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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6780 W Yearling Road Peoria, AZ 85383

$629,900
4 Beds
2.5 Baths
2,658 SqFt
Status Active
MLS # 6776511
Property Type Single Family Residence
Price Type --
Gorgeous Fully Remodeled Home with all the upgrades: Gourmet Kitchen with Granite Counters, Brand New Stainless Steel Appliances, Gas Range and Refrigerator Included. New Interior Paint, and Carpeting. All New Light fixtures and Ceiling Fans. New Blinds. Sparkling Play Pool, Large 2.5 car garage, Fireplace. High Efficiency TRANE A/C units installed last Year. This home is a must see!!

8245 E Bell Road Unit 144 Scottsdale, AZ 85260

$629,900
2 Beds
2 Baths
1,472 SqFt
Status Active
MLS # 6776536
Property Type Apartment
Price Type --
Come see this Stunning luxury condo inside the highly sought after Montana Del Sol gated golf community on the TPC Scottsdale course! Just down the street from the Fairmont Princess Hotel & across the street from multiple parks. Home features a chefs kitchen with newer quartz slab counters, refurbished custom cabinets, & huge kitchen breakfast bar. Gorgeous plantation shutters throughout, both bathrooms have been heavily updated in beautiful modern farmhouse fashion. Huge master en-suite double sinks, large walk in shower, & oversized custom master closet. Rare two car garage is a bonus. Nicely updated baseboard, lighting fixtures, faucets, etc! Close to 101 freeway for easy commute, Kierland commons outdoor mall, countless restaurants and shopping! Can be purchased fully furnished too!

8562 E Pierce Street Scottsdale, AZ 85257

$629,900
3 Beds
2 Baths
1,819 SqFt
Status Active Under Contract
MLS # 6759079
Property Type Single Family Residence
Price Type --
Spectacularly remodeled 3 bdrm & 2 bath home on LARGE cul-de-sac lot w/ 2-car garage, a low maintenance yard, large covered patio, new pavers, & a concrete slab wired for hot tub (is it?). Open floor plan w/ spacious vaulted ceilings. New, matching cabinets & matching quartz counters throughout the home including a HUGE kitchen island & the perfect peninsula. All new windows. Brand new SS appliances incl. fridge, dishwasher, & drawer microwave convey. New modern tile floors throughout (no carpet). Both showers are newly tiled w/large glass enclosure in master. All new fixtures + ceiling fans w/remotes! Fresh paint in/out. OWNER/AGENT.

6646 S La Rosa Drive Tempe, AZ 85283

$629,800
4 Beds
2 Baths
1,980 SqFt
Status Active
MLS # 6766132
Property Type Single Family Residence
Price Type --
Come and see this beautiful 4 Bed, 2 Bath, 2 Car Garage, golf course lot home in Tempe. No HOA!! This freshly remodeled home is stunning! As you pull up the new tiered landscaping and fresh paint give the home great curb appeal. Through the front door you are welcomed by an open floor plan featuring brand new wood look flooring in the main living areas and plush patterned carpet in the bedrooms. Your brand new kitchen boasts white shaker cabinets, large island with breakfast bar, custom tile backsplash, new stainless appliances and gorgeous white quartz countertops. The split floor plan has the master suite to the right off of the main living area and it features a new tiled shower, new vanity with quartz top and large walk in closet. The 3 other bedrooms and second bath are on the opposite side of the home. Hall bath also is brand new with a white subway tile wall and new vanity. New door hardware, ceiling fans, light and plumbing fixtures throughout the home give it a modern feel. New window coverings. Oversized laundry room with lots of storage. Out back there is a large patio perfect for outdoor dining with golf course and sunset views of South Mountain. Don't miss out on this gem. Come and see it today!

18238 E Coronado Cave Court Rio Verde, AZ 85263

$629,783
2 Beds
2 Baths
1,678 SqFt
Status Active
MLS # 6759503
Property Type Single Family Residence
Price Type --
Welcome to this beautiful home in the Resort Collection at Trilogy at Verde River. The Valletta offers a well thought-out layout with 2 bedrooms, 2 bathrooms, and an office. Enjoy upgraded flooring in main areas, upgraded landscape package with pavers and an upgraded outdoor pergola. The kitchen is stunning with White Arctic Shaker Painted Cabinets, Upgraded Rollout and Soft- Close Drawers in the Kitchen, and a spacious kitchen island with a breakfast bar. The great room boasts a 12 foot multi-slide door that open to the covered patio. The primary suite has a lavish ensuite with a huge tiled shower and walk-in closet. Do not miss out on this home The amenities at Verde River are World Class with Tom Lehman inspired eighteen-hole Golf course, tennis courts, pickleball courts, and bocce ball, heated lap pool and Resort style swimming pool, hot tub, Afterburn fitness center, Helen's demonstration Kitchen for cooking classes and a 7.5 acre dog park. The community center has casual poolside dining at Eddy's Diner and gourmet dining at award-winning Needle Rock Kitchen and Tap, Alvea Spa with full-service Salon and Spa amenities, Art Loft and events center. Trilogy at Verde River is adjacent to the Tonto National Forest and is situated in the middle of miles and miles of hiking and biking trails.

14376 W Corrine Drive Surprise, AZ 85379

$629,711
4 Beds
3 Baths
2,618 SqFt
Status Active
MLS # 6784276
Property Type Single Family Residence
Price Type --
Welcome to this beautifully upgraded 4BR, 3BA home that combines comfort and easy lifestyle. Step inside to discover a bright and open floorplan that offers a seamless flow between the living, dining, and kitchen areas, perfect for both everyday living and entertaining. The heart of the home is the large, updated kitchen featuring a generous island that serves as both a cooking space and a gathering hub. With plenty of cabinetry, modern finishes, and high-end appliances, this kitchen is a chef's dream. The spacious master suite is a true retreat, featuring a custom-designed walk-in closet and a separate dressing room that provides both ample storage and a touch of luxury. The ensuite bath offers a relaxing spa like space. Step outside into the beautifully landscaped backyard, an ideal setting for outdoor gatherings or simply unwinding in a private oasis. Whether you're enjoying the lush landscaping or entertaining guests, the backyard offers a perfect backdrop for every occasion. Other highlights include three additional well-sized bedrooms (one used as an office). Extensive upgraded security system and solar system owned. No expense was spared in making this home exceptional and a MUST SEE! Don't miss the opportunity to own this incredible home.

4757 E Amber Sun Drive Cave Creek, AZ 85331

$629,500
5 Beds
3 Baths
2,248 SqFt
Status Active
MLS # 6708250
Property Type Single Family Residence
Price Type --
Beautiful 5 BR, 3 FULL BATH home features elegant wood-like tile, an inviting family room, vaulted great room, and *NEWLY UPDATED* kitchen with granite countertops, appliances included! The first floor also has a laundry room (with washer/dryer), a bedroom, and a remodeled full bathroom - perfect for guests or multi-generational living. Upstairs includes additional bedrooms, a remodeled bathroom, and primary bedroom with en-suite bathroom and walk-in closet. The private backyard offers a covered patio, extended paver patio, shade trees, and view fencing. Modern amenities include structured media panel, Nest thermostats, Yale Smart Lock, and Ring doorbell. Excellent school district, close to shopping, and within 20 minutes of the I-17 and 101. Don't miss this opportunity in Cave Creek!

11225 E Ocaso Avenue Mesa, AZ 85212

$629,500
3 Beds
2 Baths
1,910 SqFt
Status Active
MLS # 6727396
Property Type Single Family Residence
Price Type --
A must see, beautiful 2 bed, 2 bath residence with a den in Sunland Springs Village. Great curb appeal complete with front patio to enjoy the sunsets, artificial turf, and a 2.5 car garage with built-in cabinets. The home has a warm and inviting great room paired with large dining areas, tall ceilings, tile floorings, and lots of natural light. You'll love the gourmet kitchen boasting stainless steel appliances, granite counters, staggered modern white cabinets, a pantry, recessed lighting, and an island with a breakfast bar. Spacious primary bedroom has an ensuite with dual sinks & a walk-in closet. Spare bedroom with double-door entry can be used an office as well. Cozy backyard offering a covered patio with extended pavers ready for you to enjoy and entertain.

220 W Fellars Drive Phoenix, AZ 85023

$629,500
3 Beds
2 Baths
1,971 SqFt
Status Active
MLS # 6762329
Property Type Single Family Residence
Price Type --
Gorgeous Single-Story Home w/3 Bedrooms Plus Large Den/Office, 2 Bathrooms & Upgrades Galore. Interior Features Diagonal Tile Flooring t/o & Carpet in Bedrooms. Great Room Style with Bright, Open Kitchen w/Large Granite Island, Breakfast Bar, SS Appliances, Chef's Gas Stove, Tons of Cabinets & Walk-In Pantry. Split Bedroom Floorplan with Large Master in Back offering Bathroom w/Step-In Shower, Double Sinks & Walk-In Closet., Exterior offers North facing Backyard w/Low Care Turf & East Side Patio for Shady Afternoons. Front Yard has EZ Care Landscaping w/Paver'd Driveway & Entry Walkway to Gorgeous Wrought Iron Security Door & RING Doorbell. Location is PRIME: Close to Shopping, Dining & Freeway Access! Community is Gated with Children's Playground in Center & in a Great School Boundary

15221 N Clubgate Drive Unit 1031 Scottsdale, AZ 85254

$629,500
2 Beds
2 Baths
1,401 SqFt
Status Active Under Contract
MLS # 6676920
Property Type Apartment
Price Type --
This meticulously designed 2-bedroom condo in Kierland Greens offers a blend of elegance and comfort, from the captivating wood-like tiled floors to the luxurious primary suite. This home is located on the first level with NO STEPS! The unit was just recently painted inside, with new light fixtures as well as new carpet in the bedrooms. This bottom floor corner unit epitomizes luxury living with its attention to detail and sophisticated design elements, making it a desirable space for relaxation and entertaining. The convenient location offers access to a plethora of dining and shopping options, situated near the Kierland Golf Club, Kierland Commons, and Scottsdale Quarter, making it an ideal choice for those seeking a vibrant and dynamic lifestyle.

19973 N Half Moon Drive Surprise, AZ 85374

$629,500
2 Beds
2.5 Baths
2,732 SqFt
Status Active
MLS # 6764824
Property Type Single Family Residence
Price Type --
Picture yourself hosting gatherings in this spacious & versatile 2,732 sf Ironwood Estate.Discover a seamless flow between the living room, dining area, family room & kitchen, creating a perfect space for relaxing or entertaining.Gourmet kitchen with built in ovens, island, an abundance of counter top space, ample cabinets, walk in & butlers pantry.Primary ensuite retreat has a double vanity, soaking tub & walk-in shower.Cozy guest suite ensures your guests feel welcome & comfortable.Retreat to the comfort of the den for a good read.Inside utility room with sink,cabinets & W/D included. Shutters on many windows.2.5 car garage.Expansive 11, 891 square foot lot provides endless possibilities for creating your outdoor oasis.Save on utilities with Solar.Quality furnishing available separate.

5040 E Boulder Canyon Drive Cornville, AZ 86325

$629,000
3 Beds
2 Baths
2,280 SqFt
Status Active
MLS # 6786483
Property Type Single Family Residence
Price Type --
Stunning Modern Retreat in a Northern Arizona Golf Course Community! Welcome to your dream home in the gated community of Amante at Verde Santa Fe, where luxury meets comfort in the heart of the Verde Valley. This meticulously upgraded residence, built in 2020 and originally the builder's home, is designed with a focus on elegant detail and functionality, offering a bright and spacious sanctuary that perfectly balances style and practicality. As you step through the grand foyer, you'll be greeted by soaring ceilings and an abundance of natural light that flows throughout the open floor plan. The home is a 3 bedroom, 2 bath with 2,280 square feet. The design features high ceilings, recessed lighting, designer interior paint with a cosmopolitan open floor plan. The heart of the home boasts a cozy fireplace creating a warm and inviting focal point for gatherings. The kitchen is perfect for culinary enthusiasts! This chef-inspired kitchen is equipped with a sleek 5-burner gas stove with modern hood and high-end smart appliances. Enjoy the convenience of pull-out shelves in the maple self-closing cabinetry, complemented by long lasting Corian countertops. The breakfast bar with hanging lights provides a casual dining option along with an oversized nook area. The kitchen floors are luxury vinyl plank flooring adding both style and durability. Retreat to the large and private primary suite, a true oasis featuring a spacious walk-in closet and a private entrance to the expansive laundry room, complete with ample countertop space, cabinets, and a convenient water basin sink. The en-suite bathroom is a true masterpiece, boasting dual vanities, a large tile walk-in shower with a built-in seat, and a Toto Neorest toilet for the ultimate in comfort and convenience. Generously sized guest bedrooms offer flexibility, with the third bedroom featuring double doors, making it ideal for use as a den or office. The guest bedroom is equally impressive, with a large and long deep closet. The guest bathroom showcases a wide soaking tub and thoughtful design elements, including self-closing vanity drawers. Additional highlights of this sophisticated home include deep linen and hall closets, designer interior paint throughout, and plush carpeting in the bedrooms. The home's orientation ensures a welcoming North-facing front and a sunlit South-facing backyard, perfect for outdoor enjoyment. The property is equipped with gutters on all four sides, a rain barrel in back and a new irrigation system installed for the newly planted flourishing trees and plants. As a resident of Amante, you'll have access to a membership offering a luxurious clubhouse, refreshing pool, and relaxing spa, all while being just 20 minutes away from the breathtaking landscapes of Sedona. The entire home has an Aquasana water filtration system, a tankless hot water system, and all appliances are includedsuch as a nearly new front-loading washer and dryer, this home is truly move-in ready. Don't miss your chance to own this contemporary and sophisticated residence in a serene golf course community, complete with an attached spacious two-car garage and a durable tile roof. Clean air and stunning views await. Experience the lifestyle you've always dreamed of.

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