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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1809 E Kasti Trail Sierra Vista, AZ 85650

$725,000

4 Beds

3 Baths

3,757 SqFt

Status Active

MLS # 6742051

Property Type Single Family Residence

Price Type --

THIS IS IT! Authentic Mud Adobe home featuring over 26,000 mud bricks made onsite! Highly insulated with 16' walls. Custom features such as exposed beams, vigas, saguaro ribs, all ceramic tile & stainless steel appliances. Beautiful hickory cabinets, solid wood doors & Pella windows. Upstairs you'll find your primary suite w/ separate den/office. Downstairs features a huge game/family room w/fireplace & separate den leading out to the patio . Huge kitchen w/ breakfast nook featuring custom table & chairs w/seating for 10. Built in large center buffet. Front & rear covered porches. Outside bathroom for INGROUND POOL area & built in tile counter w/BBQ, fridge & sink. Attached 2 car garage, detached 2+ car garage. Wonderful home for entertaining or large gatherings. HOME STARTS HERE!

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4808 N 24th Street Unit 224 Phoenix, AZ 85016

$725,000

2 Beds

2 Baths

1,528 SqFt

Status Active

MLS # 6777655

Property Type Apartment

Price Type --

Discover a rare opportunity to own this luxurious, fully furnished condo crafted for those who appreciate the finer things in life. Created and designed by a top interior designer, this meticulously remodeled corner unit spares no expense including a new, special-order HVAC unit. Floor-to-ceiling windows and premium finishes elevate every detail in this condo, which boasts one of the largest private patios in the building, a true rarity. Step inside and be enveloped in warmth from natural light reflecting off wood-look luxury vinyl plank flooring, and enjoy a spacious 2-bedroom, 2-bathroom layout with a dedicated office space ideal for young professionals or as a ''lock-and-leave'' option for snowbirds. The chef's kitchen is a masterpiece, featuring crisp white quartz countertops, custom cabinetry, and newly installed stainless steel appliances, including a coveted gas stovetop. Both bathrooms are luxuriously appointed with quartz countertops and tile walk-in showers, seamlessly continuing the condo's refined aesthetic. Outside, the expansive private patio awaits, offering a tranquil spot above the vibrant Biltmore Fashion Park area, perfect for unwinding. Take in 360-degree views of the Valley from the rooftop terrace, complete with a new pool, or walk to local amenities, from upscale dining and shopping to theaters and Biltmore-area attractions. Sky Harbor Airport, Arcadia, Downtown Phoenix, and Old Town Scottsdale are minutes away, adding convenience to this incredible location. Additional perks of Unit 224 include new washer and dryer, two designated parking spaces, storage closet, abundant guest parking, and full access to the building's newly remodeled 24-hour fitness center, steam room, business center, and clubroom with a catering kitchen. An on-site HOA property manager offers concierge-level service, making every day seamless. Experience the pinnacle of luxury living at the Optima Biltmore book a tour today and make this exclusive, designer-owned residence yours!

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5169 N 207th Drive Buckeye, AZ 85396

$725,000

2 Beds

3 Baths

2,454 SqFt

Status Active

MLS # 6747130

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the serene gated community of Mountainside in Victory, for 55+, where every detail has been thoughtfully curated to blend luxury with comfort. This exquisite home offers breathtaking mountain views and boasts 2 spacious bedrooms and 3 elegantly designed bathrooms. The main level features a primary bedroom with a spacious bath and a custom walk-in closet. Downstairs also includes a den, meticulously finished with custom built-in cabinets, providing ample storage and an elegant touch. You have another bedroom and full bathroom to complete the downstairs. The heart of the home is the upgraded kitchen, a chef's delight w/ granite countertops, stylish tile backsplash, a custom pantry and extended island that invites both culinary creativity and casual gathering. The open-concept layout seamlessly connects the kitchen to the living and dining areas, making it ideal for entertaining. Upstairs, you'll find a versatile loft area that opens to a generous balconyperfect for taking in the stunning vistas or relaxing with a good book. The loft is complemented by a full bathroom, making it an excellent space for guests or a private retreat. Opening your extended sliders downstairs to the backyard you will find a private oasis featuring travertine decking, a built-in fire pit, and a motorized shade creating an inviting space for outdoor enjoyment and cozy evenings under the stars. Home upgrades include custom motorized shades in every room, providing ultimate privacy. This SMART home also includes a two-car epoxy garage, reverse osmosis, and a water softener. This exceptional property marries custom finishes with practical design, ensuring a sophisticated yet comfortable living experience.

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32121 N Chestnut Trail San Tan Valley, AZ 85143

$725,000

5 Beds

3.5 Baths

4,223 SqFt

Status Active

MLS # 6749930

Property Type Single Family Residence

Price Type --

Welcome Home! This home is move in ready. This home has an open floorplan with multiple entrances, courtyard and patio. Home is on approximately a 1/2 acre lot in a golf course community. Hurry on over as this home will not last!

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17720 W Cactus Flower Drive Goodyear, AZ 85338

$725,000

3 Beds

2 Baths

2,381 SqFt

Status Active

MLS # 6751911

Property Type Single Family Residence

Price Type --

WOW! What a view! Spectacular Sunrises/Sunsets and Panoramic Mountain views! Beautifully maintained home with many upgrades. (Original UDC Copper Ridge Model Home) Spacious open floor plan with vaulted ceilings - Many options for creative room utilization. Extra large meticulously manicured lot (almost 1/3 acre!) with view fencing overlooking the North Lake! This highly sought after community is nestled next to the Estrella Mountains with gorgeous views and amazing amenities including hiking/biking, golf, fishing, tennis/Pickleball, boating - Resort living at it's finest!

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20410 N 51st Drive Glendale, AZ 85308

$725,000

4 Beds

2.5 Baths

1,892 SqFt

Status Active

MLS # 6759825

Property Type Single Family Residence

Price Type --

Prestigous Arrowhead Lake water property with specatcular sunset views with your own personal dock and pontoon boat. This Regal 4 bedroom home has been remodeled thoughout to include newer granite kitchen counters, new lighting throughout, custom shutters and window treatments, tile flooring, Custom decorator touches throughout and professionally landscaped. Solar panels are leased but will be paid off prior to closing for the new owners. Impeccably maintained inside and out. Exterior has just been painted Sept 19, 2024. Pontoon boat my be included in sale.

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13036 N 20th Street Phoenix, AZ 85022

$725,000

4 Beds

2.5 Baths

2,665 SqFt

Status Active

MLS # 6755217

Property Type Single Family Residence

Price Type --

Introducing a stunning brand-new home with breathtaking mountain and city light views! This spacious home features an open layout, perfect for entertaining and family gathering. The kitchen is equipped with high-end appliances and modern finishes, while sliding glass doors lead to a back patio, seamlessly blending indoor and outdoor living. Luxurious wood flooring runs throughout. Every detail, from the spacious bedrooms to the beautifully designed bathrooms, ensures comfort and style. Just 5 minutes from the freeway, this home offers easy access to the rest of the city. Top-ranked BASIS Phoenix is nearby. Outdoor enthusiasts will love the proximity to scenic hiking trails and golf resorts. The home is offering both convenience and adventure!

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15079 W Desert Vista Trail Surprise, AZ 85387

$725,000

4 Beds

2 Baths

2,194 SqFt

Status Active

MLS # 6760921

Property Type Single Family Residence

Price Type --

This is home is close to Perfection !!! Horse property , no HOA in this growing area of Surprise. Corner cul-de-sac lot , w/ 3 car garage. Backyard has block fencing and 2 RV gates , bring your toys and horses!!! Water softener in garage and added 50 amp breaker to box. Kitchen features custom hood -fan, tiled backsplash , and 2 pantry cabinets , breakfast bar has granite , deep sink, built-microwave. most light fixtures/indoor-outdoor and ceiling fans were replaced. Ideal home for entertaining guest . Master bath posses luxury free-stand soaking tub , Maser bedroom has large walk-in-closet Builder warranty available , and all appliances will convey.

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64 W Via De Palmas -- San Tan Valley, AZ 85140

$725,000

3 Beds

2 Baths

2,078 SqFt

Status Active

MLS # 6759036

Property Type Single Family Residence

Price Type --

1.39 irrigated acres in the heart of San Tan Valley!! The property offers an inviting front porch & a circular drive & two custom metal gates to access the backyard. The home's entry is bright and open to the den, living room, & eat-in kitchen with bay window. It is PERFECT for entertaining with all of its open space and direct access to the covered back patio. Split master bedroom offers a large walk in closet, dual sinks, a shower, tub & access to the backyard. There's also two additional bedrooms & an oversized laundry room. Garage has air conditioner for storing stuff or working on projects. Recently remodeled 45'x25' custom pool with built in spa. Play Basketball or Volleyball while you soak up the sun. Gather your horses and/or your toys, there is more than enough room!!

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239 E Pinto Court Gilbert, AZ 85296

$725,000

4 Beds

3 Baths

2,733 SqFt

Status Active

MLS # 6761262

Property Type Single Family Residence

Price Type --

This stunning home in Settler's Point is exactly what you've been looking for! Featuring 4 spacious bedrooms, 3 bathrooms, and a 3-car garage, this property is nestled in a cul-de-sac near the community park. Recently updated with new tile flooring and fresh paint throughout, it feels bright and welcoming. The modern kitchen boasts neutral cabinetry, a newly installed island, and upgraded countertops. Upstairs, you'll find the generously sized primary suite, along with two additional bedrooms and a full bath. The lower level includes a full bedroom and bath, ideal for guests. Outside, the backyard offers a diving pool, a grassy area, and space for a small sport court. Located close to Downtown Gilbert fine restaurants and shopping!

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8201 E Monterey Way Scottsdale, AZ 85251

$725,000

3 Beds

2 Baths

2,026 SqFt

Status Active

MLS # 6768389

Property Type Single Family Residence

Price Type --

Welcome to sunny Scottsdale, Arizona! This 2,026 sqft home is set on a private 1/4+ acre lot in the heart of Scottsdale, AZ. This lot is arguably the nicest lot in the community (private, no through streets, next to a quiet walking path) The original owner has taken immaculate care of the home. New roof 2024, sewer re-pipe 2024, New electric panel 2024... and the list goes on! This spacious floor plan allows for easy entertaining with open formal living and dining, while the heart-of-the-home family room (with fireplace) opens perfectly to the kitchen. Just off the living room you will find the large indoor laundry room and a private den with door access to the side yard! Use the den as a home office, gym space or crafts area. On the other side of the home, you will find three bedrooms and two bathrooms. Outside, relax under the oversized covered patio. Pick your own fruit from the handful of mature citrus trees. Watch the Arizona sunset from your own slice of paradise. This beautiful home is nestled in the highly desirable South Scottsdale Corridor - minutes from Old Town, Fashion Square Mall, Restaurants, MLB Spring Training Facilities, Chaparral Park, golf courses, hiking, and the 101 Freeway. Homes like this rarely come to the market. Schedule your showing today!

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10460 E Fanfol Lane Scottsdale, AZ 85258

$725,000

2 Beds

2 Baths

1,473 SqFt

Status Active

MLS # 6764702

Property Type Single Family Residence

Price Type --

Impeccable Remodeled Gorgeous Home Ready to Move-in to! This popular Single-level floorplan features a Spacious Primary Bedroom with 12' Ceilings, a Walk-in Closet, and Ensuite Bath: a Cozy Living Room, 2 car Garage, and an Easy to maintain Backyard with a Covered Patio, Barbeque Grill and Lush Landscaping. You'll Love the appeal of Suntree East, an Exclusive Gated Community of 192 homes that provides privacy & walkable streets lined with grass front yards, a Heated Community Pool, and Social Activities. Exceptional location is close to the loop 101, Honor Health, and Scottsdale Ranch Park, Tennis Center and a 10-minute walk to the Mergado Shopping Centre.

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