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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22876 E Nightingale Road Queen Creek, AZ 85142

$869,990

6 Beds

4.5 Baths

4,791 SqFt

Status Active

MLS # 6784750

Property Type Single Family Residence

Price Type --

Ready this Winter Yellowwood plan! Larger homesites for your new home.~~ Sultana at Madera allows for quiet living with convenient access to the 24 Freeway and Shopping while providing amazing community amenities including a community pool, pickle ball, bocce ball, playgrounds, bbq's, and ramadas. This quick move in home features wood plank tile floors neutral in color.~ in the main living areas, plush carpeting in the bedrooms, White shaker style cabinets , large center island~,42'' upper cabinets , and SS appliances with gas cooking. quartz kitchen countertops & unique tile backsplash. The home showcases a 6 bedroom & 4.5 baths, 3 bay tandem garage with service door, double gate on sideyard,~8' interior doors, 9ft ceilings, pendant lighting over the island, ceiling fan prewires in all bedrooms and great room, designer tile in the primary bathroom ~~upgraded plumbing and lighting fixtures. Amazing spa like primary bath with CM separate shower and tub. Many designer finishes ,4 1/4 baseboards, pavers walkway & driveway, dual sinks in the primary bath & so much more selected by our designers. Enjoy outdoor living with a covered patio, where you can unwind and relax in your pool size backyard. Experience a peaceful lifestyle in a vibrant community Madera located in Queen Creek.

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22861 E Alyssa Road Queen Creek, AZ 85142

$869,990

3 Beds

2.5 Baths

2,451 SqFt

Status Active

MLS # 6763682

Property Type Single Family Residence

Price Type --

Madera at Sultana , Aspen ~newest plan for Ashton Woods, Madera allows for quiet living with convenient access to the 24 Freeway and Shopping while providing amazing community ammenities. The Aspen Floor Plan gives you spacious living with an open concept that provides the much needed outside storage for your trailers, toys,shop area in the 4 car supersize garage with rear door. Tankless water heater, 4 panel SGD,double gate, den with doors,larger lot size in Madera. This home features a gourmet kitchen, deco wrapped island, GE built in appliances, 36'' gas cooktop, and beautiful shaker cabinetry and quartz counters in the kitchen. Neutral color palette throughout the home. The main living areas are styled with 8' interior doors, wood plank tile floors and upgraded carpet, oversized spacious bedrooms, and the primary bathroom features an enlarged tiled shower and separate free standing tub. The 4 car supersize with rear access door is a must see garage. Stop by to see the newest master plan community in Queen Creek and newest floor plan.

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5841 E Sierra Morena Street Mesa, AZ 85215

$869,900

4 Beds

3 Baths

2,462 SqFt

Status Active

MLS # 6784664

Property Type Single Family Residence

Price Type --

The Reserve at Red Rock, a gated resort style Community set in the Foothills of Northeast Mesa. The Reserve features approximately 48% open space, preserved desert, palm lined entries, a central clubhouse with resort pool, fireplaces, pickleball, gym, more. Excellent access to the natural desert and regional park space, shopping, and Freeway. The home is situated on a corner lot, backing up to 80' of vegetated open space. The very popular Residence 5 Floorplan features an oversized island kitchen, with ample cabinetry, feeding into both a spacious walk in and butler pantry. The split floorpan provides excellent privacy. Spacious Laundry Room, disappearing wall of glass opening up to the covered patio. Taxes estimated! Very near move in Ready.

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18273 W Sapium Way Goodyear, AZ 85338

$869,900

4 Beds

3.5 Baths

2,799 SqFt

Status Active

MLS # 6768703

Property Type Single Family Residence

Price Type --

Gorgeous Estrella Mountain Ranch Home! 3079 sq ft with pool house and OWNED solar. This gorgeous property offers 4 beds, 3.5 baths, desert landscape, and a 3-car garage. Home exudes elegance, abundant natural light, plantation shutters, a neutral palette, and tasteful flooring, tile & carpet. You'll LOVE the modern open layout, thoughtfully designed for effortless gathering and relaxation! The gourmet kitchen boasts granite counters, mosaic tile backsplash, recessed & pendant lighting, built-in appliances w/cooktop gas, and a large waterfall island w/breakfast bar. The staggered wood cabinetry & a pantry ensure ample storage. Retreat to the owner's ste, featuring backyard access and a lavish bathroom with two vanities, a soaking tub, tiled shower, & a walk-in closet w/laundry room ac Two secondary bedrooms share a Jack & Jill bathroom with two vanities. PLUS! The 4th bedroom/ casita/ guest house has sliding doors to the back with kitchenette and bathoom. The versatile den is perfect for an office! Laundry room with a sink & cabinetry. But the highlight is the RESORT-STYLE backyard! Designed for year-round enjoyment with a covered patio, exterior fireplace, Gazebo, built-in bar & BBQ grill, putting green, fire pit, and a sparkling pool & spa combo. What's not to like? See it! Love it! Live it! Located in the resort community of Estrella Mountain Ranch with 2 residence clubs, pools, 2 gyms, hiking and biking trails and a Troon golf course, lakes and more!

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532 W San Juan Avenue Phoenix, AZ 85013

$869,900

3 Beds

3.5 Baths

2,001 SqFt

Status Active

MLS # 6769134

Property Type Single Family Residence

Price Type --

BETWEEN the 7's! Remodeled charmer on a generous lot with guest house will knock your socks off! Located on a quiet dead-end street makes this a cozy location with easy access to main thoroughfares. The remodeled kitchen is open to family room and dining area gives this home a larger feel. Main house has 3 bedrooms and 2.5 baths, a laundry room, a split master, new plantations shutters throughout as well as wood inspired tile flooring. Converted garage is now a guest house with a kitchen and full bath. Backyard faces north and has a large pool,a sizable lawn (to be over-seeded), and generous patio for relaxing and entertaining. Welcome home!

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21918 E Pickett Court Queen Creek, AZ 85142

$869,900

5 Beds

4 Baths

4,112 SqFt

Status Active

MLS # 6772308

Property Type Single Family Residence

Price Type --

Ashcreek an upscale home community in the heart of Queen Creek. An all single level neighborhood with large homesites. Close to schools and shopping. This wonderful home is in a cul-de-sac, has 5 bedrooms, 4 baths and a den with double french doors. Two tone paint thru-out. Cabinets w/sink & faucet in the laundry room. Spacious kitchen with stainless kitchen appliances, upgraded Cherry Spice cabinets, upgraded Granite top, Wet Butler pantry, formal dining Room. Is pre-wired for surround sound and security pre-wire. This home also, has 2x6 construction with cellulose in the exterior walls and is an Energy Star V3 home. A must see!

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5956 S Loma Verde Trail Hereford, AZ 85615

$869,900

4 Beds

3 Baths

3,283 SqFt

Status Active Under Contract

MLS # 6776192

Property Type Single Family Residence

Price Type --

THIS LUXURY HOME BUILT BY THE ONE AND ONLY SUN CANYON HOMES in Ranchos San Pedro subdivision is SO EXQUISITE!!! It's a MUST see with breathtaking views from every window, too many upgrades to list (please ask me or your Realtor for a list of all the PREMIUM features) This 4 BDRM/3 BATH includes a ''Mother-in-Law suite'', office, masterpiece tile flooring throughout, 10 & 12 ft ceilings, granite, a stunning master shower, 2 fireplaces, oversized laundry room with custom cabinets, XL garage with epoxy, 2x6 construction, R38 insulation, corner lot in a Cul-de-sac, fully landscaped, magnificent full length covered patio facing the Huachuca Mountains - a must see! Home is wired for surround sound and so so so much more! This home is EXTRA, EXTRA, EXTRA in so many ways!

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33624 N 7th Street Phoenix, AZ 85085

$869,500

3 Beds

2.5 Baths

2,128 SqFt

Status Active

MLS # 6755227

Property Type Single Family Residence

Price Type --

Welcome to your hidden gem in the Highlands of Desert Hills! This private retreat is perfectly nestled on a secluded lane just off 7th Street, offering breathtaking mountain views and endless possibilities. Step inside this meticulously maintained home and discover a warm, inviting space with beautifully updated flooring, a modern kitchen, and remodeled bathrooms. The expansive great room flows seamlessly into a bright and open kitchen, perfect for family gatherings and entertaining guests. Upstairs, you'll find three generously sized bedrooms, each boasting stunning mountain views from every window. The master suite offers a peaceful escape with its updated bathroom and serene atmosphere. Outside, the spacious backyard is your personal oasis, complete with a pergola-covered patio for relaxing afternoons, a manicured yard, and a guest RV spot with full hookupsperfect for visitors! Plus, a large covered carport provides plenty of storage for your RV or boat. This unique property sits on over 2 acres, with the option to subdivide for future building opportunities. Whether you're dreaming of expanding or simply enjoying your slice of paradise, this home offers endless potential. Don't miss out on this rare find.

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2230 Aspen Run -- Pinetop-lakeside, AZ 85935

$869,000

4 Beds

3 Baths

2,260 SqFt

Status Active

MLS # 6730919

Property Type Single Family Residence

Price Type --

Welcome to Top of The Woods! Set back in the more secluded part of the neighborhood and just a leisurely stroll to Woodland Lake Recreation area. Demonstrating unmistakable pride in craftsmanship as verified in the attention to detail. Come discover this spacious 4-bed, 3-bath new custom-built home in Pinetop. Incredible accent features inside & out, including hand-laid stone, solid slab hearth, custom tile work, T&G accent wall, granite counter tops, solid wood doors & trim...and so much more. Step outside and enjoy the smell of the tall pines that surround you from your charming and private covered porch or rear deck. Full stone fireplace stands ready to warm those chilly mountain evenings. This Mountain Cabin is the gateway to an all-season lifestyle that outdoor enthusiasts dream of.

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4689 Sharp Shooter Way Prescott, AZ 86301

$869,000

3 Beds

2 Baths

2,683 SqFt

Status Active

MLS # 6731833

Property Type Single Family Residence

Price Type --

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38500 N School House Road Unit 46 Cave Creek, AZ 85331

$869,000

2 Beds

2.5 Baths

2,109 SqFt

Status Active

MLS # 6703808

Property Type Single Family Residence

Price Type --

Home for Sale with New Appliances, Beds, Linens, Furnishings, Landscaped Front and Back. 5 minutes Walking distance to the special and highly popular Town of Cave Creek. Walking / Hiking path begins on School House Rd and continues up the mountain. Horse Riding and Boarding Facility on School House Road. Perfect Amenities on the Property. Excellent for Full Time Living, Rental and Winter Vacation. Pet Park, Pickle Ball Court, Heated Pool and Spa, Small Fitness Center. Responsible Neighbors. Mountain Views that are some of the best in the North Valley. You will love this Community. Seller will carry!

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1805 W Piedmont Road Phoenix, AZ 85041

$869,000

4 Beds

3 Baths

2,435 SqFt

Status Active

MLS # 6766989

Property Type Single Family Residence

Price Type --

Your private paradise on nearly an acre with NO HOA, moutain views and city services is here! This upgraded open concept/great room, 4 bed/3bath home is layed out for privacy. The 10' ceilings create an airy, welcoming feel. Solid-core, 8' shaker-style doors throughout. The expansive kitchen is a chef's delight with double ovens, cooktop and built-in microwave. Beautiful granite covers the expansive countertops and large island with breakfast bar. Improve your golf game on your 6-hole putting green and chipping pad. Backyard landscaped: expanded patio with pavers, walking path with easy access to putting green, vegitation. New water heater 2024. Step out your door and hit the South Mountain trails on foot, bike or horseback! Dont miss this gem! Easy access to the 202, I-17, Downtown and Sky Harbor airport.

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