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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1374 S Hazel Street Gilbert, AZ 85296

$779,900

5 Beds

2.5 Baths

3,518 SqFt

Status Active

MLS # 6749795

Property Type Single Family Residence

Price Type --

Incredible corner lot Gilbert home backing a greenbelt in Lindsay Ranch! There is great curb appeal at this two-story gem with lush front yard, 3-car garage w/ RV gate and a welcoming covered entry. Through the double doors you will find an open living room with soaring vaulted ceilings and cozy fireplace, formal dining, a flexible den, and a family room with another fireplace for those cooler months. Plantation shutters, tile floors, neutral paint, and abundant natural light can't be left unsaid. The modern kitchen has built-in appliances, a center island with a breakfast bar, granite counters, and modern white cabinets. Upstairs, you'll find an ample loft with outside balcony access. The main retreat features a remodeled bathroom with soaking tub, a wainscoting wall and huge walk in!

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14052 N El Pueblo Boulevard Fountain Hills, AZ 85268

Open House

$779,900

4 Beds

3 Baths

2,410 SqFt

Status Active

MLS # 6656902

Property Type Single Family Residence

Price Type --

This single-story 4 bedroom, 3 bath home with 2,410 square feet of generous living space is sure to impress! The well-equipped, eat-in kitchen will delight any chef with the abundant countertops, cabinetry and stainless steel appliances. The master bedroom provides a private sanctuary with ensuite bath and walk-in closet. The additional bedrooms ensures there is plenty of space for work, play and rest for everyone. Relax under the covered patio in the backyard or in the private front courtyard. Centrally located, this home with no stairs benefits from a short commute to schools, stores and restaurants.

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25555 N Windy Walk Drive Unit 60 Scottsdale, AZ 85255

Open House

$779,900

3 Beds

2.5 Baths

2,105 SqFt

Status Active

MLS # 6757503

Property Type Townhouse

Price Type --

PRICE REDUCTION Welcome To Skye Top at Troon. An exclusive guard gated, highly desired location in North Scottsdale nestled into the base of Troon Mountain. This home offers 3 spacious bedrooms, 2.5 baths and a 2 car garage. It has been completely remodeled, and updated with beautiful designer upgrades. The front bedrooms offer beautiful views of Pinnacle Peak. The spacious living area boasts vaulted ceilings and views of Troon Mountain. Relax in your beautifully landscaped backyard/patio at the base of Troon Mountain. This gated community has a clubhouse and pool.

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3081 W Ironwood Circle Chandler, AZ 85226

$779,500

4 Beds

3 Baths

2,768 SqFt

Status Active Under Contract

MLS # 6751529

Property Type Single Family Residence

Price Type --

You've found it! This beautiful 2-story home in the Valencia Community is turn-key and waiting for your family to move in. The home features a vaulted ceilings, freshly painted interior, all new carpet on the 2nd floor, high end stainless steel appliances and so much more. The large gourmet kitchen with granite counters features ample cabinet space and a large garden window overlooking the backyard pool and patio. The entire main floor includes beautiful ceramic plank tile throughout, and the grand staircase is a focal feature of the great room and entrance. The main level includes one bedroom (or den), with three bedrooms and a very large bonus room upstairs. Newer custom ceiling fans and lighting throughout. The resort style back yard features a large garden, large grassy play area, plenty of additional concrete parking with an RV gate, and a sparkling diving swimming pool. This home is near the Price Rd. high-tech corridor, close to great shopping, restaurants, Chandler Mall and freeways. Bring your family to see this beautiful home!

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235 N Clemans Road Coolidge, AZ 85128

$779,000

5 Beds

3 Baths

3,130 SqFt

Status Active

MLS # 6772360

Property Type Single Family Residence

Price Type --

Welcome to this beautiful 2024-built home in Coolidge! Offering 3,130 sq. ft., this spacious residence features 5 bedrooms (or 4 plus an office) and 3 bathrooms, perfect for family living. Enjoy a charming wrap-around porch and a balcony that overlooks serene farm fields. The home is filled with natural light from huge windows and a giant sliding glass door that seamlessly connects indoor and outdoor spaces. The luxurious master bathroom includes a relaxing stand-alone tub for your personal retreat. Set on 1.2 irrigated acres with no HOA, this property offers plenty of outdoor freedom. Complete with a 3-car garage on a paved road, this home is a perfect blend of comfort and convenience. Bring your family down and take a look at this brand new modern farmhouse!

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1401 W Ocotillo Road Phoenix, AZ 85013

$779,000

4 Beds

3.5 Baths

2,615 SqFt

Status Active

MLS # 6694300

Property Type Single Family Residence

Price Type --

Welcome to your dream home! Nestled in a prime location near Uptown Phoenix, this stunning 4-bed, 3.5-bath property is a true gem. The wood paneling ceiling with exposed wood beams adds a rustic charm that sets this home apart. The kitchen is a chef's delight, featuring pristine white cabinets, stainless steel appliances, gorgeous granite countertops, a subway tile backsplash, a center island, and a breakfast bar for additional seating. The exterior was recently painted with over 75k in upgrades inside! Don't miss the opportunity to call this stunning property your new home.

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7601 E Indian Bend Road Unit 3002 Scottsdale, AZ 85250

New

$779,000

2 Beds

2 Baths

1,364 SqFt

Status Active

MLS # 6783785

Property Type Apartment

Price Type --

Amazing top floor corner unit with spectacular mountain views! This Zafiro model offers 1,364 sq ft of living space with 2 bedrooms & 2 baths. Step inside to a spacious great room featuring high ceilings, gas fireplace, wood-look tile flooring, crown molding & loads of natural light! The open kitchen is a chef's dream equipped with gas stove, stainless steel appliances, granite countertops & tile backsplash. Large master retreat has granite counters, dual sinks, tiled shower w/ glass door & walk-in closet. Relax outside on the huge private covered patio. Take the elevator to the underground parking garage with 2 designated tandem parking spaces. There is also a bike storage room & 6 EV charging stations. Experience luxury style living at its finest with resort-style heated pool & spa, ramadas, BBQs, fitness center & clubhouse. Corriente connects to miles of scenic walking & biking paths along the greenbelt and backs to Silverado Golf Course & Clubhouse. This desirable location in the heart of Scottsdale is sure to impress with easy access to 101, Fashion Square Mall, Talking Stick, Kierland Commons, Scottsdale Quarter offering world class shopping, dining, vibrant art scene, entertainment and all that Scottsdale has to offer!

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23024 W Sierra Ridge Way Wittmann, AZ 85361

$779,000

5 Beds

4 Baths

3,155 SqFt

Status Active Under Contract

MLS # 6692185

Property Type Single Family Residence

Price Type --

THIS MOVE IN READY PROPERTY HAS IT ALL! A beautiful balance of urban and rural living. Located on a one acre lot this home has plenty of room to spread out and store all your outdoor toys and accessories. This floor plan includes a guest suite, Jack and Jill bathrooms, and an office or formal dining room. In the kitchen is a chef's paradise with LOTS of counter space, luxury cabinetry, and room to add a mobile island if desired. Enjoy the Arizona summer from the GORGEOUS private pool or poolside ramada that is equipped with electricity. Owned solar means reduced electric bills and sustainability. This home will leave nothing to be desired!!

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19626 N Echo Rim Drive Surprise, AZ 85387

$779,000

3 Beds

3 Baths

2,810 SqFt

Status Active Under Contract

MLS # 6732464

Property Type Single Family Residence

Price Type --

Hampton overlooks the 12th green at Cimarron Golf course and offers stunning fairway and mountain views in every direction. The gourmet kitchen boasts granite counters, a 5-burner gas stove, pull-out shelves, stainless steel appliances, water filter system. The house has designer paint and 18-inch neutral tiles laid diagonally. The estate home has great curb appeal with a paver-lined driveway and a front courtyard wall. You can step out to expansive golf course views from a huge, covered patio, which is perfect for entertaining and includes a stainless-steel grill. The spacious master bedroom has French doors leading out to the patio. The house also has a 3-car garage with storage cabinets, a soft water system, and a vacation mailbox. UV Windows 2021. All this house is missing is you

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4555 N 5th Avenue Phoenix, AZ 85013

New

$779,000

3 Beds

3 Baths

1,757 SqFt

Status Active

MLS # 6780626

Property Type Single Family Residence

Price Type --

This exceptional property, situated in a historic neighborhood on a flood irrigated corner lot, is conveniently located near Central and Campbell. This home features dual master bedrooms, plus a separate casita! The primary bedroom offers a walk-in closet and two additional closets, with an en-suite featuring dual sinks, separate tub, and shower. The casita includes a kitchenette, bathroom, and closet. The corner lot boasts a large yard, RV gate, and an exterior storage shed, plus a small workshop or additional storage space! **updated electrical and plumbing (INCLUDING SEWER!) -freshly painted -Newer AC -Thoughtfully remodeled, not a quick flip!

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4575 E Bajada Road Cave Creek, AZ 85331

$779,000

3 Beds

2 Baths

2,788 SqFt

Status Active

MLS # 6764647

Property Type Single Family Residence

Price Type --

Welcome home to Tatum Vista in Cave Creek. This single level home is tucked in the community facing open area backing to natural wash and greeting you with a charming courtyard entry A modern remodeled large great room /open kitchen features high vaulted ceilings, plantation shutters, all new appliances with gas range, center island and spacious walk-in pantry. Lots of natural light with beautiful views to the screened exterior Arizona room that walks you out to the serene pool and Ramada with built in BBQ. Primary bed is split with large walk-in closet, remodeled bath vanities and private access to backyard. The 2nd bedroom is adjacent to the front den & 3rd bedroom features a bonus room with private backyard access. Spacious laundry is adjacent to additional bonus/flex room off 2 CG.

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2760 Dillon Boulevard Chino Valley, AZ 86323

$779,000

4 Beds

2.5 Baths

2,627 SqFt

Status Active

MLS # 6753082

Property Type Single Family Residence

Price Type --

Quick move in home beautiful Heritage Pointe. This popular 2627 SF Cottonwood model has a split 4 bedroom 2.5 bath floorplan plus a 4 car insulated temperature controlled garage with openers, a utility sink and wired for EV outlet. Upgrades include an extended covered patio, kitchen cabinets with quartz tops, cabinet hardware & crown moldings, laundry cabinets, gas cooktop, gas fireplace, matte black plumbing fixtures and a door from the primary bedroom closet to the laundry room. Beautiful home for entertaining friends and family!

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