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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42491 W Bravo Drive Maricopa, AZ 85138

$715,000

5 Beds

3 Baths

3,622 SqFt

Status Active

MLS # 6724989

Property Type Single Family Residence

Price Type --

Welcome to your dream home. This exquisite 5-bedroom, 3-bathroom property offers the perfect blend of luxury, comfort, and entertainment. Elegant luxury vinyl plank flooring and plantation shutters add to the home's refined aesthetic. Spacious kitchen with granite countertops is perfect for meal prep or casual dining. A huge primary bedroom featuring two walk-in closets and private balcony with a view that does not disappoint. The property boasts an entertainers delight with a heated/cooled pool, spa, and a 4-hole putting green, making it the perfect place to host gatherings. Enjoy serene views of the 18th fairway right from your backyard. An EV plug-in station ensures your electric vehicle is ready to go. Don't miss the opportunity to own this extraordinary home in Rancho El Dorado

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6761 W Sonnet Drive Glendale, AZ 85308

$715,000

4 Beds

3 Baths

3,053 SqFt

Status Active

MLS # 6739241

Property Type Single Family Residence

Price Type --

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14561 W Hidden Terrace Loop Litchfield Park, AZ 85340

$715,000

4 Beds

4 Baths

3,286 SqFt

Status Active

MLS # 6744745

Property Type Single Family Residence

Price Type --

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20939 E Mayberry Road Queen Creek, AZ 85142

$715,000

5 Beds

4 Baths

3,158 SqFt

Status Active

MLS # 6758721

Property Type Single Family Residence

Price Type --

Why by new?! This meticulous home has Stunning upgrades & a finished backyard. Kitchen boasts quartz counters, gourmet cafe' appliances, large island, upgraded cabinets(including pull out shelves,hardware & soft close), huge walk in pantry plus butler's pantry. Gorgeous shutters, upgraded light fixtures & fans, ADDED CUSTOM BUILT INS throughout, wood look tile, & surround sound. You will love the shiplap, wall molding accents that really add to the charm! STORAGE+! Great room floorpan. Primary Bdrm & 1 secondary Bdrm on main level. Walk in closets in all bedrooms.En suite secondary Bdrm. 3 car garage w/ tons of custom built in cabinets. Spectacular location!! Within walking distance to all the favorite shopping, eateries & entertainment! Highly Rated Schools! So Many Extras in this home!

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18333 E Sunnydale Drive Queen Creek, AZ 85142

$715,000

3 Beds

2 Baths

1,502 SqFt

Status Active

MLS # 6750351

Property Type Single Family Residence

Price Type --

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1232 E Strawberry Drive Gilbert, AZ 85298

$715,000

5 Beds

3 Baths

2,610 SqFt

Status Active

MLS # 6761963

Property Type Single Family Residence

Price Type --

Don't miss this FANTASTIC move-in ready Gilbert home on spacious corner lot! 5 Bed 3 bath + Den, directly across from park. New flooring + freshly painted interior including ceilings, doors, cabinets + trim. New 2023 HVAC System (A/C + Furnace). Huge kitchen with oversized island, vaulted ceilings in great room. Large pantry + ample storage. Stainless steel appliances + fabulous french door refrigerator convey. Gorgeous Wainscot paneling in one bedroom, ceiling fans throughout, covered patio + stone pavers. Washer + dryer convey! Cool-off in your fabulous swimming pool and entertain on your extended patio. Premier location close to Chandler/Ocotillo. Close to hospital, shopping, dining and parks. Welcome home!

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7225 E Villa Way Scottsdale, AZ 85257

$715,000

4 Beds

2 Baths

2,097 SqFt

Status Active

MLS # 6762266

Property Type Single Family Residence

Price Type --

Nestled in the lively South Scottsdale area, this exquisite 4-bedroom, 2-bathroom residence showcases modern elegance, featuring a brand-new pool installed in 2022, ideal for enjoying the Arizona sun. A new roof was added in 2018. Inside, the open-concept layout is highlighted by sleek finishes, flooding each space with natural light. The bedrooms serve as peaceful retreats, while the spa-inspired bathrooms exude a sense of luxury. This beautifully updated home harmonizes comfort with sophistication, conveniently located near Scottsdale's finest dining, shopping, and entertainment, ensuring a life of ease and opulence within a tranquil environment.

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22914 W Sunland Avenue Buckeye, AZ 85326

$715,000

3 Beds

2 Baths

1,956 SqFt

Status Active

MLS # 6763666

Property Type Single Family Residence

Price Type --

You've found your dream ranch! This fully fenced property sits on almost two acres of land and features a main home, a bunkhouse, a covered 3,100 square foot barn area, half acre arena, irrigated pasture, and 6 covered corrals! The main 3 bed, 2 bath home has been freshly painted inside and out and all of the electrical outlets and switches have been updated. The kitchen features knotty wood cabinets with crown moulding, granite countertops, and stainless appliances. The formal family room is perfect for relaxing, the large bonus room is great for a hobby room or a second living area. All bedrooms have updated ceiling fans and recessed lighting. The bountiful laundry room has a utility sink and space for a workbench. Enjoy the country-style living with mountain views! Come visit today!

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578 E Laddoos Avenue San Tan Valley, AZ 85140

$715,000

2 Beds

2.5 Baths

2,124 SqFt

Status Active

MLS # 6764365

Property Type Single Family Residence

Price Type --

No more winter for you! Discover the epitome of move-in-ready perfection at Encanterra, a prestigious golf resort community. This immaculately designed home caters to buyers seeking pristine living. Spacious open layout, sleek granite countertops, soft-close cabinets, plantation shutters and high-end GE Monogram stainless-steel appliances. Seamlessly transition between indoor and outdoor living with a 3-panel sliding glass door. Added bonuses include a water softener and reverse osmosis system and separate garage for your golf cart. Come and play. The community offers a Clubhouse/Rec Room, heated Community Pools and Spas, Concierge, Pickleball Courts, a Workout Facility, and more. Washer, dryer, and refrigerator are included, ensuring your dream home awaits! Say Yes To This Address.

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4238 N 44th Street Phoenix, AZ 85018

$715,000

2 Beds

2 Baths

1,659 SqFt

Status Active

MLS # 6766057

Property Type Single Family Residence

Price Type --

Amazing home located in the heart of Arcadia with vaulted ceilings, tons of natural light, & views of Camelback Mtn from the balcony. Featuring two primary bedrooms with en-suite/updated bathrooms and an airy loft space. New HVAC installed in August, new LVP flooring throughout, plus an updated garage motor and 240 EV charging outlet in the two-car garage. The front gate opens to a hidden oasis of trees, vines, & brick that wrap around the property welcoming you into the comfort of home. Step through the back gate into the community desert walking path/pool area and out into the neighborhood for a quick walk to Teepee, Essence Bakery, or LGO. Kitchen is upgraded with dual ovens, granite countertops, farmhouse sink, and backsplash. Large laundry room features XL capacity washer/dryer and extra cabinets for ample storage. Use the Arizona room as an office, gym, or game room - the floor to ceiling windows and garden views create calm in this charming urban oasis.

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2336 W Laredo Lane Phoenix, AZ 85085

$715,000

4 Beds

3 Baths

3,742 SqFt

Status Active Under Contract

MLS # 6738174

Property Type Single Family Residence

Price Type --

Nestled on a PRIME cul-de-sac! Starting w/a 3-car garage, extended driveway, & a spacious courtyard. Sheer beauty & attention to detail are found inside! A blend of tile & wood flooring, soaring vaulted ceilings, & a cozy fireplace in the living room add to this home's appeal & livability. You'll also find a raised formal dining room, family room, den/office, & a huge bonus room. Gorgeous kitchen is a chef's delight, equipped w/recessed lighting, plenty of cabinets w/crown molding, a center island, granite counters & backsplash, a handy pantry, & high-end SS appliances such as a double oven & gas cooktop. Discover the large main retreat, boasting double door entry, plush carpet, a walk-in closet, & an ensuite w/dual sinks. The spacious backyard is a blank canvas for your personal design! Enjoy fantastic mountain views from the spacious backyard, which provides a covered patio. Act swiftly!

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6877 S Teresa Drive Chandler, AZ 85249

$715,000

5 Beds

3 Baths

3,610 SqFt

Status Active Under Contract

MLS # 6742949

Property Type Single Family Residence

Price Type --

PRICE REDUCTION. Don't miss out on this spacious home located in South Chandler's A+ rated Chandler School District. Home features energy efficient windows & shutters, replaced AC units, hardwood floors & much more! The tri-level floorplan boasts 5 bdrms, 3 bthrms, 3 car garage, a kitchen outfitted with granite counters, kitchen island, lots of storage, large family room with dry bar, flexible office/multipurpose room, huge bonus room, premium lot with no backyard neighbors. Enjoy the frontyard's gated courtyard or the backyard's relaxing water feature, bar, BBQ & amazing views! Close to shopping, food and entertainment, this home is just what you were looking for.

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