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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18459 W Carol Avenue Waddell, AZ 85355

$729,900

5 Beds

3 Baths

4,596 SqFt

Status Active

MLS # 6761081

Property Type Single Family Residence

Price Type --

A dream home in the desirable Cortessa Community. Freshly painted inside and out. Fully modern kitchen with upgraded cabinets and granite counters. Plantation shutters throughout, all new ceiling fans and lighting fixtures. New flooring entire downstairs. Two new air conditioners and a new hot water heater. Four bedrooms upstairs with a Media room and a separate game room (Media room can be used as a 6th bedroom). Downstairs, has a full In-Law or guest suite with attached kitchenette and bathroom. New flooring throughout most of the home. Backyard oasis with a large in-ground swimming pool and an above ground spa. A weather and sun protected newly installed Pergola with lighting and fan. Pool security fence available. Home is move in ready.

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7450 W Paso Trail Peoria, AZ 85383

$729,900

3 Beds

2.5 Baths

2,520 SqFt

Status Active

MLS # 6768263

Property Type Single Family Residence

Price Type --

TERRAMAR - MOUNTAIN VIEWS! CUL DE SAC! 3 BDRM, 2.5 BA, OFFICE & BONUS ROOM - This beautifully designed residence is nestled adjacent to a serene wash and greenbelt. This home offers breathtaking mountain views that will captivate you from the moment you arrive. Step inside and be greeted by soaring 10-foot ceilings that create an airy and inviting atmosphere throughout the spacious great room. Perfect for family gatherings or entertaining friends. This open-concept space flows seamlessly into the gourmet kitchen, featuring double ovens, oversized island, granite counters and stylish gray slate cabinetry. This home includes a versatile bonus room that can serve as a playroom, media center, or an additional guest suite. Plus, an office area provides the perfect setting for remote work or study time. The double slider patio door invites you out to your private outdoor sanctuary. Imagine cozy evenings spent by the outdoor fireplace as you enjoy stunning sunsets and open sky mountain views. The synthetic turf ensures a lush green yard year-round without the hassle of maintenance perfect for children to play freely or for hosting weekend barbecues! Additional features include, freshly painted inside & out, newly installed carpet, 8' ext. garage, A/C in garage, RV Gate. Located in a family-friendly neighborhood with access to parks, schools & hiking trails. Lake Pleasant Pkway nearby offering a multitude of shopping, restaurants & movie theater. Lake Pleasant Regional Park & Paloma Community Park also nearby. Close to 303 & 101 Fwys.

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10718 E Vivid Avenue Mesa, AZ 85212

$729,900

6 Beds

3.5 Baths

3,661 SqFt

Status Active

MLS # 6766819

Property Type Single Family Residence

Price Type --

Located in the highly desired.. EASTMARK community which inlcudes full access to pools, parks, lakes, a club house and much more! Open floor plan with eat-in kitchen oversized island & breakfast bar, granite counters, walk-in pantry, gas range, stainless appliances, dual wall oven, plenty of cabinet storage & counter space, including room for your own coffee/tea/bar area. The inviting family room features an abundance of natural light. The private master suite offers separate dual vanities, soaking tub, shower, and large walk-in closet. With a split floor plan, 3 additional bedrooms on the first floor and area for formal dining. This home has all the benefits of single-level living with the added bonus of a second floor with two bedrooms and full bathroom. Solar panels included!

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12903 W Brookhart Way Peoria, AZ 85383

Open House

$729,900

2 Beds

2 Baths

1,867 SqFt

Status Active

MLS # 6712796

Property Type Single Family Residence

Price Type --

Desireable 2 bdrm, 2 bath ''LIBERTAS'' Functional, Split floor plan w/den or bonus room off entry. OPEN & BRIGHT Concept. MANY DESIGNER touches throughout: STUNNING Huge GRANITE Countertops- ideal for entertaining, Stainless Steel Appliances, Gas Stove, High Grade Cabinets, 20'' tile, carpet in bdrms, HUNTER DOUGLAS BLINDS (Main living & Kitchen w/remotes) 10' ceilings, Primary bath has double sinks, tile counters, decorative backsplash, tiled shower & walk in closet. GARAGE w/4' width Extension, EXTRA outlets for Golf Cart & Fridge or work area, Key Pad & KEYLESS ENTRY. Professionally Landscaped, Interior Lot w/AMAZING Views, IDEAL N/S exposure, Large, extended, covered Travertine Patio, Privacy Panels, Ceiling Fans, Custom -rocked Gas fireplace, Plug in for TV & 2 person Hot Tub conveys

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8308 E Holly Street Scottsdale, AZ 85257

Open House

$729,900

4 Beds

2 Baths

1,648 SqFt

Status Active

MLS # 6730275

Property Type Single Family Residence

Price Type --

All-new remodel with designer touches throughout! This home blends modern upgrades with highly sought after mid-century architectural charm. Built in the 1960s, it's complete with original breeze block entry, clean lines, and large windows that flood the space with natural light. New kitchen with quartz counters, top-of-the-line LG appliances, large pantry/laundry room with 2nd refrigerator and front-load washer/dryer. Both bathrooms have been completely updated with stylish finishes and modern amenities. Other upgrades include new windows, Flooring, roof, and interior/exterior doors, front and back easy care landscaping, with RV gate. Located in Scottsdale with easy access to the Scottsdale bike path, schools, freeways, and parks, shopping, nightlife, and spring training Owner/Agent

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4751 W Pueblo Drive Eloy, AZ 85131

$729,800

3 Beds

3.5 Baths

2,513 SqFt

Status Active

MLS # 6771142

Property Type Single Family Residence

Price Type --

Simply the best! Awesome price in Robson Ranch, From the heated over the top private pool with waterfall, to the Casita for ''mother-in-law'', or private office, THIS IS THE ONE!! Quick occupancy possible. FURNITURE NEGOTIABLE. Top of the line quality furniture includes all appliances, area rugs, TV;s, etc. Garage has updated insulation, MINI SPLIT for year round enjoyment of garage, 3++ car garage, floor epoxy, mint condition. Telavera model that has all the space you need! Neutral tile floors, primary bedroom with door to patio and pool, all new carpet in bedrooms and casita, most of interior painted 2022-23. Central air compressor just replace. Pool with gas heater, crystal clear! Priced at a super GREAT value. You deserve it! Integra block construction for energy efficiency!

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5151 N 13th Place Unit 4 Phoenix, AZ 85014

$729,500

3 Beds

2.5 Baths

2,136 SqFt

Status Active

MLS # 6774323

Property Type Townhouse

Price Type --

Step into this stunning 3-bedroom, 2.5-bathroom townhome with an additional upstairs bonus loft, designed for sophisticated urban living. Built in 2022, the home boasts a chef-inspired kitchen featuring stainless steel appliances, a gas range, a striking quartz waterfall island, and a generous walk-in pantry. The light-filled living area is enhanced by beautiful wood plank flooring and multi-slide doors that lead to a cozy front patio.Upstairs, the primary suite is complete with dual closets featuring upgraded organizers and a barn door leading to a spa-inspired bathroom. The second-floor laundry room includes a sink and newer washer/dryer for your convenience. On the third floor, step out to the private rooftop deck, renovated in 2024, offering breathtaking mountain and city light views. Additional features include a 2-car rear-entry garage with epoxy floors, a Simplisafe alarm system, and a Ring doorbell for added security. The home is also equipped with a whole-home soft water system with a recirculating pump and a reverse osmosis (RO) system for top-tier water quality. Located in Nirvana at Colter, a contemporary community of 29 townhomes, you'll enjoy a balance of privacy and connection. Residents have access to a sparkling community pool and BBQ area, perfect for outdoor gatherings. This central Uptown Phoenix location puts you at the heart of a vibrant cultural scene, with quick access to the popular 7th Street Restaurant Row, Central Avenue's dining and shopping hotspots, and plenty of nearby boutiques. Experience the best of urban living with easy access to hiking and biking trails, downtown Phoenix, freeways, and more.

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4601 E Peak View Road Cave Creek, AZ 85331

$729,500

4 Beds

2 Baths

2,182 SqFt

Status Active

MLS # 6763083

Property Type Single Family Residence

Price Type --

Welcome to this charming 4 bedroom, 2 bath home nestled in the beautiful and private Tatum Ranch Community. This home seamlessly blends comfort and functionality. As you enter, you'll immediately notice the spaciousness of both the formal living room and the family room, ideal for entertaining or cozy night in by the fire. A dedicated den provides the perfect spot for a home office, library, workout room or studio. For the hobbyist or DIY enthusiast, the garage offers a fantastic workshop area, perfect for woodworking, crafting, or any personal projects. The backyard is beautifully landscaped and low maintenance with a blend of pavers and turf leaving lots of options. This home is immaculate, move-in ready, and has been lovingly cared for. Don't miss this gem!

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766 W Locust Drive Chandler, AZ 85248

$729,000

4 Beds

2 Baths

2,303 SqFt

Status Active Under Contract

MLS # 6766701

Property Type Single Family Residence

Price Type --

Beautiful 4-bedroom single level home! Sparkling play pool with new Pebble Tec and pool pump/filter. 3 car garage. 2 new complete HVAC systems. Extra attic insulation. Large eat in kitchen with oversized island, granite counter tops, gas range, stainless steel appliances, and separate drink fridge. Large primary bedroom and ensuite with new built-in closet system. Beautiful back yard with pavers and large covered patio great for entertaining. North-South facing lot just a short distance from Basha Elementary and neighborhood park.

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2805 N 13th Avenue Phoenix, AZ 85007

$729,000

3 Beds

2 Baths

2,148 SqFt

Status Active

MLS # 6763043

Property Type Single Family Residence

Price Type --

Experience urban living at its best in the highly sought-after historic community of Encanto Manor. This mid-century modern home, located near the Encanto Golf Course, has undergone extensive upgrades while maintaining its historic charm. Offering three bedrooms and a spacious flex room that can easily be converted into a fourth bedroom, this gem is just minutes from trendy restaurants and freeway access. The inviting courtyard, featuring a large, serene fountain, adds to the home's charm. The clean lines and minimalistic architecture highlights mid century modern design. All stainless appliances convey with remodeled kitchen with a custom sitting booth in kitchen, 5 ton 19 seer Trane variable AC the most energy efficient AC on market (2021) ,all new energy efficient Anderson windows,newer electrical panel, recessed lighting throughout,newer ceiling fans,newer architectural shingle 50yr roof, outdoor covered sitting areas, way too many items to list. Encanto Manor is adjacent to shopping, bistros, and neighborhood dining!

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4151 E Cullumber Court Gilbert, AZ 85234

$729,000

5 Beds

3 Baths

3,098 SqFt

Status Active

MLS # 6733642

Property Type Single Family Residence

Price Type --

Welcome to Highland Groves at Morrison Ranch, known for its lush green grass and charming white picket fences. This beautiful home boasts a prime location at the end of a quiet waterfront cul-de-sac with no neighbors to the east. Enjoy the serene setting across from a neighborhood park, with great amenities including fishing ponds, walking paths, playgrounds, and basketball courts. Featuring 5 bedrooms and 4 bathrooms, the functional floor plan includes a full bedroom and bathroom on the first floor. Recent upgrades include brand new interior paint and flooring (2024), a newer hot water heater (2023), microwave, new HVAC systems (2024), Conveniently located with easy access to the 202.

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27227 N 31st Drive Phoenix, AZ 85083

$729,000

4 Beds

2 Baths

2,958 SqFt

Status Active

MLS # 6745715

Property Type Single Family Residence

Price Type --

Wow! What an ENTERTAINER'S DREAM, only 10 MINUTES AWAY from new world-renowned TSMC SEMICONDUCTOR! Boasting ALMOST 3000 SQ FT, Single-Leve, on HUGE PIE-SHAPED LOT w/RESORT-STYLE BACKYARD w/fiberoptic lit POOL, BUILT-IN BBQ, Covered PATIO, a TURF AREA for DOGS & KIDS! +$5k floor credit! **SEPARATE FAMILY & LIVING ROOMs w/UPGRADED KITCHEN have been METICULOUSLY MAINTAINED & only 5 MILES to pristine ''500 CLUB GOLF COURSE''! Its PRIMARY OWNER's SUITE offers RARE extra SITTING ROOM private sanctuary to use as a DEN or Gym! A 2020 Trane HVAC has 10-year warranty *FRONT BEDROOM could be IDEAL PRIVATE GUEST SUITE w/adjacent bathroom secluded from other bedrooms for guests' ultimate privacy! **LOCATED NEAR EVERYTHING- shopping, restaurants, parks, hiking & mins away from I-17 & Loop-101 freeways

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