NAR Data Shows Now Is a Great Time to Sell!

We all realize that the best time to sell anything is when demand is high and the supply of that item is limited. Two major reports issued by the National Association of Realtors (NAR) revealed information that suggests that now continues to be a great time to sell your house.

Let’s look at the data covered in the latest REALTORS® Confidence Index and Existing Home Sales Report.

REALTORS® CONFIDENCE INDEX

Every month, NAR surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions.” This month, the index showed (again) that home-buying demand continued to outpace supply in May.

The map below illustrates buyer demand broken down by state (the darker your state, the stronger the demand is there).

In addition to revealing high demand, the index also mentioned that “compared to conditions in the same month last year, seller traffic conditions were ‘weak’ in 24 states, ‘stable’ in 25 states, and ‘strong’ in D.C and West Virginia.” 

Takeaway: Demand for housing continues to be strong throughout 2017, but supply is struggling to keep up, and this trend is likely to continue into 2018.

THE EXISTING HOME SALES REPORT

The most important data revealed in the report was not sales, but was instead the inventory of homes for sale (supply). The report explained:

• Total housing inventory rose 2.1% to 1.96 million homes available for sale
• That represents a 4.2-month supply at the current sales pace
• Unsold inventory is 8.4% lower than a year ago, marking the 24th consecutive month with year-over-year declines

According to Lawrence Yun, Chief Economist at NAR:

“Current demand levels indicate sales should be stronger, but it’s clear some would-be buyers are having to delay or postpone their home search because low supply is leading to worsening affordability conditions.”

In real estate, there is a guideline that often applies; when there is less than a 6-month supply of inventory available, we are in a seller’s market and we will see appreciation. Between 6-7 months is a neutral market, where prices will increase at the rate of inflation. More than a 7-month supply means we are in a buyer’s market and should expect depreciation in home values.

As we mentioned before, there is currently a 4.2- month supply, and houses are going under contract fast. The Confidence Index shows that 55% of properties were on the market for less than a month when sold.

In May, properties sold nationally were typically on the market for 27 days. As Yun notes, this will continue, unless more listings come to the market.

“With new and existing supply failing to catch up with demand, several markets this summer will continue to see homes going under contract at this remarkably fast pace of under a month.”

Takeaway: Inventory of homes for sale is still well below the 6-month supply needed for a normal market. And the supply will continue to ‘fail to catch up with demand’ if a ‘sizable’ supply does not enter the market.

Bottom Line

If you are going to sell, now may be the time to take advantage of the ready, willing, and able buyers that are still out searching for your house. Give me a call for more information – J.P. Cook – 602-320-4253.

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2841 Thunderbolt Circle Overgaard, AZ 85933

$1,500,000

4 Beds

3 Baths

4,032 SqFt

Status Active Under Contract

MLS # 6669701

Property Type Single Family Residence

Price Type --

Motivated Sellers!! Attention all discerning buyers seeking a luxurious escape in the breathtaking White Mountains - get ready to be amazed! Step into this exquisite home nestled in the coveted Mogollon Airpark (AZ82) and prepare to be swept off your feet. Boasting a spacious 4032 sq ft interior with a stunning modern update, along with a 2304 sq ft hangar, this property has everything you've been dreaming of. The living space is perfect for entertaining, with a loft/apartment above the hangar providing ample room for family, guests, or even rental income. Indulge in the luxury of two dining areas, a kitchen island that seats 10, and a private balcony with sweeping views from your large primary suite featuring a steam shower, soaking tub, fireplace, and... coffee/wet bar. The hangar, 48' x 48' (43' opening), w/a Schweiss hydraulic door, plus an extended 3 car garage, and additional workshop space, offers plenty of room for your plane, vehicles, and hobbies. Enjoy direct Taxiway access for ultimate convenience. Mogollon Airpark (AZ82) is a vibrant private airport community with a 3436' asphalt runway, hosting exciting events like BBQs, happy hours, breakfast fly-ins, and soon, a Pickleball court! Located in Heber/Overgaard at 6658' elevation, just 90 nautical miles northeast of Phoenix, you'll experience mild summers and winters. The area is ATV-friendly, with forest access roads and lakes for fishing less than 30 minutes away in every direction. Don't miss out on this incredible opportunity to live the high-flying lifestyle you've always wanted!

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12910 N 103rd Place Scottsdale, AZ 85260

$1,500,000

5 Beds

3.5 Baths

3,833 SqFt

Status Active Under Contract

MLS # 6768871

Property Type Single Family Residence

Price Type --

Prime opportunity to own a piece of Scottsdale's Cactus Corridor in a tranquil 10 home community. Nestled at the end of a cul-de-sac, the home boasts 3833 square feet of living space with 5 bedrooms, 3.5 bathrooms and 3 car garage. Situated on nearly an acre, the home offers Camelback Mountain views from the expansive southwest facing backyard with ramada, pool, bocce ball court and built-in barbeque. With its ideal location, expansive lot and thoughtfully designed layout, this property embodies Scottsdale's lifestyle with easy access to modern conveniences, serene mountain vistas and a welcoming community ambiance surrounding. Discover the appeal of living in the Cactus Corridor first-hand. An incredible opportunity at $375,000 below appraisal value.

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1822 E Palmaire Avenue Phoenix, AZ 85020

$1,500,000

4 Beds

3.5 Baths

3,339 SqFt

Status Active Under Contract

MLS # 6743671

Property Type Single Family Residence

Price Type --

Experience modern luxury in this exceptional 4-bedroom, 3.5-bathroom home with an office space, nestled among new custom homes valued over $2 million. This home perfectly combines energy efficiency and contemporary luxury, featuring owned solar panels, an EV charger, and a solar heated/cooled pool. Enjoy four outdoor seating areas, a gas fireplace, and breathtaking mountain views, ideal for year-round relaxation and entertainment. The home is filled with premium upgrades like Thermador appliances, Moen faucets, and granite/quartz countertops. Located in a quiet cul-de-sac with no HOA fees, this property offers both privacy and style. Explore more of what this home offers: a spacious office, elegant bidets in three bathrooms, Sierra Pacific windows and doors, and extra-deep cabinets for ample storage. This unique, non-cookie-cutter design ensures you'll stand out in a community of high-end homes. Enjoy the convenience of built-in pest control stations and close proximity to hiking trails, Piestewa Peak, and a canal. Don't miss this exceptional opportunity to live in luxury!

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5124 N 10th Way Phoenix, AZ 85014

$1,500,000

5 Beds

4.5 Baths

3,809 SqFt

Status Active Under Contract

MLS # 6748714

Property Type Single Family Residence

Price Type --

**PRICED UNDER APPRAISED VALUE!!** Tucked in a private enclave of new Luxury homes by Thomas James Homes. This 5 bed, 4.5 bath, modern style home comes complete with an open concept split floorplan and an attached private entry casita featuring a bedroom, bath and a home office or gym. The design of the home is perfect for entertaining, with a gourmet kitchen featuring high-end stainless-steel appliances, quartz countertops, and a massive island. The home has a very large great room, and floor-to-ceiling windows that flood the space with natural light. Retreat to the spacious grand suite, complete with a spa-like bathroom and large walk in closet. The three additional bedrooms are generously sized and offer ample closet space. The lush backyard is complete with patio and swimming pool. A very large upstairs bonus room offers additional family living space. A bike ride away from Luci's at the Orchard, Rokerij and minutes from the 51, close to the Valley's best schools, including Brophy and Xavier.

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18140 W Marshall Court Litchfield Park, AZ 85340

$1,500,000

4 Beds

4.5 Baths

3,896 SqFt

Status Active Under Contract

MLS # 6737384

Property Type Single Family Residence

Price Type --

Brand New Beautiful Custom Home In Lovely Gated Community!! This custom built home was crafted with high end features from construction to cosmetics. 4 bedrooms, 4.5 bath, en suites in every room. Additional office space, plus another game room/theatre room/bonus room. High end gourmet kitchen with custom cabinets. Beautifully landscaped exterior and interior with firepit, spa and pool! Marble entryway, 16 ft wide by 10 ft high sliding door, oversized garage with 14 ft RV gate. Enjoy this private community close to mountain trails, while still conveniently located next to a variety of shops, restaurants, and freeway access! Definitely a must see!!

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9363 E Superstition Mountain Drive Gold Canyon, AZ 85118

Open House

$1,500,000

3 Beds

3 Baths

3,497 SqFt

Status Active

MLS # 6671612

Property Type Single Family Residence

Price Type --

SPECTACULAR Mountain and Desert views. This open floor plan is an entertainers DREAM for both inside/outside living! Built in 2023, you will love this exquisitely designed estate with its earth tone palette. Gourmet kitchen fit for a chef with abundant cabinet space with a charging station, gas range with pot filler, breakfast area and large pantry. Indoor/outdoor bar. Huge master suite on east wing features picturesque views, MASSIVE his and her closets and a COLOSSAL walk in shower. Separate entry bedroom with kitchen amenities perfect for visitors or to be used as a mother in law suite. Exercise/hobby room easily could be converted to 4th bedroom. Dramatic and tranquil front courtyard paired with the backyard bide for a year round OASIS. This gated golf course community is a MUST SEE

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8619 N 192nd Avenue Waddell, AZ 85355

$1,499,999

3 Beds

3 Baths

3,485 SqFt

Status Active

MLS # 6724959

Property Type Single Family Residence

Price Type --

This custom-built home is located at the base of the White Tank Mountains in the prestigious Sonoran Ridge Estates. It is a stunning, well-maintained 3-bedroom 3-bathroom home that blends modern luxury and serene living. Nestled on a spacious 1.4-acre lot with breathtaking views of the White Tank Mountains from the front with a peaceful, unobstructed, dwelling-free natural landscape from the rear. This property provides a unique opportunity to enjoy the best of Arizona's natural beauty while close to schools, shopping, and thoroughfares. As you step inside, you'll be greeted by a bright and open floor plan with high ceilings and large windows that flood the space with natural light. The gourmet kitchen is a chef's dream, featuring top-of-the-line stainless steel appliances, granite countertops, a large center island with a cooktop, a built-in warming station, and more than ample cabinet space. The adjoining dining area and living room are perfect for entertaining guests or enjoying family time. Special touches include artistic ambient theater-like ceiling lighting, whole house music speakers, and a living room with a dramatic back-lit custom-built interpretation of the nearby White Tank Mountains! The master bedroom suite is a true retreat with a walk-in closet and an en-suite bathroom that includes 2 separate sinks and cabinets, a large jacuzzi soaking tub, and a large, tiled snail shower. The additional 2 bedrooms are generously sized and offer plenty of closet space. There's also a large executive office with 2 built-in desks, multiple built-in cabinets, and shelving that can easily support any in-home business. The office also has a built-in Murphy bed that can be used for guests or as a 4th bedroom. Step outside to your gorgeous fully fenced private backyard oasis. It has 2 covered patios, lush mature landscaping, and a built-in stone island featuring a gas barbecue, sink, and refrigerator. Walk down the lighted grand staircase that leads to a low-temperature concrete walkway and a large custom-built saltwater swimming pool. Additional features of this exceptional home include a large three-car garage with a dedicated workspace for auto and hobby enthusiasts, a laundry room with storage, and energy-efficient upgrades. Located in a peaceful neighborhood with convenient access to schools, Arizona state Route 303, shopping, dining, and recreational activities like the newly opened restaurant The Corral which offers music events and delicious food. Once outside the estate gates, the entrance to the White Tank Mountains Regional Park is a few minutes up the road. Visitors can hike, walk on dog-friendly trails, view ancient petroglyphs, and view hundreds of species of plants and animals that include thousands of gorgeous flowering Sonoran Saguaro cactus. This is the perfect place to call home. Don't miss out on the chance to make this beautiful property yours!

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34642 N 52nd Street Cave Creek, AZ 85331

$1,499,995

2 Beds

2 Baths

1,935 SqFt

Status Active

MLS # 6753929

Property Type Single Family Residence

Price Type --

LOCATION ! LOCATION ! LOCATION ! Beautifully updated Home on 2.5 acres in the charming fun town of Cave Creek! Walk to Starbucks, restaurants, shopping and Golf..So convenient !! While still enjoying the luxury of your own ranch..Horseback Riding, biking and hiking trails take you into the Cave Creek Preserve from your driveway! Room for all your Horses and a spot ready to build a full size Roping Arena(with engineered plans) Features a brand new never been used Gourmet Chefs Kitchen TOP of the line appliances including a ZLINE natural gas range. Fantastic fenced backyard with a sparkling blue pool all ready for your finishing touches. New Flooring with southwest flair, Natural stone fireplace/gas insert. Make this your Winter Resort destination or Stay all year!!

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3743 E Hazelwood Street Phoenix, AZ 85018

$1,499,995

3 Beds

2 Baths

2,167 SqFt

Status Active Under Contract

MLS # 6756925

Property Type Single Family Residence

Price Type --

Premium lower Arcadia opportunity on Hazelwood. Well cared for three bedroom and two baths plus office sits on 11,966 square foot lot including mature landscaping, large pool, barbeque area and a finished casita. Wonderful master suite with huge dual shower and walk in closet. Situated in one of the most desirable neighborhoods in Phoenix. Large .27 acre private lot is mid-block with no alley. Full remodel and addition completed in 2011 on this 2,167 sq ft home. This is a rare opportunity for a buyer to purchase a move-in ready home on Hazelwood at this price point. Otherwise, its a prime lot for a custom home.

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14437 N Valencia Drive Fountain Hills, AZ 85268

$1,499,995

3 Beds

3.5 Baths

2,573 SqFt

Status Active

MLS # 6717380

Property Type Single Family Residence

Price Type --

This popular Marden floorplan is ready to move in this fall. This home offers 2 bedrooms in the main house, separate office plus an attached casita for guests and a 3 car garage! Open concept floor plan is great for entertaining with sliding glass door to covered patio for indoor outdoor living. The kitchen boasts a huge island, Wolf appliances including 36'' cooktop and double ovens with 48'' Sub-Zero refrigerator. Enjoy the ambiance of the 60'' liner fireplace in the great room. Luxurious primary suite includes spacious walk-in closet, bathroom has dual vanities, walk-in shower and separate soaking tub. Imagine enjoying the upcoming holiday season in this amazing home!

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23730 N 125th Place Scottsdale, AZ 85255

Open House

$1,499,995

3 Beds

3 Baths

2,222 SqFt

Status Active

MLS # 6612078

Property Type Townhouse

Price Type --

Modern, Desert Contemporary style architecture! This open floor plan offers ample space for entertaining. Beautiful front and backyard landscaping with views of Troon Mountain and close proximity to the Mountain House Lodge Community Amenity. The Caullins' welcoming covered entry and inviting foyer reveals the spacious great room and dining room, with views of the large covered patio beyond. The well-designed kitchen is equipped with a large center island with breakfast bar, plenty of counter and cabinet space. The beautiful primary bedroom suite is highlighted by a huge walk-in closet and deluxe primary bath with dual-sink vanity, large soaking tub, luxe glass-enclosed shower with seat, and private water closet. Landscaping includes water feature, fire feature and built-in BBQ.

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1657 E Minton Street Mesa, AZ 85203

$1,499,990

4 Beds

3.5 Baths

3,499 SqFt

Status Active Under Contract

MLS # 6750153

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the heart of Mesa! This stunning 4-bedroom, 3.5-bathroom home is currently under construction and scheduled for completion by the end of September. As you step inside, you are greeted by an open-concept floor plan that seamlessly connects the living, dining, and kitchen areas, creating a spacious environment perfect for both family living and entertaining. The gourmet kitchen features high-end stainless steel appliances, upgraded cabinet lighting, a large center island, and ample cabinetry for all your storage needs. Conveniently located just off the garage, the spacious pantry is designed with efficiency and organization in mind, making it the perfect solution for easy access and storage after shopping trips. The home also features a thoughtfully designed rear bathroom with dual access from both inside and outside, offering ultimate convenience for outdoor activities. Additionally, a charming bonus room provides versatile space that can be tailored to your needs, serving as the perfect extension of your living area. The luxurious master suite is a true retreat, complete with a walk-in closet and a spa-like en-suite bathroom that boasts dual vanities, a makeup vanity, a soaking tub, and a separate glass-enclosed shower. Outside, the backyard is a blank canvas ready for your personal touch, whether you envision a serene garden, a sparkling pool, or an outdoor entertainment area. With a prime location in Mesa, you'll enjoy easy access to the 202 Freeway.

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