NAR Data Shows Now Is a Great Time to Sell!

NAR Data Shows Now Is a Great Time to Sell! | Simplifying The Market

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).

NAR Data Shows Now Is a Great Time to Sell! | Simplifying The Market

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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3946 E Meadowbrook Avenue Phoenix, AZ 85018

$1,100,000
4 Beds
3 Baths
1,900 SqFt
Status Active
MLS # 6765658
Property Type Single Family Residence
Price Type --
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$1,100,000
3 Beds
2 Baths
2,258 SqFt
Status Active
MLS # 6732998
Property Type Single Family Residence
Price Type --
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917 N 8th Street Phoenix, AZ 85006

$1,100,000
2 Beds
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1,465 SqFt
Status Active
MLS # 6741219
Property Type Single Family Residence
Price Type --
Sale includes 917 & 921 N 8th St. 8th & Roosevelt consists of a historic home and additional land for development, located in the heart of the Garfield Historic District. The property sits on approximately a half-acre (gross) of land that is zoned R-5. The seller has a site plan to add (11) 1-bedroom units and (2) 2-bedroom units along with amenity space between the new units and the existing historic home. This would be a perfect small apartment community or short-term rental building in a ''Melrose Place'' type setting in downtown Phoenix. This is a fantastic, bite-sized opportunity for the seasoned investor or a local creative / artistic developer who wants to do a unique, fun project in the heart of one of the busiest, most dynamic, and eclectic areas in the entire Valley. 8th & Roosevelt is an awesome value-add / development opportunity in the heart of Downtown Phoenix. The property is located just east of 7th Street right off of Roosevelt in the heart of the gentrifying Garfield Historic District. Roosevelt and 7th Street is the east entrance to the happening Roosevelt Row district in the epicenter of Downtown Phoenix. It is minutes to the stadium district and a short bike ride / walk to the downtown ASU campus, Phoenix Burton Barr Library, and the Phoenix Art Museum. It is also minutes to Margaret T. Hance Park, which is the location of hundreds of activities including the McDowell Mountain Music Festival and many weekend food / craft festivals throughout the year. It is approximately a half mile to the I-10 Freeway to allow quick and easy access to all parts of the valley. This location is as central is it gets and allows residents to enjoy, with ease, so much of what Downtown and Midtown have to offer. With many dining, shopping, and entertainment options, as well as multiple freeway access points within minutes, 8th & Roosevelt Redevelopment Opportunity will prove to be a great place for residents to live as well as will be a very attractive parcel for a future class-A redevelopment in an A location. Phoenix is consistently on every national list for net influx of people and jobs, and the downtown area is expected to continue to explode with huge job growth in many different sectors; with Arizona State University's downtown campus rapidly expanding (already over 11,000 students and rapidly growing); with massive amounts of biotech investment and development in the area (the new Creighton University is approximately 2 miles away in midtown; the Phoenix Biomedical HUB is a couple blocks away; the stadium district is minutes away; the warehouse district is exploding around the corner to the south; and more). Opportunities like 8th & Roosevelt are rare and offer an investor a great value-add opportunity in one of the most active and desirable areas in the country.

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$1,100,000
3 Beds
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1,911 SqFt
Status Active
MLS # 6768991
Property Type Single Family Residence
Price Type --
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77 S Arroya Road Apache Junction, AZ 85119

$1,100,000
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MLS # 6753042
Property Type Single Family Residence
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$1,100,000
5 Beds
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4,019 SqFt
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MLS # 6752163
Property Type Single Family Residence
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26627 N 104th Way Scottsdale, AZ 85262

$1,100,000
3 Beds
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2,112 SqFt
Status Active
MLS # 6758295
Property Type Townhouse
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Beautifully appointed and nestled on a premium lot with breathtaking views of Pinnacle Peak and Troon, this fully-furnished, turnkey home showcases pride of ownership in every detail. Meticulously maintained, this residence blends luxury with comfort, creating the perfect desert retreat. The open floor plan features soaring 12' ceilings in the main great room, seamlessly connecting the interior to the outdoors with multi-slide doors that lead to a large covered patio. The master suite offers a private sanctuary with custom blinds, a spacious walk-in closet, and a spa-like soaker tub for ultimate relaxation. High-end finishes throughout the home include a custom chef's kitchen with elegant white double-stacked cabinets, a stunning 12' granite island, a fully tiled glass backsplash and stylish pendant lighting. Monogram appliances such as a 42 built-in refrigerator, wine fridge, dual ovens, hood vent, dishwasher, microwave, and reverse osmosis system make this kitchen both beautiful and functional. Rustic touches, like a charming barn door and barn wood accents, add warmth and character. Additional features include an epoxy-coated garage floor, built-in garage storage, water softener, and large laundry room with built in cabinetry, mud room bench nook and sink. Perfectly situated in a gated community, this residence provides a lock-and-leave lifestyle for those seeking convenience and peace of mind. Close to premier shopping, dining, and world-class trails such as Pinnacle Peak, Tom's Thumb, and Brown's Ranch, this desert oasis promises a modern, relaxed quality of life.

11239 E Oberlin Way Scottsdale, AZ 85262

$1,100,000
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2,826 SqFt
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MLS # 6757633
Property Type Single Family Residence
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$1,100,000
4 Beds
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Property Type Single Family Residence
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$1,100,000
2 Beds
2.5 Baths
2,534 SqFt
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Property Type Single Family Residence
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Breathtaking Golf Course and Mountain Views! Luxurious Pool, Pergola, and Travertine Patio! This Traveler plan by Maracay is nestled in the picturesque tree-lined streets of Phase One in Victory at Verrado. Enjoy the blend of luxury and comfort, featuring thoughtfully selected options, upgrades, and timeless updates. Enjoy the cozy ambiance created by a stunning rock wall fireplace, along with ceiling fans, upgraded flooring, stylish lighting, premium appliances, elegant countertops, staggered cabinetry, and built-in speakers both inside and out. The patio is equipped with roller shades to enhance your outdoor experience. This home is a true gem, perfect for entertaining friends and family, who will appreciate the privacy of the guest suite complete with its own bathroom. Victory at Verrado embodies the essence of 55+ living, offering a vibrant community and exceptional lifestyle. Don't miss this incredible opportunity to make this dream home your own!

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$1,100,000
3 Beds
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1,940 SqFt
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Property Type Single Family Residence
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Spectacular, one-of-a-kind Al Beadle masterpiece located in the heart of Central Phoenix! This classic contemporary has it all with floor to ceiling windows lining the back of the home, exposed steel beams, gas fireplace, marbled blue stained concrete floors, vaulted ceilings, fully renovated kitchen and bathrooms and a 179 sq ft detached office/studio. The impressive 13,856 sq ft lot showcases a sparkling diving pool, built-in gas fire pit and bbq conveniently located under a towering ramada. The front gate and custom block wall give the property a private, estate like feel. Down the street from the Murphy's Bridle Path, Phoenix Mountain Preserve access and excelling private and public schools, this is an extremely rare opportunity to claim this architectural gem as your own!

3126 N 6th Avenue Phoenix, AZ 85013

$1,100,000
3 Beds
3 Baths
2,458 SqFt
Status Active
MLS # 6767223
Property Type Single Family Residence
Price Type --
Seller Carry - 3.5% - Wrap Around Loan Available: Seller has remaining balance of approximately 490k. They are willing to carry that 490k for the buyer at a rate of 3.5%!! DO NOT DISTURB GUEST! DO NOT KNOCK ON THE FRONT DOOR! IF YOU HAVE QUESTIONS OR WOULD LIKE TO SEE HOME: 6o2-6538852. One-of-a-Kind Architectural Masterpiece in North Park Central. Welcome to one of Phoenix's most unique homes! Originally crafted by renowned architect Romauldo DeBlas in 1976, this architectural gem in the North Park Central neighborhood is truly one of a kind. It stands out with its bold mid-century influence paired with forward-thinking modern design, creating a home that is both timeless and visionary. In a city where basement homes are rare, this property is unmatched in character and sty Property Highlights: - Mid-Century Modern Design: Built by Romauldo DeBlas with recent updates that enhance its original architectural vision. - Architectural Beauty with exposed CMU blocks, soaring glass walls, and clerestory windows, providing stunning natural light and open space. - Eco-Friendly Features: Solar panels (leased with the home) and parking for 4+ vehicles with EV charging capability, promoting sustainable living. - Entertainment-Focused Amenities: A spacious pool with a large deck and seating area, a relaxing jacuzzi, and a finished basement ideal for gatherings. Nestled centrally in Phoenix this desert oasis offers both relaxation and function. Whether you're looking for a remarkable residence or an income-generating property, this home checks all the boxes. Currently operating as a short-term rental with a packed calendar, it has proven to deliver impressive returns of 50k-70k Annual Revenue. Over $125,000 in recent upgrades and repairs, including: - New sewer and water lines from the house to the street. - Pool resurfacing with Pebble Tec, complete with a 20-year warranty. - All pool pump components upgraded for maximum efficiency. - Liberty Home Guard extended home warranty covering everything inside the home for 5 years. Please Note: Showings will be available starting in early December due to its high-demand rental schedule. Don't miss the opportunity to own this one-of-a-kind Phoenix landmark, blending history, design, and incredible investment potential! Home furnishings are available for purchase if desired.

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