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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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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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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26521 N 115th Street Scottsdale, AZ 85255

$835,000

2 Beds

2 Baths

1,625 SqFt

Status Active

MLS # 6694284

Property Type Single Family Residence

Price Type --

Private lot with boulder and mountain views on a quiet street in the Troon Area of Scottsdale. The home features two bedrooms, two baths, great room, kitchen and breakfast dining, office, laundry and a two car garage with built-in storage cabinets. The private backyard has a pebbletec pool and covered patio with no homes behind to block your views. Desert Views is a small quiet community with access to hiking and biking trails and very little traffic. The home is extremely well maintained and lightly lived in which provides the new owner to move in and enjoy the Arizona lifestyle.

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5145 E Pinchot Avenue Phoenix, AZ 85018

$835,000

4 Beds

3 Baths

1,962 SqFt

Status Active

MLS # 6696424

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the heart of Phoenix with stunning Camelback Mountain views! This exquisite residence boasts custom features at every turn, from the elegant marble and travertine entry to the luxurious Thomasville Cherry cabinets in the gourmet kitchen. Picture yourself relaxing by the custom gas fireplace or enjoying the serene Koi pond in your private backyard oasis with a built-in grill and patio bar, perfect for entertaining guests. With two master bedrooms, including a lavish travertine bathroom, and dual-pane windows throughout, this home offers both comfort and style. Don't miss the chance to make this your own retreat near Arcadia, Biltmore, Scottsdale, and downtown Phoenix!

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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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209 E Northern Avenue Phoenix, AZ 85020

$835,000

4 Beds

3 Baths

2,727 SqFt

Status Active

MLS # 6736391

Property Type Single Family Residence

Price Type --

Welcome to your dream oasis in the heart of the Central Corridor! This stunning, freshly painted and upgraded 4 bedroom, 3 bath home boasts an inviting open living concept, perfect for both relaxation and entertaining. Immerse yourself in luxury with a split master retreat featuring lavish upgrades & ample walk in closet space, offering unparalleled comfort. Enjoy the ultimate in outdoor living with a heated diving pool and new sliding doors opening to your spacious backyard, outdoor kitchen and custom pergola, ideal for gatherings or quiet relaxation. This home is a rare gem that combines elegance, functionality, and the finest in modern living. Don't miss out on the additional home gym, private office space and wood burning fireplace!

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21956 N 59th Lane Glendale, AZ 85310

$835,000

5 Beds

3 Baths

3,066 SqFt

Status Active

MLS # 6749945

Property Type Single Family Residence

Price Type --

Amazing views surround this Arrowhead ranch Golf Course home on the signature 5th hole of legends. Mountain, Golf and Water views from every window. Home has 1 full bedroom and bathroom downstairs. Gourmet kitchen, granite countertops, granite in all the bathrooms. Generously sized bedrooms. Extended covered patio, pebbled-tec play pool, close to shops, dining and Westgate Sports and Entertainment center. New Air condition installed on Sept. 2024

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7869 E Horseshoe Lane Scottsdale, AZ 85250

Open House

$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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11641 N 23rd Street Phoenix, AZ 85028

$835,000

5 Beds

2 Baths

2,667 SqFt

Status Active

MLS # 6763639

Property Type Single Family Residence

Price Type --

The Epitome of Class, Comfort and Functionality is the heart of this HOME. This home has floor plan functionality that you are going to LOVE! It can be enjoyed as a 3 bedroom plus giant workout/theatre room plus den/office, 4 bedroom plus den/office or 5 bedroom if you need that. This one checks all the boxes...open layout, large kitchen, SPARKLING REMODELED POOL, 2 car garage with additional storage, resort like backyard with putting green, stunning mountain views, turn key enjoyment, easy frwy access, 15 mins to Sky Harbor International Airport, 4mi to Paradise Valley Mall and so much more. Some of the valley's best recreation are nearby including hiking (Phoenix Mountain Preserve), mountain biking, amazing fitness studios, golf (Pointe Golf Club On Lookout Mountain) and pickle ball.

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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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15435 N 1st Avenue Phoenix, AZ 85023

$835,000

4 Beds

3 Baths

2,414 SqFt

Status Active

MLS # 6770108

Property Type Single Family Residence

Price Type --

**Motivated seller, make your move before the holidays!** Beautiful Moon Valley home with great curb appeal. Located on large corner lot with circular driveway and RV gate. Walking distance to the award-winning elementary school across the street and Moon Valley Park. Open floor plan includes cozy family room with wood burning fireplace, while the living room features a gorgeous built-in bar perfect for entertaining. Spacious primary suite has updated bathroom and 2 closets. 4th bedroom, split from others, has its own bath. Great for guests or home office. Large backyard has multiple covered patios for ample shade with a grassy play area and diving pool. Make this wonderful home yours in time to celebrate the magic of Moon Valley for the holidays! Owner/Agent

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