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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25555 N Windy Walk Drive Unit 82 Scottsdale, AZ 85255

$715,000

2 Beds

3 Baths

1,623 SqFt

Status Active

MLS # 6781396

Property Type Townhouse

Price Type --

Skye Top at Troon-Guard Gated-In North Scottsdale. Pristine freestanding townhome. Upstairs loft is ideal for den/office/sitting room. Access upstairs balcony from primary bedroom. Primary Bathroom-Relax in the tub jacuzzi. Double vanity, walk-in closet, and shower complete the primary bathroom. Ground level outdoor rear patio is perfect for a BBQ to entertain your family/friends. Front landscaping maintenance is included. The Skye Top Community also offers a pool/spa/clubhouse. Located near upscale restaurants/shopping/golf courses.

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18923 W Sierra Street Surprise, AZ 85388

$715,000

4 Beds

3 Baths

2,162 SqFt

Status Active Under Contract

MLS # 6761774

Property Type Single Family Residence

Price Type --

Pinch yourself, then pinch yourself again....now have a friend pinch you. Now that you know you aren't dreaming you can fully appreciate how Truly amazing this home actually is. At 2,162 sqft this single story Wonder is only 3 years old, offering 4 bedrooms and 3 bathrooms, nestled in one of the Top Rated communities in the City of Surprise. Key features include a Gorgeous pool w/ water feature and Baja shelf, an owned 9.2kW solar system with an average APS bill of $20/month, 3 car Tandem garage plus a 49'' RV garage, soaring 10' ceilings, upgraded flooring throughout, professionally landscaped backyard w/ BBQ stub, water softener, garage workbench, Magnificent views of the White Tank Mountains, whole home surge protection, Moen Flo Smart Water Leak Detector and Shutoff, and so much more. You will be surrounded by great views and can avoid the city noise, while being a mere 3 miles away from access to the 303, and only 3.3 miles to the new Prasada Gateway shopping center for all of your shopping, dining, and entertaining needs. Not enough, well then how about being 0.5 miles away from the new City of Surprise Aquatic Center including a recreational pool with water feature and slides, a 50-meter competitive pool with diving area, shaded stadium seating, locker rooms, concessions area, splash pads, and a group Ramada area with courts.....all to be completed Summer 2025. Better hurry, great things are coming soon!

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5300 E Wolfer Drive Tucson, AZ 85739

$715,000

5 Beds

4.5 Baths

3,178 SqFt

Status Active

MLS # 6276985

Property Type Single Family Residence

Price Type --

Welcome to your own private desert sanctuary! Nestled on a sprawling 2 acre lot, this charming home on horse property offers the perfect blend of tranquility and convenience. Located in the heart of Tucson, AZ, this property is a rare find, boasting picturesque desert landscapes and modern amenities within a gated community. As you approach this Southwestern-style gem, you'll be greeted by the inviting curb appeal with a beautifully landscaped front yard and a classic adobe-style exterior. Step inside to discover a spacious and well-maintained interior that's flooded with natural light. The open-concept living and dining areas feature vaulted ceilings, creating an airy atmosphere perfect for entertaining or relaxing with family. The kitchen is a chef's dream with ample counter space, modern appliances, and a convenient area for meal prep. Enjoy your morning coffee in the cozy breakfast nook while taking in views of the surrounding desert. The master suite is a serene escape with a generous walk-in closet and an ensuite bathroom that includes a luxurious soaking tub and separate shower. Three additional bedrooms provide plenty of space for guests, a home office, or a hobby room. Outside, the expansive backyard is a true desert oasis. The covered patio is ideal for outdoor dining and entertaining, while the meticulously maintained desert landscaping ensures minimal maintenance. Right outside your back door you'll find the panoramic view of the Catalina Mountains, unlimited horseback riding trails, along with hiking and biking trails to the Coronado National Forest for those outdoor enthusiasts. This property also includes a large detached RV garage that boasts a full bathroom and workshop, offering ample space for parking and storage. The one bathroom detached guest quarters offers a full bathroom and kitchen, making it an ideal income property or a space for guests to enjoy their own privacy. Don't miss your chance to own this unique desert retreat!

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2402 N 15th Street Phoenix, AZ 85006

$715,000

3 Beds

2 Baths

2,031 SqFt

Status Active

MLS # 6691706

Property Type Single Family Residence

Price Type --

Incredible opportunity to own this STUNNING remodeled gem in the coveted Coronado Historic District! This home was meticulously reimagined, almost brand new leaving only three walls standing from the original structure. With a permitted 500 sq. ft. addition, this 3 bd/2 bath home offers all new A/C, Roof, vaulted ceilings, Windows, new stucco, new block wall, spray foam insulation & more. Kitchen features beautiful new cabinets & quartz, island, walk in pantry, all new stainless steel appliances including refrigerator. Owners suite w/oversized walk in closet, makeup vanity area, quartz tops, lighting & more. Guest bath w/tile shower surrounds, lighting, etc. LVT flooring. New landscaping. Conveniently located near downtown, Phoenix Country Club, Phoenix Children's & St. Josephs Hospital.

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2024 N Miller Road Scottsdale, AZ 85257

$715,000

4 Beds

2 Baths

2,200 SqFt

Status Active

MLS # 6701877

Property Type Single Family Residence

Price Type --

Come check out open floor plan home Pool & RV Gate. With an amazing back yard ready to entertain. This fully remodeled property. Features new roof, new windows, new flooring, new kitchen, and new restrooms. Waterfall island modern kitchen, recess lighting, new plumbing fixtures, new toilets, new ceiling fans. Home is basically new.

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945 E Playa Del Norte Drive Unit 3027 Tempe, AZ 85288

$715,000

3 Beds

3 Baths

1,852 SqFt

Status Active

MLS # 6721204

Property Type Apartment

Price Type --

Discover unparalleled luxury in this ultra-exclusive, high-security condo. Few units offer such generous space, featuring dual split master suites plus a large third bedroom and full third bathroom. Each bedroom has direct access to one of two expansive patios, providing breathtaking views of the courtyard, pool, and Tempe Town Lake. Enjoy cozy evenings by one of the two fireplaces, located in the family room and on the patio. Take advantage of the large fitness facility and secure, gated parking with two parking spots included. Nestled in the heart of Tempe, this prime location offers walking distance to all amenities and direct access to the scenic path around Tempe Town Lake. Easy accessibility to trash chute and elevators. Embrace the epitome of comfort, convenience and elegance in this extraordinary residence.

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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 --

Incredible Home Alert! Don't Miss Out! Experience luxury in this breathtaking home! The open kitchen dazzles with quartz countertops, pristine white cabinets, and a spacious island. Relax in the expansive family room by the cozy fireplace. Each bedroom, including the loft, is generously sized. Entertain in the elegant formal living and dining rooms. The master suite is a true retreat with a seating area, walk-in closet, and lavish bath. Enjoy peace of mind with a newer roof (2021) and a resurfaced pool (July 2024) to enjoy the hot days of summer. Includes a 3-car garage, fridge. Prime location near shopping. Furniture available on a separate bill of sale.

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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 --

Just WOW! Gorgeous 4-bed, 4-bath home on the Wigwam Red Golf Course! Displaying a manicured landscape & a sided 2-car garage w/paver driveway. Home exudes elegance with a neutral palette, tons of natural light, chic light fixtures, and tile & plush carpet t/out. You'll love the formal dining room and the bright, open floorplan w/soaring ceilings! The gourmet kitchen boasts SS appliances, granite counters, a plethora of cabinetry, a pantry, an island, and a breakfast bar. Owner's bedroom is downstairs, offering an ensuite with dual sinks, a jetted tub, oversized shower, & two walk-in closets. A circular loft upstairs! Also including two large bedrooms, each equipped with an ensuite & a balcony w/beautiful golf course views. Outback, you have a covered patio for enjoying BBQ. Move-in ready!

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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 --

Charming and updated, this 3-bedroom, 2-bath home sits on a spacious .93-acre lot, offering plenty of room for expansion or customization. Over the past years, the home has seen significant upgrades, ensuring that the new owners can move in without needing to tackle any immediate projects. The property includes a 2-car garage, a fully covered patio, and a large open area perfect for your future plans. The home is also equipped with flood irrigation, a concrete fire pit, a small 4x6 shed, and a 12' gate providing access to the rear yard. Key updates include new windows (2019), exterior paint (2024), master bath renovation (2020), new flooring (2020), an HVAC system (2017), and a water heater (2018). No HOA, Irrigation, and Horse Property.

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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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