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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23116 N 94th Lane Peoria, AZ 85383

$835,270

4 Beds

3.5 Baths

3,003 SqFt

Status Active Under Contract

MLS # 6750543

Property Type Single Family Residence

Price Type --

Fantastic Corner lot with no neighbors on 2 sides. Located in the popular Meadows neighborhood - this 4 bedroom, 3.5 bath plus Den and flex room home has all the space you are looking for. Wonderful open concept floor plan with large great room and fantastic kitchen featuring rich designer cabinets, beautiful countertops and backsplash, stainless appliances, nice sized walk in pantry and the perfect dining area. Generous sized primary bedroom with en suite bath featuring dual vanities, large shower and walk in closet. Separate den with it's own private patio space! Large back yard with covered patio, additional travertine paved area for outdoor dining, artificial turf and raised garden beds. 3 car tandem garage. This special home has it all and then some!!

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13839 N Crown Point Sun City, AZ 85351

$835,000

2 Beds

2 Baths

2,755 SqFt

Status Active

MLS # 6714837

Property Type Single Family Residence

Price Type --

Stunning dawn lake property for sale at 13839 N Crown Point Ct. in Sun City, AZ. This Southwest Territorial style home offers wonderful views of the almost 38-acre Dawn Lake. Beautiful 2 bedroom and 2 bath home with a spacious 2800 square feet of living space, all on a 13,000 Ft. lot That offers plenty of space for outdoor activities and relaxation with almost 150 feet on lake frontage. Inside the home features custom stained glass accent windows that add a touch of elegance and charm. The kitchen boasts high end appliances and is adorned with Northern Arizona juniper countertops, adding a unique, natural element to the space. Located on a quiet cul-de-sac lot and with a north-south facing orientation, this home provides a peaceful and private setting.

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10810 E Bella Vista Drive Scottsdale, AZ 85259

$835,000

3 Beds

2 Baths

2,093 SqFt

Status Active

MLS # 6771251

Property Type Single Family Residence

Price Type --

Enchanting residence located in Scottsdate Ranch boasts pride of ownership and modern updates throughout! Displaying a 2-car side garage and mature landscape. Enter through the custom double doors to find travertine flooring, tall vaulted ceilings, stylish light fixtures, soft natural light, and a floor-to-ceiling tile fireplace in the combined living & dining room. Beautiful kitchen comes with ample white cabinets accentuated by crown moulding, SS appliances, mosaic tile backsplash, a pantry, granite counters, and a breakfast nook. The romantic primary bedroom retreat will captivate you with coffered walls, direct outdoor access, and an ensuite equipped with dual sinks, soaking tub, and two mirrored door closets. Resort style backyard won't disappoint! Showcasing a covered patio for alfresco dining and a refreshing pool, promising year-round enjoyment. Hurry! A deal like this will sell fast!

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27964 N Cindy Lane Queen Creek, AZ 85144

$835,000

4 Beds

2.5 Baths

2,703 SqFt

Status Active

MLS # 6774791

Property Type Single Family Residence

Price Type --

Discover the perfect blend of luxury and country living on this pristine 1.2-acre horse property in Queen Creek! With a 3-car garage, barn, and ample space for horses, this property is built for those who want to embrace the equestrian lifestyle without sacrificing modern comforts. Less than 2 miles from the Rock Peak Wash trails for hiking, biking, and horseback riding, and just minutes from shopping, dining, and entertainment, this stunning 4 bed, 2.5 bath home boasts a bright, open layout with abundant natural light, wood-look tile flooring, and a chef's kitchen featuring quartz countertops, stainless steel appliances, and a large island perfect for gatherings. The primary suite offers a tranquil oasis with a walk-in closet, spa-like rain shower, and private patio access, ideal for & Equestrian Center are just 6 miles awaythis is the country-luxury lifestyle you've been waiting for!

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7157 E Rancho Vista Drive Unit 2010 Scottsdale, AZ 85251

$835,000

2 Beds

2 Baths

1,346 SqFt

Status Active

MLS # 6661401

Property Type Apartment

Price Type --

*SELLER FINANCING AVAILABLE IN THE LOW 5'S * This luxury, completely remodeled 2 bedroom condo with modern finishes is a stunning residence that exudes sophistication and style. Every detail of this condo has been meticulously designed to create a luxurious living experience. Large windows allow for an abundance of natural light to flood the room, creating a bright and airy atmosphere. The kitchen is a chef's dream and the countertops are made of exquisite quartz, providing both durability and a sleek aesthetic. The dining area is situated adjacent to the kitchen and is perfect for hosting intimate dinner parties or enjoying meals with family and friends. A modern chandelier hangs above the dining table, casting a warm and inviting glow. The master bedroom is a luxurious retreat, featuring a spacious layout and plush carpeting. It offers a serene atmosphere, allowing you to relax and unwind after a long day. The en-suite bathroom is a sanctuary of relaxation, featuring a spa-like shower with rainfall showerheads, a sleek vanity with modern fixtures, and beautiful porcelain tiles. The second bedroom is equally impressive, with its own spacious layout and ample closet space. It can serve as a guest room, home office, or a comfortable space for family members. Additional features of this remodeled condo include in-unit laundry facilities, central air conditioning, and ample storage throughout the space. Amenities include concierge, indoor & outdoor heated pool and spa with women and men's locker room, fitness center, racquetball & basketball court. Walking distance from Scottsdale Fashion Square Mall, Old Town, restaurants, and so much more!

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18507 N 94th Street Scottsdale, AZ 85255

$835,000

2 Beds

2 Baths

1,887 SqFt

Status Active

MLS # 6777277

Property Type Townhouse

Price Type --

Gorgeous, former model home in the gated Villas of DC Ranch. The builder didn't spare any expenses when building this model home. From the flooring to the ceiling, this home is dialed in. Featuring 2 large bedrooms, open office/loft, 2 car garage,private courtyard with built in BBQ island with tons of room to entertain. The kitchen opens to the great room with tons of room and counter space at the island. The eat in kitchen is large sized and can definitely host a dinner party. Downstairs also hosts a guest room and full bathroom. Upstairs you'll find an enormous master suite with walk in closet, laundry room, and office loft. Don't miss all the amenities DC Ranch has to offer. Pools, walking paths, playground, and golf! This home is sure to exceed your expectations.Also for lease

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130 W Sunburst Lane Tempe, AZ 85284

$835,000

3 Beds

3 Baths

2,558 SqFt

Status Active

MLS # 6781245

Property Type Single Family Residence

Price Type --

Entertainer's dream in gated Alisanos community. Step into this beautifully upgraded residence where modern luxury meets comfort. The open floor plan welcomes you with natural light and seamless flow from room to room. Incredible curb appeal and a backyard oasis features a top-of-the-line heated saltwater pool installed in 2021 and whole yard LED lighting controlled via your smartphone. Relax under the new pergola with a built-in bar or in the Arizona room with its own fireplace and new split unit. Smart home features include Ecobee thermostats, and a WiFi-enabled irrigation system. The owned solar panels (installed 2022) keep summer bills low. With fresh paint, new flooring, and low-maintenance landscaping, this home is ready for you to move in and start making memories!

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351 W Mountain Sky Avenue Phoenix, AZ 85045

$835,000

4 Beds

2 Baths

2,347 SqFt

Status Active Under Contract

MLS # 6778717

Property Type Single Family Residence

Price Type --

Welcome to Dove Canyon, an exquisite property in the heart of Club West with sweeping mountain views and easy access to South Mountain Preserve Trails. This meticulously maintained single-level home, lovingly cared for by its original owners, showcases true pride of ownership from the moment you step inside. Enter through a grand iron door with sidelights, designed to let in fresh air on Arizona's crisp fall days. Two additional custom iron doors in the primary bedroom and family room enhance this home's charm. Energy-efficient Andersen windows on the south side add comfort year-round. With 10-foot ceilings, a split 4-bedroom, 2-bath layout, and a spacious 3-car garage, this home's thoughtful floor plan is ideal for both entertaining and relaxing. The inviting foyer opens to a forma Welcome to Dove Canyon, an exquisite property in the heart of Club West with sweeping mountain views and easy access to South Mountain Preserve Trails. This meticulously maintained single-level home, lovingly cared for by its original owners, showcases true pride of ownership from the moment you step inside. Enter through a grand iron door with sidelights, designed to let in fresh air on Arizona's crisp fall days. Two additional custom iron doors in the primary bedroom and family room enhance this home's charm. Energy-efficient Andersen windows on the south side add comfort year-round. With 10-foot ceilings, a split 4-bedroom, 2-bath layout, and a spacious 3-car garage, this home's thoughtful floor plan is ideal for both entertaining and relaxing. The inviting foyer opens to a formal living and dining area with serene backyard views. An expansive family room and eat-in kitchen with a center island provide a seamless flow and functionality. Professional upgrades throughout the home include a fully remodeled primary bathroom with stylish cabinetry, counters, a luxurious shower, and a soaking tub. The entire home is adorned with upgraded vinyl plank flooring, adding elegance and durability. The backyard offers a private oasis with a sparkling pool, newly resurfaced cool deck, and a covered patio with mountain views, perfect for Arizona's outdoor lifestyle. Practical updates include a newer variable-speed pool motor, HVAC replacement in 2016, a hot water heater with a recirculation pump (2020), and built-in desk and shelving in the 4th bedroom for a versatile office or den. This home truly combines timeless style with modern comforta beautiful Arizona retreat ready for its next chapter!

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2641 E Bighorn Avenue Phoenix, AZ 85048

$835,000

5 Beds

3 Baths

2,809 SqFt

Status Active Under Contract

MLS # 6764547

Property Type Single Family Residence

Price Type --

Discover this beautifully updated tri-level home in the highly desirable area of the Ahwatukee Foothills, offering 5 bedrooms and 3 bathrooms. The custom-designed kitchen is a chef's dream, with ample cabinet space and endless counter possibilities for all your culinary tools. At the heart of the home is a spacious great room with a custom fireplace, perfect for gatherings. The extra-large primary bedroom boasts a cozy reading nook and a newly updated bathroom. Outdoors, the backyard is an entertainer's paradise, featuring a built-in BBQ area, covered patio, sparkling pool, and putting green. With stunning mountain views and easy access to schools, dining, and entertainment, this home is truly the perfect place to make your own. Over $200,000 has been put into the home. 2024 - 5th bedroom added, Flooring in lower level, Interior paint (whole house). 2018 - House re-plumbed, Windows, Floors, Carpet, Full Kitchen remodel, Cabinets throughout (kitchen, bathroom, laundry, garage, primary bed), Bathrooms, Sinks in kitchen & bathroom, Built-in BBQ, Pool refinished, Plantation shutters throughout.

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7869 E Horseshoe Lane Scottsdale, AZ 85250

$835,000

2 Beds

2 Baths

1,579 SqFt

Status Active

MLS # 6762686

Property Type Single Family Residence

Price Type --

Best of Scottsdale Golf Villas! LUXURY Lifestyle in Heart of Scottsdale. Mountain & Golf Course Views. World class dining, shopping, resorts, art, bike path. Open floor plan. Mediterranean style 2/2w/Formal Dining/Office finished with fine attention to details. Granite, Fine Italian Tile, Stainless Appliances, Solid Pine 6 Panel Doors, Travertine Shower, Hardwood Plantation Shutters, Molding, Lighting, etc. Located in a LUSHLY landscaped Golf side community w/pool, spa & tennis and minimal landscape maintenance; LOW HOA includes front yard landscape care. Agent related to seller.

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15303 E Rio Verde Drive Scottsdale, AZ 85262

$835,000

5 Beds

3.5 Baths

4,604 SqFt

Status Active

MLS # 6681236

Property Type Single Family Residence

Price Type --

Move in ready rare ranch style home WITH a full basement! The full acre of land has no HOA and includes a separate 1000 sqft workshop with its own electrical panel, and plenty of room for a pool and horse stables! This 4600sq/ft, 5 bed, 3.5 Bath home is a true gem located on a paved road. The main level has new paint and carpet, a remodeled kitchen, great room with vaulted ceilings. Primary suite has spa tub, walk in shower, walk in closet, washer and dryer in master closet. The 3 car garage features built in shelving and basement access. The basement offers a 5th bedroom, large great room with kitchenette, full bath and plenty of space for a den/playroom with built in shelving. This home is hooked up to 2 shared wells that put out over 100gm, and 400 amp electrical service

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4905 W Magellan Drive New River, AZ 85087

$835,000

4 Beds

2.5 Baths

3,337 SqFt

Status Active

MLS # 6684902

Property Type Single Family Residence

Price Type --

Beautiful Home in Arroyo Grande Subdivision with 4 Bedroom, 2.5 Bath + Office/Den, 3 car garage in North Phoenix. Home has 3337 s/f split bedroom floor plan, computer/study area by secondary bedrooms. Kitchen has contemporary white cabinets, double ovens, large island, and granite counter tops. Home sits on a corner 14,000+ s/f lot with RV Gate that allows RV and Boat parking with RV hook up and located in a cul-de-sac. Backyard backs to the desert with view fencing, a dog run, concrete pad for basketball court, large grassy area and RV parking for your toys.

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