for both cooking and entertaining. A charming breakfast nook overlooks the pool, adding a serene touch to your mornings. The inviting living room, complete with a grand fireplace, custom built-ins, and vaulted ceilings, opens to the patio and backyard, seamlessly blending indoor and outdoor spaces. The luxurious primary suite is a true retreat, boasting a spa-like soaking tub, a spacious walk-in closet, and a private patio. Every bedroom offers generous living and closet space, while large windows with classic wooden shutters add timeless elegance to this Spanish-inspired estate. The backyard is an outdoor sanctuary with a pristine diving pool, a putting green, and a sun-drenched terrace perfect for gatherings. Nestled within the prestigious Scottsdale Unified School District, this home offers tranquility and accessibility. A grand circular driveway, a 2-car garage, and a fully fenced backyard with double gates provide ample space for a guest house, sports court, or RV parking. Don't miss this incredible opportunity to own a piece of Paradise Valley with substantial equity potential. Experience luxury living at its finest!

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414 Peace Garden Path Clarkdale, AZ 86324

$2,450,000

5 Beds

5 Baths

3,787 SqFt

Status Active

MLS # 6737569

Property Type Single Family Residence

Price Type --

Welcome to your serene and modern retreat with five well-appointed apartment suites nestled in the heart of Clarkdale and within walking distance of the charming shops and restaurants of Old Town Cottonwood. This exquisite five-acre property offers breathtaking views of the Verde River and the stunning red rocks of Sycamore Canyon, providing a picturesque backdrop for an unparalleled living experience. Step outside onto the expansive portico and immerse yourself in the beauty of nature, while enjoying outdoor living at its finest. Host unforgettable evenings under the starlit sky with friends and family, or take a leisurely walk down the trail to the river.

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2536 E Wood Place Chandler, AZ 85249

$2,450,000

5 Beds

4.5 Baths

5,045 SqFt

Status Active

MLS # 6746925

Property Type Single Family Residence

Price Type --

This newly updated home is a rare find within the prestigious neighborhood of Circle G. Offering 5 bedrooms and 4.5 baths, there is room for everyone to enjoy their privacy and still spend time together in the large game room or office/den. The kitchen has new stainless appliances, quartz countertops and beautiful, modern fixtures. It opens to the family room w/ fireplace and overlooks the backyard. The spacious master suite has his/her closets, walk in shower and double vanities. If you enjoy outdoor living, you will love the covered patio, built in BBQ, large grass area, sparkling pebble tec pool, pergola seating area, above ground spa and a RV gate with concrete slab. Add a large circular driveway, 3 car garage w/ epoxy flooring and built in storage cabinets to make this home a 10+

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