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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4220 N 32nd Street Unit 31 Phoenix, AZ 85018

$818,000

4 Beds

4 Baths

1,923 SqFt

Status Active

MLS # 6729055

Property Type Townhouse

Price Type --

Introducing the epitome of modern living in the heart of Arcadia - welcome home to the Arcadian Phoenix. Nestled in the coveted 85018 area code, these modern townhomes redefine living with their spacious floor plans and an array of amenities. Step inside to discover a haven of elegance, boasting 10-foot ceilings on the main living floor and large windows that flood the space with natural light. The gourmet kitchen seamlessly merges with the inviting family room, creating the perfect setting for both everyday living and entertaining. Revel in the exquisite finishes, featuring stunning cabinetry, sleek quartz countertops, and timeless stainless steel appliances. Experience true architectural brilliance with the inclusion of a charming Juliet balcony and private rooftop deck

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3060 N Ridgecrest -- Unit 110 Mesa, AZ 85207

$818,000

5 Beds

3 Baths

2,733 SqFt

Status Active

MLS # 6781405

Property Type Single Family Residence

Price Type --

Welcome to this stunningly updated home with bright, modern flair in the heart of Las Sendas! Backing to a lush desert wash, the home features a mountain backdrop from the sparkling pool and spa. From the second-story balcony, enjoy serene vistas and a sweep of city lights. This sought-after Palo Verde model features vaulted ceilings and expansive living spaces designed for both relaxation and effortless entertaining. The main level features an inviting guest bedroom or office, along with a full bath, perfect for visiting friends or family. Upstairs, four generously-sized bedrooms provide ample room for rest and privacy. The heart of the home is bathed in natural light, thanks to a dramatic wall of windows and glass slider door, bringing the outdoors in. The home features sophisticated design with a fresh color palette and a striking stone-lined fireplace wall, creating a warm, inviting atmosphere. The main level and bathrooms showcase sleek, large-format tile in neutral tones, while the kitchen boasts white cabinetry, honed countertops, stainless steel appliances, and convenient pull-out shelving. The spacious owner's suite opens to a private balcony, ideal for enjoying morning sunrises, breathtaking sunsets, and views of Red Mountain. The ensuite bath exudes spa-like luxury, with dove gray quartz countertops, floor-to-ceiling glazed tile in the shower, upgraded fixtures, and a freestanding tub over framed mountain views. A coveted 3-car garage assures extra room for 'toys,' perfect for a community that features miles of hiking, walking and biking trails, an award-winning 18-hole award-golf course, heated Olympic and recreational pools, tennis, pickleball, splash pad, parks and a gorgeous trailhead club with a membership-optional fitness center and spa. Convenient to the 202 Red Mountain Freeway with access to top-rated schools, the community backs to the Tonto National Forest, and is just minutes from popular hiking and mountain biking trails, paddling and kayaking, nearby lakes and just one hour from the cool pines of Payson!

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6838 E Almeria Road Scottsdale, AZ 85257

$818,000

3 Beds

2.5 Baths

2,121 SqFt

Status Active

MLS # 6764207

Property Type Single Family Residence

Price Type --

Great Scottsdale location. Plantation shutters throughout. Large kitchen with Jenn-air gas cook top, wine fridge and double oven.Master bedroom suite has a sitting area. Master bath has a walk in double shower with rain shower head, double sinks and a jetted tub. Wood flooring in living room and formal dining. Plantation shutters throughout. Tankless hot water, Private pool and spa. Close to shopping and Downtown Scottsdale, Phoenix Botanical Garden, Phoenix zoo and Papago Park.

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7381 W Bent Tree Drive Peoria, AZ 85383

$816,990

4 Beds

3.5 Baths

3,167 SqFt

Status Active

MLS # 6763842

Property Type Single Family Residence

Price Type --

Welcome to the Aloravita lifestyle! This beautiful designer home will have you from hello! The beautifully landscaped front yard will be your invitation to the desert contemporary designed iron entry door. The main level boasts a great room floor plan with gourmet kitchen layout, including waterfall island, decorative backsplash,s/s appliances, separate beverage refrigerator, gas cooktop, quartz counter tops, and a walk-in pantry. The main level is also home to a spacious office/den, covered patio, and en suite guest bedroom. Ascend the stairs to the second level to enjoy the spa-like primary suite including upgraded tile and glass shower with rain shower head, dual sinks, and large walk-in closet. Level two is also home to the loft, laundry room (with cabinets), two bedrooms, and a full hall bath. This stunning home also features a car tandem garage with exterior keyless entry pad. Enjoy spectacular mountain views, biking, hiking and walking trails, as well as nearby golf, shopping, and dining opportunities.

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14049 E Burnside Trail Scottsdale, AZ 85262

$815,000

4 Beds

3 Baths

2,738 SqFt

Status Active Under Contract

MLS # 6724081

Property Type Single Family Residence

Price Type --

JUST COMPLETED New Construction contemporary desert home on 1.7 ACRES with direct backyard views of Granite Mountain & 4 Peaks!! This new build with NO HOA includes a gorgeous custom iron front door, a MASSIVE open Kitchen & living room with high-end Cabinets, White Quartz Countertops, 36'' Cooktop, Built-in Stainless Steel Microwave and double ovens, & upgraded flooring. The upgrades continue with a stunning Master Bathroom with a Freestanding Soaking Tub, Modern Shower and Beautiful Double Vanities, an oversized four car garage, exceptional energy efficiency with spray foam insulated walls & ceilings, upgrading A/C system, Premium Stucco, & last but not least an upgraded full 12' patio to watch the sunset on Granite Mountain from.

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4706 S Primrose Drive Gold Canyon, AZ 85118

$815,000

4 Beds

3 Baths

3,064 SqFt

Status Active

MLS # 6765667

Property Type Single Family Residence

Price Type --

Fully furnished single level home with private pool. Backs to state land with gorgeous mountain views and 100% privacy. Currently operating as a short term rental, this home is a perfect income generating property or personal vacation home. Home has been well maintained, including new roof in 2020, new A/C unit in 2023, and numerous major appliance replacements. Full home speaker system plus 9 TVs throughout the home, including 3 TV wall in entertainment room. Both interior and exterior of home painted in 2020. Financials of rental income available upon request.

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9746 E Thornbush Avenue Mesa, AZ 85212

$815,000

4 Beds

3 Baths

2,876 SqFt

Status Active

MLS # 6782397

Property Type Single Family Residence

Price Type --

Dream home alert in Cadence! Fantastic curb appeal featuring a 3-car garage with built in overhead storage & epoxy floors! Discover a captivating open floor plan with high ceilings & plantation shutters throughout. Tile flooring in all living areas, carpet in bedrooms. The kitchen comes with granite counters, white shaker cabinets with crown moulding, pendant/recessed lighting, a subway tile backsplash, SS appliances, a walk-in pantry and island with a breakfast bar. You'll also find a versatile bonus room that provides additional living space. The serene main bedroom showcases plush carpeting, direct backyard access, an ensuite with double sinks & his and hers walk-in closets. Enjoy relaxing outdoor moments in the backyard, boasting a covered patio, BRAND NEW Pool, Spa, Turf & Dog run.

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7141 E Rancho Vista Drive Unit 4004 Scottsdale, AZ 85251

$815,000

2 Beds

2 Baths

1,424 SqFt

Status Active

MLS # 6632314

Property Type Apartment

Price Type --

This luxury 2 bedroom, 2 bathroom condo offers a lavish and comfortable living experience. Located in a desirable area, this condo provides a sophisticated and stylish space for residents to enjoy. As you enter the condo, you are greeted by an open-concept living area that combines the living room, dining area, and kitchen. The living room is spacious and elegantly designed, featuring large windows that fill the space with natural light and offer panoramic views. The kitchen is a chef's dream, equipped with new quartzsite countertops, and ample storage space. It is designed to be both functional and visually appealing, making it a pleasure to prepare meals and entertain guests. The adjacent dining area is ideal for enjoying meals with family and friends, with plenty of space for a dining table and chairs. The condo features two luxurious bedrooms, each with its own ensuite bathroom. The bedrooms are spacious and offer a tranquil retreat for relaxation. Large windows allow natural light to fill the rooms, creating a bright and inviting atmosphere. The ensuite bathrooms are beautifully designed with modern fixtures. 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, & so much more

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4541 E Rakestraw Lane Gilbert, AZ 85298

$815,000

3 Beds

3 Baths

2,551 SqFt

Status Active Under Contract

MLS # 6769499

Property Type Single Family Residence

Price Type --

Welcome to this gorgeous home in Trilogy, Gilbert's premier active adult community. The open-concept design provides a seamless flow, offering a bright and spacious environment perfect for entertaining or simply relaxing. The kitchen is truly a chef's delight, featuring Wolfe and Subzero appliances, ideal for preparing gourmet meals or hosting gatherings. Two covered patios offer peaceful retreats, perfect for enjoying your morning coffee or winding down with a glass of wine in the evening. Beyond the home, Trilogy offers a vibrant lifestyle with access to golf, pickleball, a resort-style pool, and numerous activities and amenities designed to keep you active and connected with the community. Experience the perfect blend of luxury and leisure in this stunning property.

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15212 N 53rd Street Scottsdale, AZ 85254

$815,000

3 Beds

2 Baths

1,809 SqFt

Status Active

MLS # 6768560

Property Type Single Family Residence

Price Type --

Welcome home to this updated home in the desirable 85254 neighborhood! This bright and spacious 3 bed, 2 bath home features a large formal living space with vaulted ceilings, new wood plank-look tile throughout, plantation shutters, and a formal dining/cozy family room with a wood-burning fireplace. The large primary bedroom has a private backyard entry, and ensuite bathroom with double sinks and walk-in closet. The functional kitchen features black granite, a breakfast bar, pantry, stainless steel and black appliances and recessed lighting. The private backyard is perfect for relaxing or entertaining and has a large covered patio and sparkling pool and spa. Minutes to the SR 51, Kierland and Scottsdale Quarter shopping and dining, and multiple golf courses. All furniture available!

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1768 W Redfield Road Gilbert, AZ 85233

$815,000

5 Beds

3 Baths

3,273 SqFt

Status Active

MLS # 6781579

Property Type Single Family Residence

Price Type --

FULLY REMODELED! TURN-KEY! Brand new kitchen & flooring! The backyard offers stunning views, low-maintenance landscaping, and a sparkling pool with brand new pebble surface. Inside, the open floor plan you'll find huge living areas, as well as additional bedrooms and full bath downstairs. Brand NEW beautiful wood-like tile, luxury carpet & professionally painted throughout. The kitchen has been fully remodeled w/ new cabinets & quartz countertops. TWO NEWER AC UNITS ensure low electric bills. All appliances are newer & come w/ the house, including additional laundry room fridge & washer/dryer pair. Upstairs, you'll find three generously sized bedrooms + a master retreat w/ a private balcony. The community offers great amenities, including tennis courts, parks, basketball! This won't last!

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7615 W Wagoner Road Glendale, AZ 85308

$815,000

5 Beds

3 Baths

3,453 SqFt

Status Active

MLS # 6725213

Property Type Single Family Residence

Price Type --

Stunning 5-bedroom residence in Hidden Manor is a dream come true! Manicured landscape, an extended driveway, & a large RV gate is just the beginning. Prepare to be impressed by an enchanting interior adorned with recessed lighting, engineered wood floor, a neutral color palette, & a delightful fireplace. The impeccable kitchen showcases a marble backsplash, SS appliances, white shaker cabinets, a walk-in pantry, quartz counters, & a pass-through window with a breakfast bar. The main suite features soft carpet in all the right places & a private bathroom with granite dual sinks for added comfort. Discover the oversized backyard providing the perfect spot for outdoor entertaining! This gem won't disappoint!

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