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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68 E Folklore Trail Hereford, AZ 85615

$857,000

2 Beds

2 Baths

2,344 SqFt

Status Active

MLS # 6721016

Property Type Single Family Residence

Price Type --

This is an amazing and gorgeous property in the canyons with lots of mature trees and a variety of wildlife around. This custom built home sits on nearly 7 acres that includes the home with 2344 sf that features 2 bedrooms and 2 baths along with a large living, dining room, along with a kitchen and a balcony to sit and enjoy the wonderful views all around. There's loads of windows to take advantage of all there is to see. You'll find a large garage that has a roll up door on each end along with a large patio area that's great to sit and enjoy the birds. There is fencing around the property and an endless list of amenities that are on the description attached in the documents tab to review. You won't want to miss this opportunity for such a gorgeous place to call home!

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915 W Orchard Lane Litchfield Park, AZ 85340

New

$855,500

4 Beds

3.5 Baths

3,539 SqFt

Status Active

MLS # 6785148

Property Type Single Family Residence

Price Type --

Come see this elegant semi-custom Toll Brothers home in the exclusive Village at Litchfield Park. This uniquely beautiful home features a private interior courtyard in the center of the home, 4 spacious bedrooms, 3.5 baths and great curb appeal with a low maintenance front yard, & a 3 car garage w/built-in cabinets! Discover a welcoming foyer which flows seamlessly into a spacious dining & living area, perfect for entertaining. High ceilings, neutral palette, elegant wood-flooring in all the right places, and plantation shutters throughout! Continue into the cozy family room, showcasing a beautiful cantera stone fireplace to keep you warm & cozy during the winter. The gourmet chefs kitchen offers wood cabinetry w/crown moulding, high end appliances, walk-in pantry & granite countertops You'll love the primary bedroom, showcasing a private seating area w/direct outdoor access, stone flooring, dual master closets, and a full ensuite w/dual vanities plus a makeup table and Jacuzzi tub! Did I mention the lovely inner courtyard, where you can spend time relaxing day or night! The fabulous backyard features a covered patio, extended paver seating area, and a sparkling blue pool, perfect for entertaining guests or relaxing in the Arizona sun. Covered patio has tumbled paver's that extend around forty foot pool that features a waterfall. Tropical landscaping and high oleander trees provide privacy and a resort feel. Within walking distance of the junior high and Millennium high school, Wigwam Golf course, shopping and dining in Litchfield Park. Your own special retreat with all the comforts life has to offer just minutes away. This home has it all. Call to view it today!

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36058 N Cerro Blanco Avenue Queen Creek, AZ 85140

$855,000

2 Beds

2.5 Baths

2,395 SqFt

Status Active

MLS # 6781322

Property Type Single Family Residence

Price Type --

Nestled in the highly desired community of Encanterra Country Club you'll find this highly upgraded gem on a premium oversized corner lot with community views. This home is as turn key as it comes with all of the extras such as a 4ft main garage extension, pre-wiring for EV, beautiful engineered wood floors throughout, great room surround sound and plantation shutters This dream kitchen includes soft close drawers, roll out shelves along with ceiling height shaker cabinets and GE Monogram appliances. The gas stove top looks out the rolling wall of glass to the gorgeous backyard and surrounding community areas. The backyard features pavers underneath a lighted pergola along with a built in bbq and speakers - perfect for entertaining! *Seller is related to Listing Agent*

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2830 E Janelle Way Gilbert, AZ 85298

$855,000

4 Beds

3.5 Baths

4,553 SqFt

Status Active

MLS # 6743020

Property Type Single Family Residence

Price Type --

This one owner home is very gently lived in as it was a second home. A Beautiful courtyard with outdoor covered patio welcomes you. This home has an open floor plan and has recently been freshly painted. Downstairs you'll find a large family room and chefs kitchen along with formal dining. Upstairs you'll find an extremely large Primary Bedroom is a WOW factor with sitting area, attached office/exercise room, ensuite bathroom and very large walk in Primary closet. Speakers through out the home! three guest bedrooms, laundry room, tv loft room. Step outside to this resort style North/South facing yard with swimming pool and putting green. This floor plan does not last long. Quick walk to community park.

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5750 S 101st Way Mesa, AZ 85212

Open House

$855,000

5 Beds

3.5 Baths

3,042 SqFt

Status Active

MLS # 6772194

Property Type Single Family Residence

Price Type --

Discover modern farmhouse luxury in this stunning 2021 Toll Brothers home located in the highly sought-after master-planned community of Cadence. Situated on a premium lot with no rear neighbors, this home features five bedrooms, a den, a loft, and 3.5 baths. The bold black-and-white exterior with sleek black-framed windows sets the stage for the open, airy spaces inside. High ceilings, LPV flooring, luxury light fixtures, designer touches & modern neutral paint elevate every room. The open-concept great room, dining area & covered patio are seamlessly connected by retractable glass doors, perfect for effortless indoor-outdoor entertaining. The gourmet kitchen boasts stunning cabinetry, high-end appliances, quartz countertops & gas cooking with three KitchenAid ovens...

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9058 N 28th Street Phoenix, AZ 85028

Open House

$855,000

4 Beds

2 Baths

2,022 SqFt

Status Active

MLS # 6778543

Property Type Single Family Residence

Price Type --

Urban convenience meets suburban privacy in highly sought after Heritage Heights Community bordering the Phoenix Mountain Preserve. Incredible opportunity to own a home on the preserve with direct access from the backyard to the preserve. These homes are rarely available. Newly painted interior & exterior. Owned solar panels w/ a grandfathered metering plan & Solar Water Heater. Newer energy efficient windows & sliding doors. Large 2 car garage w/ 10 ft+ ceiling. High efficiency foam insulation in roof & garage. Premium, large lot with mountain views. The community has 2 large pools, tennis & basketball courts nearby. Easy access to the 51 Freeway & only minutes to Downtown Phoenix & Sky Harbor Airport. 6 miles to John C Lincoln Hospital & 11 miles to the Mayo Clinic Hospital.

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22696 E Pegasus Parkway Queen Creek, AZ 85142

$854,990

4 Beds

4.5 Baths

3,623 SqFt

Status Active

MLS # 6784612

Property Type Single Family Residence

Price Type --

Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender. The Majesty Series is situated in a private gated enclave within the sought-after Harvest community, offering a prime location across from swimming pools, a catch-and-release lake, and a vibrant green park. Enjoy peaceful living just moments from shopping and entertainment. Designed with both comfort and functionality, this home features an oversized kitchen with a spacious island and pantry, perfect for hosting and gathering. All bedrooms boast en suite bathrooms, complemented by flexible living spaces and a den. Don't miss this exceptional opportunity.

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3750 E Rochelle Circle Mesa, AZ 85215

$854,970

5 Beds

4.5 Baths

3,100 SqFt

Status Active

MLS # 6726754

Property Type Single Family Residence

Price Type --

Searching for a HUGE YARD a long stately brick paver driveway AND a new build home? Look no further! Awesome location in North Mesa's grove area. Small gated infill community being built by respected local builder Blandford Homes! Updated information: Nice upgrade package added with all Farmhouse style black fixtures, upgraded cabinets but some time left to select flooring colors. Final price will be determined after options and upgrades are selected at the Design Studio. Purchase price includes: an iron front door, 2x6 exterior framing, dual pane vinyl Low E windows, covered front porch and HUGE rear patio and wall of glass, Deepest location in a cul-de-sac. Pictures are of an upgraded model home. Taxes estimated.

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20943 E Starflower Drive Queen Creek, AZ 85142

$854,650

3 Beds

2.5 Baths

3,016 SqFt

Status Active

MLS # 6767158

Property Type Single Family Residence

Price Type --

Beautiful Ranch Style Open Concept Home Perfect for Entertaining. Huge great room with top of the line gourmet commercial style kitchen, and massive island. 3 Car garage for plenty of parking space. Back patio runs the entire length of the house and provides a great indoor outdoor opportunity.

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6835 N 190th Drive Waddell, AZ 85355

$854,105

4 Beds

3.5 Baths

3,320 SqFt

Status Active

MLS # 6780543

Property Type Single Family Residence

Price Type --

Enjoy spending time with friends and family in the beautifully vaulted Family Room which gives this main area a dramatic and spacious feel. Your guests will definitely be impressed with the many gourmet kitchen upgrades including a beautiful waterfall edge at the kitchen island. The 16' Multi Sliding Glass Door off the Family Room leads out to a spacious extended covered Patio for indoor/outdoor living at its finest. Relax at the end of a long day in your luxurious Owner's Retreat with a Vaulted Ceiling at the Bedroom and Super Shower at the Owner's Bath. Many more upgrades; 2x6 construction; extensive new home warranty.

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25807 N 19th Glen Phoenix, AZ 85085

$853,900

4 Beds

3 Baths

2,628 SqFt

Status Active

MLS # 6737667

Property Type Single Family Residence

Price Type --

This home offers 4 bedrooms and 3 baths, one of the secondary bedrooms is an en-suite. The open floor plan includes a Study, providing flexibility and additional living space. The split floor plan ensures privacy and convenience. The kitchen is a chef's dream, featuring a gas stove with a 5-burner cooktop and granite countertops throughout. The kitchen also boasts a large island with a granite top, providing ample space for meal preparation and gathering. The master bedroom is a private retreat, featuring a hot spa for ultimate relaxation. Upgraded tile floors throughout, offering a luxurious and low-maintenance living environment. The home is equipped with modern conveniences, such as a saltwater softener added in 2023 for improved water quality, and a tankless water heater that was replaced in the same year, ensuring energy efficiency and a continuous supply of hot water. The washer and dryer are included, making laundry a breeze. The highlight is the backyard with a 15x20 brick patio with a cover, perfect for outdoor entertaining and relaxation. The entire backyard is beautifully landscaped with flowering shrubs, creating a picturesque setting. Adding to the charm is a tall southern oak tree, providing shade and a touch of nature. The backyard also includes ponded plants that will remain, adding a tranquil element to the space. The garage offers additional storage options with its metal storage cabinets, as well as a convenient workbench and shelves for those who enjoy DIY projects. The garage is also insulated, providing comfort and energy efficiency. This exceptional property is located in a vibrant community with a variety of amenities. The community hub features an event lawn, playground, outdoor barbecue, basketball and pickleball courts. Union Park's resort-style pool and is surrounded by covered cabanas and lush landscaping. With easy access to major highways, shopping centers, dining options, entertainment venues, this is a special opportunity you won't want to miss.

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845 W Edgemont Avenue Phoenix, AZ 85007

$852,500

4 Beds

3 Baths

2,926 SqFt

Status Active

MLS # 6746372

Property Type Single Family Residence

Price Type --

This home is on the Golf course of Encanto a 18 hole golf course. This home was built with a formal living room, formal dining area, large family room with lots of picture windows to the golf course. Large oversized kitchen with informal dining again with picture windows to the course. Master is in the front of the house facing North, other bedrooms face West or South. Two car garage, large lot, has been a rental with non smoking. Home has renters present currently till August 2025 Please do not disturb

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