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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7668 E Pleasant Run -- Scottsdale, AZ 85258

$625,000
2 Beds
2 Baths
1,590 SqFt
Status Active Under Contract
MLS # 6758723
Property Type Townhouse
Price Type --
McCormick Ranch: Scottsdale's Premier Location! Located in the highly sought-after Pleasant Run subdivision, this turn-key home is ready for you—just bring your suitcase and laptop! Homes rarely come on the market in this area, and this one offers a spacious, open floor plan with NO INTERIOR STEPS. It features 2 bedrooms, 2 baths, a cozy fireplace in the living room, and a 2-car garage. The quiet, low-maintenance patio offers privacy with high walls, accessible from both the living room and the primary bedroom. The home is filled with natural light thanks to skylights throughout. All furniture is available with the home, making moving in a breeze! Enjoy the community amenities, including a pool, spa, tennis, and pickleball courts. The location is unbeatable: The garage has fresh epoxy floors. The Jacuzzi tub is sold AS IS. 20+ restaurants within walking distance Close to shopping, Diamondbacks spring training, resorts, casino, and nightlife 5 minutes from Loop 101 10 minutes to The Block, The Pavilions, Gainey Ranch, and The Entertainment District Bike to Tempe Town Lake or along the Discovery Trail (25 miles of scenic paths) Stroll around the beautiful lakes or golf at McCormick Ranch Golf Course. The possibilities are endless in this fantastic location!

3884 E Dublin Street Gilbert, AZ 85295

$625,000
3 Beds
2.5 Baths
1,837 SqFt
Status Active Under Contract
MLS # 6767467
Property Type Single Family Residence
Price Type --
Looks like a model home, this popular Shea split floor plan offers over $42k post construction upgrades has n/s exposure and perfect backyard living, and LOCATED close to EVERYTHING: access to Loop 202, The Epicenter at Agritopia, Verde at Cooley Station, popular dining, hangout spots, amenities, grocery stores, schools, and so much more. Immaculate 3 bedroom/2.5 bath WITH a DEN! Recker Pointe offers a community pool, bocce & basketball court, playgrounds, & walking paths. Tons of upgrades, fresh paint, interior gas cooktop, custom interior door to den, built-in backyard bar-b-que, all tile home with no carpet, huge primary walk-in closet, extended length shower, and desert landscaping. Prewired for surround sound. Ten minutes from Mesa-Gateway airport, ASU polytechnic, an

6401 E Lewis Avenue Scottsdale, AZ 85257

$625,000
3 Beds
3 Baths
1,755 SqFt
Status Active
MLS # 6775282
Property Type Single Family Residence
Price Type --
Instant equity- SAME HOUSE WITHOUT UPGRADES SOLD ONE MIN AWAY FOR $715K! This spacious house featuring new quartz countertops, located on a corner lot with freshly painted interiors and exteriors. This home boasts of two living spaces and an open floor plan, perfect for entertaining. Situated on a generously sized lot in a great neighborhood with no HOA.

7503 W Julie Drive Glendale, AZ 85308

$625,000
4 Beds
3 Baths
2,736 SqFt
Status Active
MLS # 6782186
Property Type Single Family Residence
Price Type --
Welcome to Arrowhead Ranch! This beautiful home has everything you need. It features a first-floor primary suite located at the rear of the house, providing privacy and a view of the pool. The second bedroom and full bath are also on the first floor, making it ideal for guests or a parent. The spacious loft overlooks a stunning staircase that leads into a great room with an inviting view of both the dining room and the eat-in kitchen. This home is carpet-free, and each bedroom upstairs includes a walk-in closet. Outside, you'll enjoy a lush green space and a large pool. A 4 foot gate on the east side of the property opens into a generous area, perfect for a dog run or recreational toys. This home qualifies for a VA LOAN ASSUMPTION and includes owned solar panels that reduce energy cost.

4657 E Matt Dillon Trail Cave Creek, AZ 85331

$625,000
3 Beds
2 Baths
1,700 SqFt
Status Active
MLS # 6778168
Property Type Single Family Residence
Price Type --
Highly sought after Dove Valley Ranch gated community in Cave Creek, this darling home enjoys views of Black Mountain to the north and a widespread wrap around desert wash out back, giving you only one direct neighbor. Idyllic privacy and peaceful views surround. A true 3-bedroom/ 2 bath, entry room can be used for a multitude of lifestyle needs. Open kitchen concept with continuous wrap around granite counters and center island. Ample cabinet storage, stainless appliances, gas range with natural light pouring in. Double French doors off the great room lead your living space to a beautiful backyard with newly laid turf and expansive paver patio. Flowing room to entertain and enjoy AZ living! Light wood floors carried throughout all bedrooms, granite counters in bathrooms, oil rubbed bronze fixtures consistent throughout the home. Ready to get outside... Enjoy trails woven throughout the community, play a round at the Dove Valley Golf Course nestled within the neighborhood at the end of the street. Designed to be player friendly and amongst the prettiest desert landscape you'll find around. Phenomenal restaurants home to Cave Creek just minutes away, incredible hiking experiences out your back door.

822 N John Way Chandler, AZ 85225

$625,000
4 Beds
2.5 Baths
2,288 SqFt
Status Active Under Contract
MLS # 6757212
Property Type Single Family Residence
Price Type --
Don't miss this updated two-story home on an ideal corner lot in Chandler! This stunning 4-bedroom, 2.5-bath home is nestled in a park-filled neighborhood. As you enter, you'll be welcomed by a generous living room that flows into a separate family room and open-concept kitchen - great for gatherings & everyday life. Upstairs, the primary bedroom is a true retreat, featuring a beautifully remodeled bathroom w/ unique wood countertops. Additional bedrooms are generously sized, providing plenty of room for everyone. Enjoy the abundance of storage, w/ large closets, ample cabinetry, & a convenient walk-in pantry. Outside, the large corner lot boasts established trees and a fabulous pool, offering a perfect oasis with no neighbors behind. HVAC replaced in 2019, tankless water heater in 2021 Wall unit installed in garage for comfort when working along with double gates and extra concrete pad on the side yard to get things done! The community boasts a top rated Chandler Elementary School with equal distance to downtown Chandler eateries, SanTan Village shopping and the popular nightlife of downtown Gilbert.

1731 W Dublin Court Chandler, AZ 85224

$625,000
3 Beds
2 Baths
2,041 SqFt
Status Active
MLS # 6765026
Property Type Single Family Residence
Price Type --
Location, Location, Location... This home has it all! Located on a private corner cul-de-sac lot in the highly sought after Andersen Springs community. Andersen Springs is a well-established community that provides a quiet and safe neighborhood with a sprawling greenbelt with lakes and mature trees for walking, running, biking, along with several playgrounds for family games and activities. Just open your private gate to acres of nature at your disposal that you won't have to water, mow, or fertilize, just enjoy. All of this at your disposal and you are still just a few minutes driving distance to the major freeway systems in the east valley and within easy walking distance to grocery stores and waterfront restaurants. A bright and open foyer and layout invites you into the home that features 3 spacious bedrooms and a large bonus room that can provide you room for your favorite activities or flexible living situation. The remodeled kitchen (2018) dazzles with quality custom cabinets, quartz countertops, easy care matching backsplash, and matching quality LG stainless steel appliances. The kitchen includes under counter LED lighting, spacious drawers, a special corner cabinet access feature, a matching built-in serving area, and a secret drawer. The spacious living room boasts vaulted ceilings, modern porcelain tile flooring, and an entertainment wall with a cozy fireplace. The living room provides plenty of space for entertaining and fun. Energy efficient skylights are located in both the kitchen and living room along with custom plantation shutters and bright fresh paint to make this area an ideal place for your family and friends, just waiting for your personal touch. The split bedroom floorplan provides privacy and convenience for everyone in the home to have their own personal space and quiet refuge. The front two bedrooms are spacious with plenty of closet space and are located next to a custom remodeled bathroom. The rear primary bedroom is a result of a professionally built addition that is the new master suite and provides over the top spaciousness with room to roam, his & her's walk-in closets, modern porcelain tile floors, large windows with plantation shutters with backyard views to both the pool area and the serene garden area. The primary bathroom comes with an extra-large shower with a seat, two separate vanities, custom cabinetry, and finally a large soaking tub. These features set this home apart from all of the others in the community. Enjoy outdoor living with three backyard patio areas of which two have cover and ceiling fans for either sitting in the sun to enjoy the day or shade to enjoy a book or a nap. The custom designed pebble tec pool is waiting for you to enjoy, complete with a shallow lounging deck and an in-water seating area with table. The pool is equipped with an easy in-floor cleaning system, cartridge filter cleaning system, an energy efficient pump, and saltwater chlorinator system. Just a few of the unique bonus features of this home include attic storage with flooring and stairs, in ceiling surround sound speakers, a whole-house electric surge protector, and many other items. Recent upgrades include an upgraded hot water heater (2017), recent full roof underlayment replacement (2018), fresh exterior paint, and fresh interior paint (2022). Outside is a separate workshop, he/she shed, or wherever your imagination takes you, along with tons of custom hardscaping that includes raised planters, healthy shrubbery and flowers. A unique custom privacy wall was constructed between neighbors that also provides a separate barbeque area, an outdoor solar shower, and a separate storage shed for garden tools and pool items. The entire outside of the home is set up on an automatic drip watering system to ensure your outside continues to be healthy and beautiful. This home has been updated with quality, functionality, and attention to detail in mind. Imagine yourself and your friends and family in this one-of-a-kind resort style home enjoying all of the amenities and comforts that it has to offer. Years of holidays, birthdays, parties, are ready for you to enjoy along with the quiet comfort and coziness that this home also provides. This home is move-in ready and ready to create new experiences and memories for you and your family and friends.

3611 E Phelps Street Gilbert, AZ 85295

$625,000
4 Beds
2.5 Baths
2,997 SqFt
Status Active Under Contract
MLS # 6738794
Property Type Single Family Residence
Price Type --
PRICED TO SELL!! Discover your dream home in Cooley Station in the heart of Gilbert, AZ! This stunning 4 Bed /2.5 Bath property is must-see. Priced at just $625,000, it won't last long. With granite countertops, a gorgeous sitting and family room, oversized island with tons of kitchen storage, a walk-in pantry,3 car tandem garage with epoxy floors and custom cabinets for storage and more. The primary bedroom suite features a walk-in shower, separate tub, his and her vanity and a spacious W/I closet. The supersized game room can also be used as a 5th bedroom if needed. Relax in your huge pavered backyard with built-in grill area and substantial seating. Minutes from great schools, shopping, restaurants, parks and the freeway. Act fast and make it yours before it's gone!!

26405 W Zachary Drive Buckeye, AZ 85396

$625,000
2 Beds
2 Baths
2,015 SqFt
Status Active
MLS # 6767875
Property Type Single Family Residence
Price Type --
SELLER IS OFFERING $10,000.00 towards concession or 2/1 BUY DOWN. PRESERVE WITH NORTH/SOUTH FACING ON GORGEOUS GOLF COURSE & CORNER LOT WITH MOUNTAIN VIEWS! TILE floors,Plantations Shutters & water softener throughout. Living Room with Custom Built Media Wall with fireplace insert and Custom Built Wet Bar wall. Kitchen w/Granite counters, backsplash, upgraded cabinets-soft close w/pull out shelves, reverse osmosis, pendant lights, & walk in pantry. Beautiful guest bedroom. Guest bathroom with granite counter & shower. Owner's Suite has a beautiful walk in tiled shower w/seat, granite counters, dual sinks & walk in closet. Ext Laundry w/tons of cabinets. Back porch with ELECTRIC shades, fire pit w/ great views & much more! OWNED SOLAR PANELS!! INCLUDES Refrigerator, Washer and Dryer!

10340 E Teakwood Court Sun Lakes, AZ 85248

$625,000
3 Beds
2 Baths
1,841 SqFt
Status Active
MLS # 6785003
Property Type Single Family Residence
Price Type --
Modern Elegant Home in Beautiful Sun Lakes Paradise!! Open Bright Living Room with New Programable Energy Efficient Fireplace with Ledge-stone, New waterproof High Quality Laminate, New Modern LED Light Fixtures Open Kitchen With 42'' Self Closing Cabinets, SS appliances,Gas Stove, Added front Bedroom that can also be used as an Office,Master Bathroom With Double Vessel Sinks, Self Closing Vanity Cabinet, LED Mirrors, Large Walking Closet and Private Toilet. Large Covered Back Patio To Enjoy The Arizona Sunrises and Sunsets. Gated Guarded Community With Country Club That Includes Restaurant, Gym, Pools, Tennis, Ball Rooms, Golf Course. Tons Of Fun Activities Available.

5277 N Tonopah Drive Eloy, AZ 85131

$625,000
2 Beds
2.5 Baths
2,268 SqFt
Status Active
MLS # 6759781
Property Type Single Family Residence
Price Type --
SELLERS ARE MOTIVATED! This beautiful Miramonte home with solar is a must see! Two bedroom suites, a powder room and a den. Spacious kitchen with plenty of cabinet space and a walk-in pantry. Ceramic tile flooring throughout with carpet in the bedrooms. 2 car garage with a 4' extension and 8' garage door PLUS a full 3rd garage with lots of extra space for your workshop.

1391 N Alexis Drive Gilbert, AZ 85234

$625,000
3 Beds
2 Baths
2,108 SqFt
Status Active
MLS # 6737857
Property Type Single Family Residence
Price Type --
Welcome to 1391 North Alexis Drive where curb appeal greets you when arriving at this beautiful, updated home on a corner lot (with a neighbor only on one side!). Every smart buyer is sure to appreciate that the driveway is shaded by a Texas Mountain Laurel and the front windows and yard are shaded by a gigantic Texas Ebony Tree. This home is well-landscaped in the front and backyard with mature shrubs and palms. Now, step inside and fall in ''house-love''! This home features a spacious split floor plan with the primary bedroom to the right upon entering, and the other bedrooms at the opposite end of the house, with a ton of amazing features in between, including a home office! Sky-high vaulted ceilings and an abundance of natural light can be found throughout this home, and the light colored wood like tile flooring perfectly compliments the cool color palette. Are you seeking a spacious living room that can accommodate gigantic sofas or sectionals and a flatscreen TV with views of your backyard oasis? Picture yourself entertaining in this crisp kitchen with stainless steel appliances including a double oven and brand new dishwasher, overlooking a sizable formal dining room and unique home bar. There's so much to enjoy! Down the hall, you'll find the linen closet and two secondary bedrooms which are about equal in size and share a full bath. The home office overlooks the entryway to the home so you can keep an eye on things while you WFH, OR convert it easily into bedroom #4. The primary bedroom has more views of that backyard oasis, and can accommodate sizable bedroom furniture. There's a private en suite bathroom with separate shower and tub, two sinks, a LARGE capacity walk-in closet. There's even more fun to be found out back in the U-shaped backyard where you can have it all! Enjoy your covered patio while you gaze beyond the walls at your neighborhood scenery with soaring palms and views of lush leafy trees, take a dip in your sparkling pool, entertain outdoors with the massive island and built in grill, and have peace of mind knowing that your dogs or other pets are safe with their own gated area with newer gravel and turf. The Superstition Meadows neighborhoods have such a great sense of community, host holiday events, and boast many original owners and so many friendly faces. THIS is the place you'll want to call home for years to come, so get ready to plant some roots on Alexis Dr!

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