A Tale of Two Markets: Inventory Mismatch Paints a More Detailed Picture

A Tale of Two Markets: Inventory Mismatch Paints a More Detailed Picture | Simplifying The Market

The inventory of existing homes for sale in today’s market was recently reported to be at a 3.6-month supply according to the National Association of Realtors latest Existing Home Sales Report. Inventory is now 7.1% lower than this time last year, marking the 20th consecutive month of year-over-year drops.

Historically, inventory must reach a 6-month supply for a normal market where home prices appreciate with inflation. Anything less than a 6-month supply is a sellers’ market, where the demand for houses outpaces supply and prices go up.

As you can see from the chart below, the United States has been in a sellers’ market since August 2012, but last month’s numbers reached a new low.

A Tale of Two Markets: Inventory Mismatch Paints a More Detailed Picture | Simplifying The Market

Recently Trulia revealed that not only is there a shortage of homes on the market in general, but the homes that are available for sale are not meeting the needs of the buyers that are searching.

Homes are generally bucketed into three groups by price range: starter, trade-up, and premium.

Trulia’s market mismatch score measures the search interest of buyers against the category of homes that are available on the market. For example: “if 60% of buyers are searching for starter homes but only 40% of listings are starter homes, [the] market mismatch score for starter homes would be 20.”

The results of their latest analysis are detailed in the chart below.

A Tale of Two Markets: Inventory Mismatch Paints a More Detailed Picture | Simplifying The Market

Nationally, buyers are searching for starter and trade-up homes and are coming up short with the listings available, leading to a highly competitive seller’s market in these categories. Ninety-two of the top 100 metros have a shortage in trade-up inventory.

Premium homebuyers have the best chance of less competition and a surplus of listings in their price range with an 11-point surplus, leading to more of a buyer’s market.

“It leaves Americans who are in the market for a home increasingly chasing too fewer options in lower price ranges, and sellers of premium homes more likely to be left waiting longer for a buyer.”

 Lawrence Yun, NAR’s Chief Economist doesn’t see an end to this coming any time soon: 

“Competition is likely to heat up even more heading into the spring for house hunters looking for homes in the lower- and mid-market price range.”

Bottom Line

Real estate is local. If you are thinking about buying OR selling this spring, let’s get together to discuss the exact market conditions in your area.  Give me a call – J.P. Cook – 602-320-4253.

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23560 N 78th Street Scottsdale, AZ 85255

$1,999,000
4 Beds
3.5 Baths
4,276 SqFt
Status Active
MLS # 6753791
Property Type Single Family Residence
Price Type --
Rare opportunity in the exclusive, gated community of Vista Monterey! Prime location and large private lot combine desert living with modern convenience. This lovely move-in ready home welcomes with a grand foyer separating the formal living & dining rooms. Large windows and plantation shutters. Warm and inviting open kitchen/family room, boasts a fireplace, built-ins and exposed beams. Gourmet kitchen, featuring high-end SS appliances, granite counters, breakfast nook and island w/breakfast bar. Neutral palette, warm wood, tall ceilings, and tons of natural light. Split floorplan, generous master retreat and good size additional bedrooms plus a dedicated office and second living space. Lush backyard with mature trees, extended patio. outdoor fireplace, bbq and breathtaking sunset views.

22300 N 90th Street Scottsdale, AZ 85255

$1,999,000
3 Beds
2.5 Baths
2,764 SqFt
Status Active
MLS # 6763624
Property Type Single Family Residence
Price Type --
Experience the epitome of luxury living in this custom home, situated on a premium lot and nearly an acre in the prestigious Pinnacle Peak Vistas. Breathtaking city light, sunset and mountain views steal the show as you step inside to discover a grand foyer with a gorgeous arched front door that opens into an inviting great room, seamlessly blending the dining and kitchen areas. Your backyard is a true resort-style retreat, featuring a remote controlled heated swimming pool with multiple water features and Tiki Hut swim-up cabana bar, complete with a built-in gas BBQ and ample seating - perfect for entertaining or unwinding after a long day. Relax in the elevated hot tub spa surrounded by lush, mature landscaping, including a gorgeous cactus garden and numerous citrus and fruit trees. The expansive covered patio runs the length of the home and offers great space for enjoying Arizona outdoor living. Low-maintenance artificial turf, putting green and thoughtful hardscape details throughout the yard enhance the beauty of this serene property. The chef's kitchen is a culinary dream, with an incredible view, featuring high end cabinetry, breakfast nook, custom center island, premium stainless-steel appliances, a Cantera stone hood vent and tasteful accents. The master suite, where panoramic city light and sunsets views await, offers private access to your back patio, as well as an en-suite bathroom with dual vanities, a spacious walk-in shower, separate soaking tub and his and her closets. This home is rich in thoughtful details, including travertine flooring, a cozy gas fireplace, a built-in entertainment center in the great room, and a dedicated office with custom shelving and views to the front courtyard. Arched niches and custom painted murals add a touch of personality throughout. In addition to the 3-car garage with storage, the paved circular driveway and auto court provides ample space for guests to park and enter through the front courtyard with a tranquil fountain, outdoor seating and ambient bistro lighting for additional space to entertain. Enjoy the best that North Scottsdale has to offer in this private sanctuary just minutes away from five-star dining, shopping, and easy freeway access. Discover your dream home where luxury, comfort, and convenience meet. Welcome to Pinnacle Peak Vistas!

17808 N 57th Place Scottsdale, AZ 85254

$1,999,000
4 Beds
4 Baths
4,260 SqFt
Status Active
MLS # 6766685
Property Type Single Family Residence
Price Type --
Located in the highly desirable 85254 zip code, this luxurious home is nestled in the exclusive gated community of Ville de Sorano. This stunning 4 bedroom, 4 bathroom home with a separate office space and substantial size loft is located on an oversized premium lot. As you approach the home you are greeted with a beautiful custom archway (that mimics community gates and powder coated) into the gorgeous courtyard that boasts a fireplace, water feature, Butler's Kitchen that includes a powder room, cabinets, mini fridge and sink. Look up to the 2nd floor and find a beautiful Juliet balcony that overlooks the courtyard. Premium upgrades throughout the home include natural stone flooring throughout the home, custom natural stone showers, upgraded 8 foot doors throughout home, white plantation shutters on all windows, brand new window screens, rustic matching light fixtures/chandeliers and bronze faucets throughout the home, additional recessed lighting added, 5.1 stereo speakers/music control/ intercom in each room, upgraded rod iron railing on wooden staircase, gorgeous exposed beams in family room, newer interior and exterior paint. Stunning 2-way fireplace can be enjoyed from the family room and large living/sitting room as you enter the home. Matching GE Profile Black Series appliances with flat cooktop. Large primary suite boasts a raised ceiling, exterior door to backyard oasis, his and her sinks in bathroom, large walk-in closet with custom shelving and sauna tub. Guest suite has brand new frameless shower glass door, separate tub and his and her sinks. Beautiful French doors in large great room lead to the backyard Tuscany oasis which boasts, a heated sparking pool and spa with 3 waterfalls and remote pool controls, raised sitting area, outdoor kitchen with both a charcoal and gas grill, several pergolas on property to include a pergola over each entryway, covered patio between the living room and primary suite, fire pit for entertaining, double gate on side yard, fireplace with TV and speakers above, custom riverbed landscaping with Olive Trees and Date Palms. The pool was recently resurfaced in 2022. Both 2 car and single car garage have been recently painted, have epoxy flooring and ample storage space. Arlo security system, with 6 cameras and live feed to smartphone. Sensors on every door and window with motion sensor in living area. This is the perfect home for families and entertaining and conveniently located near Kierland, Paradise Valley, Desert Ridge with endless shopping, entertainment and dining.

8346 E Regina Circle Mesa, AZ 85207

$1,999,000
4 Beds
4.5 Baths
3,577 SqFt
Status Active
MLS # 6766299
Property Type Single Family Residence
Price Type --
A true gem, this like-new desert modern home in Hawes Estates offers breathtaking views & an array of high-end upgrades with no HOA! The iron front door welcomes you into a great room with French oak floors, beamed ceilings, an elegant fireplace & 16' sliding glass doors that flow seamlessly to the outdoor living space. The resort-style backyard features panoramic mountain & sunset views, an extended covered patio, heated pool and spa, custom built-in BBQ, ramada, travertine hardscape & pristine low-maintenance turf. The magazine-worthy kitchen features stacked white cabinetry, dual islands, a built-in fridge/freezer, coffee bar, premium appliances & spacious pantry. This exceptional home seamlessly blends luxury & comfort all while providing the latest in style and energy efficiency. The primary suite is a true sanctuary, featuring sweeping mountain views, an expansive glass-enclosed shower, luxurious soaking tub, and beautifully designed custom closet. Each of the three additional bedrooms offer a walk-in closet and en-suite bath. The versatile den offers space for a home office or fitness room, while the charming laundry room has a sink and bonus sunset views. The extended-length 3-car garage showcases an epoxy floor and built-in cabinetry while the separate workshop is perfect for housing toys and tools. There are so many upgrades in this home and it is truly move-in ready. A rare opportunity to own a newer contemporary home in the Las Sendas area!

9831 N 76th Place Scottsdale, AZ 85258

$1,999,000 - 4Br/3Ba -  for Sale in Jason Manor, Scottsdale
New
$1,999,000
4 Beds
3 Baths
3,000 SqFt
Status Active
MLS # 6788734
Property Type Single Family Residence
Price Type --
Welcome to this breathtaking McCormick Ranch home, where timeless charm meets modern luxury. With 4 bedrooms and 3 bathrooms, this expansive residence has been thoughtfully reimagined to seamlessly blend elegance and functionality. From the moment you step through the custom iron front door, you'll be greeted by soaring ceilings and a layout designed to impress. The Euro-modern kitchen is a chef's paradise, featuring mosaic marble tiles, premium Thermador appliances, a sleek glass-enclosed wine display, an oversized quartz island, and warm wood plank tile flooring that adds an inviting feel. Meticulously renovated in 2021, this home underwent a complete transformation, including new plumbing, updated electrical systems, refreshed landscaping, and a fully remodeled interior and exterior. The split floor-plan ensures privacy, while collapsible glass doors in the great room provide a seamless connection to the outdoors. Step into your private backyard oasis, complete with a spacious covered patio, a stunning putting green, a sparkling heated pool, a private spa, and a built-in BBQperfect for entertaining or unwinding in style. Situated in North McCormick Ranch and within the prestigious 3 C's school district, this home provides convenient access to the 101 and Scottsdale R. It's just minutes from world-class shopping, fine dining, premier golf courses, and popular hiking trails, offering the perfect blend of luxury, convenience, and lifestyle.

22 Pinnacle Road Prescott, AZ 86305

$1,999,000
4 Beds
4 Baths
5,824 SqFt
Status Active
MLS # 6721557
Property Type Single Family Residence
Price Type --
Contemporary Luxury in Yakashba Estates! Welcome to your dream retreat nestled on over 2 acres of pristine Ponderosa Pine covered land. This Mid-Century Modern masterpiece offers unparalleled tranquility. The Frank Lloyd Wright inspired architecture blends seamlessly with its natural surroundings to create an oasis of peace and elegance. The main residence features 3 spacious bedrooms and 2.5 bathrooms, thoughtfully designed to provide maximum comfort and privacy. Expansive floor-to-ceiling windows throughout the home bring the outdoors in, filling every room with natural light and offering breathtaking views of the lush landscape. The large primary suite is a true sanctuary, featuring a bathroom with spa-like amenities and an expansive walk-in closet. The property also includes a separate guest casita with a full bathroom for your visitors. Stunning landscaping professionally designed to complement the natural beauty of the surroundings includes multiple outdoor living areas for dining, relaxation, and entertainment. Enjoy the serenity and privacy of this peaceful setting, complete with walking trails and space to explore. This exceptional property offers a rare opportunity to own a piece of paradise, combining luxurious living with the beauty and tranquility of nature. Don't miss your chance to experience this one-of-a-kind estate and see all that this stunning home has to offer.

42020 N Old Stage Road Cave Creek, AZ 85331

$1,999,000
5 Beds
4.5 Baths
4,535 SqFt
Status Active
MLS # 6699618
Property Type Single Family Residence
Price Type --
Looking for privacy and seclusion? This is it! Paved roads, peaceful, quiet, Cave Creek wash frontage, gated entry estate on 5 acres with no HOA, horse privileges, 250x150 horse arena. Horse and hiking trails of the property. Enjoy stunning sunsets and views of Elephant Butte Mountain, high Sonoran Desert with Saguaros, only 30 miles from Sky Harbor airport. Great multigenerational home, single story, main house feature 3 bedrooms, game room, 3.5 baths, attached guest house with separate entrance feature kitchenette, great room, 2 bedrooms with private patios and full bath. Completely renovated and move in ready, Seller invested $700K in property renovation, including new metal roof, Anderson windows, new Trane HVAC master side, new gas water heater... Gourmet kitchen with White Shake cabinets, quartzite countertops, GE Monogram appliances, all baths renovated with beautiful tile work. Extended detached 4 car garage with plenty storage. Resort style backyard, Pebble Tec Pool, hot tub, desert landscaping, multiple covered patios. Private well, low property tax, rattle snake proof yard, garden, chicken coop and more...Fruit trees: Pomegranate, Apricot, Apple, Peach, Plum, Fig and all kinds of citrus trees (lemon, orange, lime, grapefruit)... Great vacation rental property. Hurry, this property rare to find and will not last long!

6875 E Lone Mountain Road Scottsdale, AZ 85266

$1,999,000
4 Beds
4 Baths
4,260 SqFt
Status Active
MLS # 6706812
Property Type Single Family Residence
Price Type --
Welcome to over 2 acres of North Scottsdale privacy, beauty, and serenity! This fully custom home has it all. Enjoy your resort like backyard, balconies and patio spaces, Sub-Zero chef's kitchen, mountain views, and thoughtful upgrades throughout. All the work has been done, so you can truly make this space your home. Need room for cars or toys? A 4 car garage with extra storage room awaits. New roof, new windows and doors, all new pool equipment with pool/spa heater, and new garage doors and openers are just naming a few of the upgrades. The timeless modern desert design flows seamlessly with this truly one-of-a-kind property. Come experience this lot privacy and beauty aided by a built-up 20 ft berm along Lone Mountain Road.

14828 N 15th Avenue Phoenix, AZ 85023

$1,999,000
7 Beds
4.5 Baths
6,072 SqFt
Status Active
MLS # 6765619
Property Type Single Family Residence
Price Type --
Where to begin? Let's start with the prestigious guarded Coral Gables Estates. Over 1/2 a mil spent in renovations... $80k in gorgeous doors & wall sliders, $100k in new windows & shutters, charming new front facade where you can find serenity with your new Koi pond. Downstairs features a brand new light & bright gourmet kitchen, 2 family gathering areas, 3 dining options, a half bath, full bath, study, large laundry/mud room, soaring ceilings and a beautiful primary. North side of property has stairs leading to a private bedroom. The south side features a loft plus 4 bedrooms and 2 bathrooms. Want to spend a little family time out back? Maybe enjoy your sparkling pool, BBQ, Ramada, firepit, large grass yard or the new sport court. And since 1 Koi pond is never enough...you get 2. Enjoy!

451 N Sky View Street Flagstaff, AZ 86004

$1,999,000
5 Beds
4.5 Baths
4,831 SqFt
Status Active
MLS # 6771505
Property Type Single Family Residence
Price Type --
Recently voted BEST IN SHOW during the Luxury Home Tour. Experience the heart of Flagstaff living in this stunning & spacious 5-bedroom, 4.5-bathroom retreat on over 3 acres of beautiful pines, situated perfectly in the desirable Continental Country Club. This home gives that middle-of-nowhere feel in the middle of it all, offering rare panoramic scenery from the new 3-tiered Trex deck, including breathtaking views of the San Francisco Peaks & Lake Elaine (coming soon). Inside, the 4,831 SF layout offers a split floor plan, ensuring privacy for every bedroom. On the main level, the large primary suite includes a fireplace, His/Her private bathrooms with a shared shower & direct access to the hot tub room surrounded almost entirely by floor-to-ceiling windows, framing incredible views, a perfect spot to relax & soak in the scenery under the Stars. The gourmet kitchen is an entertainer's dream with plenty of storage, large center island, panel front appliances, coffee station, multiple pantries, double dishwashers & double ovens, plus a built in ice maker. And let's not forget the loft upstairs that provides fun & entertainment for everyone - a great place to take the party after dinner. You & your guests can watch a movie, play pool, poker or board games. Plus, the captivating views from the floor-to-ceiling windows often include sightings of wildlife. Those are only a few of the favorite features in this home... there's much more! A second main-level ensuite is a perfect place for guests to stay with great views & beautiful acacia live-edge countertop in the full private bathroom. Upstairs, find 3 more oversized bedrooms with great views & another full bathroom. If slow & peaceful is more your style, you can unwind in the library, bathed in natural light from the huge windows & skylights. Currently a turn-key vacation rental, this home offers an incredible opportunity for investment or a personal mountain retreat. You & your guests will never want to leave!

4131 E San Miguel Avenue Phoenix, AZ 85018

$1,999,000
4 Beds
2.5 Baths
3,288 SqFt
Status Active
MLS # 6652702
Property Type Single Family Residence
Price Type --
Situated in the highly sought-after Marion Estates, just minutes from the hottest corner in Phoenix, 44th and Camelback- home to the new Global Ambassador sits this beautifully updated ranch home on a premium half-acre lot, offering panoramic views of the iconic Praying Monk and Camelback Mountain. Spanning 3,288 sq ft, this home boasts 4 bedrooms, 2.5 baths, and a seamless blend of indoor-outdoor living. Step inside to be welcomed by 15-foot glass sliders, drawing in natural light and showcasing the lush backyard. The outdoor space is designed for relaxation and entertaining, featuring a sparkling pool, built-in BBQ, and a low-maintenance turf area with room to customize further. The heart of the home is a charming kitchen, complete with top-of-the-line Viking appliances, custom cabinetry, and elegant marble countertops. The open-concept layout flows effortlessly, connecting the great room, dining area, and a cozy den with a gas fireplaceideal for gatherings or unwinding at the end of the day. This home offers not just comfort and style, but an unparalleled lifestyle in one of the most coveted neighborhoods in the area. Don't miss the opportunity to experience it for yourself!

1426 W Royal Palm Road Phoenix, AZ 85021

$1,999,000
5 Beds
4.5 Baths
4,588 SqFt
Status Active
MLS # 6754084
Property Type Single Family Residence
Price Type --
This stunning home is the epitome of sophisticated living. With its grand vaulted ceilings, expansive living area, and five spacious bedrooms, this property offers over 4,588 square feet of living space. The home sits on a magnificent 27,408 square foot lot, which includes a pool and pool house, spanning over 260 square feet. The property is being sold as-is making it a perfect opportunity to customize your dream home. Located in the coveted Royal Palm area, this home provides unparalleled convenience with its central location. The entertainer's backyard offers the perfect space to host gatherings with no neighbors to the side or behind. It is a rare find that offers the perfect blend of modern design and style, making it the perfect place to call home. COURT APPROVAL NEEDED. BRING OFFER

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