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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614 W San Angelo Street Gilbert, AZ 85233

New

$699,900

4 Beds

2 Baths

2,437 SqFt

Status Active

MLS # 6783409

Property Type Single Family Residence

Price Type --

SOUGHT AFTER SILVERHAWKE NEIGHBORHOOD WITH THE MOST DESIRED FLOORPLAN...IMMACULATE & LOVED WITH MANY RECENT UPGRADES! SPLIT FORMAL LIVING/DINING ROOMS UPON ENTRY...UPDATED KITCHEN WITH GRANITE COUNTERS, STAINLESS APPLIANCES OVERLOOKS FAMILY ROOM! SPLIT MASTER W/GORGEOUS UPDATED BATH, OTHER BEDROOMS ARE GREAT SIZE ALSO WITH UPDATED BATH... DOUBLE DOOR DEN WITH CLOSET COUNTED AS A BEDROOM! STEP OUTSIDE TO YOUR BEAUTIFUL YARD WITH FENCED PEBBLE TEC POOL & PUTTING GREEN, WITH VIEWS! BRAND NEW WINDOWS & PATIO DOOR! HVAC NEW TOO (3 YEARS)! SOFT WATER & R/O! HOT WATER TANK 2.5 YEARS... THIS HOME IS TRULY REMARKABLE & THE MOST IMMACULATE YOU WILL FIND IN NORTHWEST GILBERT, HURRY!

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26841 N 14th Lane Phoenix, AZ 85085

$699,900

4 Beds

2 Baths

2,018 SqFt

Status Active

MLS # 6762621

Property Type Single Family Residence

Price Type --

This stunning home is nestled at the foot of a serene mountain preserve within the highly sought after master planned community of Fireside at Norterra. New AC unit and exterior paint. The fabulous interior showcases shutters, on-trend color palette, tile flooring in common areas, and wood floors in bedrooms. Versatile formal dining room and desirable great room w/pre-wired surround sound. The open-concept kitchen boasts SS appliances, granite counters, travertine backsplash, recessed & pendant lighting, pantry, wood cabinetry, and a prep island w/breakfast bar. Primary bedroom has an ensuite with dual sinks. You won't want to leave the backyard with breathtaking views of the Sonoran Mtn Preserve. Fireside amenities include community center with gym, pools, tennis, parks and much more Discover the spacious backyard, where tranquility meets outdoor living! It includes a firepit, an extended paver-covered patio, artificial turf, and a view fence for serene vistas. Fireside amenities feature a state-of-the-art community center that includes a gym, pools, tennis courts, parks, rock climbing wall, & much more. Enjoy endless recreation and relaxation just moments away! Wow, just WOW!

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1133 W Courtney Lane Tempe, AZ 85284

New

$699,900

4 Beds

2 Baths

2,055 SqFt

Status Active

MLS # 6776439

Property Type Single Family Residence

Price Type --

Wow! Sierra Tempe single level, 4 bedroom, air conditioned 3 car garage with resort backyard. Backyard includes pebble tech pool with grotto and spa, fireplace and built-in BBQ. Inside you will find full kitchen remodel with stacked cherry cabinets, granite counters, Bosch dishwasher and built-in microwave. Upgraded tile floors throughout entire home and soaring ceilings. Upgraded fixtures, fans, lighting and plantation shutters. Large master bedroom with fully remodeled bath, huge walk-in shower and large custom classy closet. Roof replaced in 2014, Owned solar, interior paint November 2024. 3 car garage has attic access and separate exit. Amazing location near Kyrene schools, shopping and freeway access. This Tempe home and location is perfect!

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7320 E Papago Drive Scottsdale, AZ 85257

$699,900

3 Beds

2 Baths

1,486 SqFt

Status Active

MLS # 6777989

Property Type Single Family Residence

Price Type --

Fantastic opportunity to own this impeccably updated 3-bedroom, 2-bath residence! You'll be delighted by the open floor plan boasting vaulted ceilings with exposed beams, recessed lighting, a soothing palette, and attractive wood-look flooring. The cozy family room includes a fireplace for relaxing evenings with loved ones. Cook delicious meals in the kitchen, equipped with sleek quartz counters, white shaker cabinets, pendant lighting, a stylish tile backsplash, SS appliances, and a peninsula with a breakfast bar. The main bedroom offers French doors that lead to the backyard and a private bathroom for added comfort. Unwind in the enchanting backyard, complete with a covered patio, a built-in BBQ for weekend grills, pavers, pristine artificial turf, and a sparkling pool. Make it yours!

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13384 W Red Range Way Peoria, AZ 85383

New

$699,900

4 Beds

3 Baths

2,098 SqFt

Status Active

MLS # 6783140

Property Type Single Family Residence

Price Type --

BETTER THAN NEW! Beautiful 4 bed 3 bath home in Vistancia. Stone Facaud & paver driveway welcome you to your new home. Inside you will find a Chefs kitchen with 42'' cabinets, granite counters, SS appl., pantry & island with breakfast bar. The primary suite has a large WI Closet, double sinks & private water closet. This unique floorplan offers a guest suite with it's own living room, bedroom, bath. & laundry. Its a ''home within a home''(Next Gen). The backyard is an Oasis with its gorgoes mountain views! Brick pavers, turf & a 20 person ''Spool'' with soothing fountain & bubblers. This one is a MUST SEE!!

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29257 N 50th Place Cave Creek, AZ 85331

New

$699,900

3 Beds

2 Baths

1,798 SqFt

Status Active

MLS # 6783921

Property Type Single Family Residence

Price Type --

This Cave Creek dream home offers the perfect blend of style and comfort. The stunning single-story layout is complemented by fresh exterior paint that invites you in. Inside, soaring ceilings and a corner fireplace with new tile and mantle create a welcoming atmosphere. The chef-inspired kitchen features brand-new cabinets, quartz countertops, and a stylish tile backsplash, ideal for effortless cooking and entertaining. The split floorplan ensures privacy, with the luxurious primary suite showcasing a freestanding tub and a tiled shower. Outside, enjoy a sparkling pool and a cozy firepit area, perfect for relaxing evenings under the stars.

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21769 E Domingo Road Queen Creek, AZ 85142

$699,900

5 Beds

3 Baths

4,481 SqFt

Status Active

MLS # 6616723

Property Type Single Family Residence

Price Type --

Nestled in the heart of Queen Creek, this stunning 5-bedroom, 3-bath residence boasts 4,481 sqft of elegant design and top-tier amenities. The main floor effortlessly houses the master suite and two additional bedrooms. Descend to a fully finished basement to uncover two large bedrooms ensuring privacy, making it perfect for guests or growing families. Enhancing its allure, the basement is not only pre-plumbed for an additional sink but also houses a kitchenette, full bathroom, and two storage rooms. The crowning gem is the full stadium seating movie/theater room, a paradise for film enthusiasts and ideal for family movie nights. Step outside and be captivated by an outdoor oasis tailor-made for Arizona's sunny disposition. Dive into the pristine, sparkling pool accentuated with a gr grand rock waterfall grotto. A built-in running water slide promises endless fun, making it the perfect summer escape. For those moments of relaxation or intimate gatherings, a serene gazebo amidst the backdrop of cascading water sets the mood. Located in the prestigious Queen Creek community, residents will enjoy proximity to top-rated schools, gourmet dining, shopping, and parks. While the neighborhood offers tranquility, it remains conveniently connected to all urban luxuries. This property isn't merely a residenceit's an elevated lifestyle. Secure your viewing today to experience this masterpiece in Queen Creek luxury.

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10053 E Seismic Avenue Mesa, AZ 85212

$699,900

3 Beds

2.5 Baths

2,462 SqFt

Status Active

MLS # 6698479

Property Type Single Family Residence

Price Type --

Welcome to your dream home in coveted Eastmark community! This stunning 3 bed, 2.5 bath residence boasts 2,462 sqft of modern luxury. Dive into relaxation with your own private pool or unwind on the covered patio. Built in 2018, it showcases contemporary finishes throughout. Enjoy the convenience of a 3-car tandem garage. Plus, indulge in all the perks of Eastmark living, from parks to community events. Don't miss out on this perfect blend of comfort and convenience!

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15975 W Montana De Oro Drive Surprise, AZ 85387

$699,900

6 Beds

4 Baths

3,362 SqFt

Status Active

MLS # 6701669

Property Type Single Family Residence

Price Type --

BIG PRICE CORRECTION!! READY FOR IMMEDIATE OCCUPANCY!! Brand New Home! This 6 br., 4 ba., (4 bed down, 2 up) 3 car garage home has all the designer touches. Truly move in ready. Features include, master down, SS appliances,, upgraded kitchen cabinets, deco tile back splash, Plank floor tile, window blinds, fans in all the rooms, 16' atrium doors, Surround sound, security system, front yard landscaping plus so many more exciting included features - 10' ceilings, 8' doors, granite tops in the kitchen, gourmet kitchen, garage service door, tank less water heater, and so much more.

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7912 S Millsite Drive Prescott, AZ 86303

$699,900

3 Beds

2 Baths

1,771 SqFt

Status Active

MLS # 6710729

Property Type Single Family Residence

Price Type --

Remodeled turnkey custom home with oversized deck, nestled in the pines; Hilltop perched view at 7000' elevation; Double Lot totaling 1.62 Acres; Borders Prescott National Forest; 13 miles from Downtown Prescott. Many new upgrades including: Tankless water heater 2022, Porcelain Tile 2018, Exercise/Flex room addition to remodeled laundry room 2023 (formerly a screened in porch). Previous laundry space off kitchen adds plenty of storage. Deck updated to Trex & patio roof (2009). Wood burning stove with a 3 wall Stacked Stone surround (2018). Kitchen features new Granite counters 2024 and all new appliances in 2021. 12k watt whole house generator 2022, (2) 2500 gal WT, 800g rain catchment. See complete features and updates in docs tab.

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8520 E Indianola Avenue Scottsdale, AZ 85251

$699,900

4 Beds

3 Baths

1,995 SqFt

Status Active

MLS # 6717359

Property Type Single Family Residence

Price Type --

This home has been completely redesigned with high-end style and efficient use of space. It features soft-close doors and drawers in the kitchen and all bathrooms, quartz countertops, contemporary lighting, and updated fans and fixtures throughout. Beautiful hand-scraped laminate floors are complemented by 12x24 modern tiles in the bathrooms, laundry, and hallway. Enjoy under-cabinet lighting in the kitchen, bathrooms, and living room, along with neutral paint and a custom accent wall in the spacious master bedroom. The master suite boasts a generous walk-in closet, and the three stunning bathrooms each showcase a unique design. An original vintage block fireplace adds character to the space. The dual master split floor plan offers privacy and convenience. This property boasts a large, pool-sized yard featuring pavers and a pergola, complemented by low-water-use and low-maintenance landscaping. The upgrades don't stop there; the HVAC system was replaced in 2018, the water heater was replaced in 2017, and dual-pane windows have been installed throughout. Rest easy knowing this home is fully permitted.

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1437 W Iris Drive Gilbert, AZ 85233

$699,900

4 Beds

2 Baths

2,282 SqFt

Status Active

MLS # 6725877

Property Type Single Family Residence

Price Type --

Motivated seller. This home has had over $100K in renovation/remodel work completed. The list of renovations and repairs include all new upgraded cabinetry (furniture grade plywood construction), self/quite closing in the kitchen and baths. New quartzite counter tops. A built in entertainment area with beverage refrigerator and accent lighting. A large spa like walk in shower in the primary bath. New flooring in the bedrooms and kitchen. The entire home has been painted. New light fixtures and ceiling fans. New sinks, faucets. Outdoor improvements include a Rebuilt pool surface and pool equipment. New lighting and patior ceiling fan. A new roof. New irrigation valves and timers.

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