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 5004 Scottsdale, AZ 85251

$730,000

2 Beds

2 Baths

1,337 SqFt

Status Active

MLS # 6746342

Property Type Apartment

Price Type --

Step into luxury with this beautifully maintained condo, featuring premium finishes and an unbeatable location. This 5th-floor, south-facing unit boasts elegant travertine flooring throughout the main areas, complemented by wood-look tile in the bedrooms, offering a warm and inviting atmosphere. The kitchen is a chef's dream, with sleek granite countertops and a matching granite backsplash. Enjoy the convenience of in-unit Bosch washer and dryer, along with two dedicated parking spaces located next to the elevator—an exceptional feature, as most units offer just one or none. Additionally, this unit is EV charger-ready. The interior has been freshly painted, ensuring a bright and welcoming environment that's truly move-in ready. Located in the heart of Scottsdale, this condo is part of the prestigious Optima community, offering urban living at its finest. Enjoy city light views and resort-style amenities, including indoor and outdoor pools, a spa, fitness center, basketball courts, and more. With a concierge on-site, every convenience is at your fingertips.

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18812 N 90th Place Scottsdale, AZ 85255

$730,000

3 Beds

2 Baths

1,617 SqFt

Status Active

MLS # 6757255

Property Type Single Family Residence

Price Type --

Located in the highly sought after Ironwood Village Community of North Scottsdale, this beautiful home offers stunning views of the McDowell Mountains. Featuring an open floor plan with vaulted ceilings, the interior and exterior have been freshly painted, creating a bright and welcoming atmosphere. Safety is a priority, with fire sprinklers installed throughout the home for added peace of mind. The private backyard is a true retreat, complete with a variety of fruit trees, including lemon, pomegranate, mulberry, and Guamuchil. Nestled in a friendly neighborhood, this home is conveniently close to top-rated schools, shopping, freeway access, and several premier golf courses, perfect for those seeking both tranquility and convenience.

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3197 S Sonoma Street Flagstaff, AZ 86005

$730,000

3 Beds

3.5 Baths

2,160 SqFt

Status Active

MLS # 6765956

Property Type Townhouse

Price Type --

This townhome in Flagstaff is located in Pinnacle Pines. This townhome borders the greenbelt and offers a private fenced in backyard with turf and covered patio. As you enter the home you are greeted with a vaulted ceiling and natural light in great room with gas fireplace. The primary suite is located on the main level with shower, granite counters, dual vanity, and separate walk-in closet. Ton of kitchen cabinetry, gas stove, counter bar height seating plus eat in kitchen. Upstairs there are two bedrooms, and one is an ensuite. The laundry room is located on the upper level. This townhome also has AC. and is energy efficient with 2x6 walls. This home has been a short term rental. STR are allowed.

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7056 N 85th Ave Avenue Glendale, AZ 85305

$730,000

6 Beds

4 Baths

3,848 SqFt

Status Active

MLS # 6771375

Property Type Single Family Residence

Price Type --

Welcome to this stunning home located in Glendale. This beautiful property is move-in ready and truly like a model home. Walk in to your grand entry with custom wrought-iron door. Featuring 6 bedrooms and 4 full bathrooms, and an upstairs loft. Home has tall 8foot doors and High ceilings. This two story floor plan is nothing like you've seen before. The bottom floor features a room with its own loft that can be used a guest suite. Two bedrooms upstairs share a jack and jill restroom. The chef's kitchen is a dream, complete with granite countertops, a decorative tile backsplash, grand island, and upgraded fixtures and faucets. Additionally, there is a butler's pantry w/ large walk-in pantry. The formal dining room is perfect for entertaining. Hurry and tour it before its gone!

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15298 W Linden Street Goodyear, AZ 85338

$730,000

5 Beds

4 Baths

2,963 SqFt

Status Active

MLS # 6779941

Property Type Single Family Residence

Price Type --

Experience the allure of this beautiful 5 bed, 4 bath two-story home in Estrella Commons! Great curb appeal with veneer accent details, well-manicured landscape, travertine-front porch, and a 2-car garage w/paver driveway. Fabulous interior ''shouts'' attention to detail throughout! Neutral paint, chic light fixtures, archways, zebra blinds, and wood-look tile floors in all the right places are some features that can't be left unsaid. You'll surely love the formal dining room & the inviting living area w/fireplace! The open-concept kitchen boasts sleek SS appliances, granite counters, a subway tile backsplash, a walk-in pantry, wood cabinets w/crown molding, and a huge island w/two sinks & breakfast bar. The cozy nook is an added perk! One bedroom & one bathroom complete the downstairs. Upstairs, you'll find the other well-appointed bedrooms! Also including the loft that provides versatility. Enter the main bedroom to find a spotless ensuite with dual sinks, a separate tub/shower, & a walk-in closet. One secondary bedroom comes with plush carpet & plantation shutters. Laundry room with a sink & cabinetry. The backyard is your private retreat! A covered patio, well-laid travertine, Pergola, and artificial turf complete the picture. What's not to like? Pack your bags and move in!

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4002 E Clarendon Avenue Phoenix, AZ 85018

$730,000

3 Beds

2 Baths

1,468 SqFt

Status Active

MLS # 6780574

Property Type Single Family Residence

Price Type --

Discover the charm of this fantastic 3-bed, 2-bath home nestled on a prime corner lot! Staring with a 1-car garage, RV gate, cozy front porch, and a lovely front yard w/artificial turf & ample open parking spaces. Be greeted by a formal living room with plantation shutters! Natural light filled the inviting interior, complemented by a designer palette and tile & wood-look floors t/out. The eat-in kitchen boasts SS appliances, tile counters & backsplash, and wood cabinetry w/crown molding. You'll love the bonus room, ideal for an office, reading nook, or storage! Large main bedroom has recessed lighting, two closets, and a private bathroom w/tiled shower. Outback, you have a grass area, fruit trees, and a covered patio w/extended pavers. Great Phoenix location! Don't miss this opportunity!

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2323 N Central Avenue Unit 301 Phoenix, AZ 85004

$730,000

3 Beds

2 Baths

1,812 SqFt

Status Active

MLS # 6681477

Property Type Apartment

Price Type --

Owners offering seller credit for rate buy down, HOA fees or whatever Buyer(s) wish, so what are you waiting for? This unit is move in ready and priced to SELL! One of only a handful of 3 bedroom units and features floor-to-ceiling views with wrap-around balconies, this stunning home offers sweeping views of the valley from every room. This home features an updated & expanded kitchen with a large island, tons of cabinetry & wall ovens that would make Julia Child swoon. Primary bedroom features sweeping views of Camelback Mountain, walk-in closet & beautifully appointed bath. The 2 ancillary bedrooms are equally impressive & EACH feature tons of storage & direct balcony access! Wood-look tile throughout, this is the ultimate in easy living. Amenities galore, Regency is like living in a resort with heated pool, new gym, ROC Room and staff including 24/7 door personnel, porters, on-site manager and a full maintenance staff, too. Lock-and-leave lifestyle like no other, your taxes are also half off*. And the HOA covers AC, heat, water, sewer, trash, full staff, blanket insurance and more.

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1283 E Saragosa Street Chandler, AZ 85225

$730,000

5 Beds

3 Baths

3,662 SqFt

Status Active

MLS # 6714405

Property Type Single Family Residence

Price Type --

Stunning upgraded Home with 5 bedroom plus large flex room. Beautiful entry, large formal living and dining with tile, stone and plantation shutters. Kitchen has Cherry cabinets , stone flooring and corian counters. Large family room w/ gas fireplace. Guest bedrooms, full bath downstairs. Amazing master suite on second floor. Private pool in spacious backyard. Beautiful Park Across the street.

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5137 N 183rd Lane Litchfield Park, AZ 85340

$730,000

4 Beds

3 Baths

3,430 SqFt

Status Active

MLS # 6738557

Property Type Single Family Residence

Price Type --

Nestled in the beautiful Azure Canyon subdivision, this contemporary home was completed in October 2022 and boasts a thoughtfully designed open floor plan that prioritizes space and functionality. The inviting formal dining area is perfect for gatherings, while the kitchen features granite countertops, a gas cooktop, stainless steel appliances, and a spacious two walk-in pantries. With four well-appointed bedrooms, an office, and a flex den, this home offers ample room for family and guests. The primary suite serves as a serene retreat, complete with a luxurious bathroom featuring a free-standing tub, separate shower, and large walk-in closet. It's convenient location allows easy access to the I-10 and SR 303.

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12961 N 151st Drive Surprise, AZ 85379

$730,000

4 Beds

3 Baths

3,541 SqFt

Status Active

MLS # 6756150

Property Type Single Family Residence

Price Type --

Discover the perfect blend of comfort and privacy in this stunning 4-bedroom, 3-bath home. Nestled on a huge corner lot with a lush greenbelt as your backdrop, this property offers unparalleled seclusion and beauty. Enjoy endless outdoor fun with your very own sport court and serene water feature, surrounded by vibrant landscaping. The private pool invites you to unwind in your own personal oasis. Whether entertaining guests or seeking quiet relaxation, this home provides everything you need for an exceptional lifestyle. Don't miss out on this unique opportunity to own a slice of paradise!

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1023 E Canyon Street Apache Junction, AZ 85119

$730,000

3 Beds

2 Baths

2,094 SqFt

Status Active

MLS # 6766777

Property Type Single Family Residence

Price Type --

Looking for a new home? You've found it! This beautiful 3 bed, 2 bath residence sits on an oversized 1.25 acre lot w/fantastic mountain views & features a manicured desert landscape, 2 car garage, and an RV gate. Discover a spacious living area w/high ceilings, elegant wood-look flooring, and custom palette throughout. The eat-in kitchen is comprised of wood cabinetry w/crown moulding, a pantry, granite counters, built-in appliances, pendant lighting, and a peninsula w/a breakfast bar. End your busy day in the primary bedroom, boasting a walk-in closet and a private ensuite w/dual sinks for added convenience. Also including an expansive backyard w/a covered patio, this home is a true gem! Home is on its own well not shared. AC replaced in 2020, also water heater and soft water system.

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1521 E Pinchot Avenue Phoenix, AZ 85014

$730,000

4 Beds

2 Baths

1,921 SqFt

Status Active

MLS # 6740360

Property Type Single Family Residence

Price Type --

Be excited to see this highly renovated single-story home in a great location! Excellent curb appeal w/a large front yard, captivating brick accents, a 2-car garage, & paver driveway. Fall in love w/the immaculately designed interior, highlighting a desirable open layout enhanced w/soaring vaulted ceilings, recessed & stylish light fixtures, gleaming tile floors, an accented wall, & abundant natural light. Chef's kitchen is fully equipped w/quartz counters, a mosaic tile backsplash, a plethora of white cabinetry, a pantry, & an island w/a breakfast bar. Find your sanctuary in the main suite, offering soft carpeting, a sophisticated ensuite w/a soaking tub, a step-in shower, dual sinks, & a walk-in closet. Out the back, you have an open patio ideal for fun BBQs. Hurry! It's move-in ready!

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