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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22514 E Saddle Court Queen Creek, AZ 85142

$692,089

5 Beds

3.5 Baths

3,340 SqFt

Status Active

MLS # 6773965

Property Type Single Family Residence

Price Type --

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$692,045

3 Beds

3.5 Baths

2,272 SqFt

Status Active

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Property Type Single Family Residence

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1020 N Lakepoint Way Flagstaff, AZ 86004

$690,999

3 Beds

2.5 Baths

2,028 SqFt

Status Active

MLS # 6771472

Property Type Townhouse

Price Type --

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44619 N 44th Drive New River, AZ 85087

$690,792

4 Beds

2.5 Baths

2,745 SqFt

Status Active

MLS # 6756292

Property Type Single Family Residence

Price Type --

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5100 E Rancho Paloma Drive Unit 2070 Cave Creek, AZ 85331

$690,000

3 Beds

2 Baths

2,074 SqFt

Status Active

MLS # 6772385

Property Type Apartment

Price Type --

Nestled in the secluded luxury enclave of Rancho North Condos, this exquisite FULLY FURNISHED 3 bedroom, 2 bathroom corner unit on the upper level offers unparalleled elegance and comfort. EVERYTHING IS INCLUDED except the vehicle in the garage!! Step inside and be greeted by the spacious open concept floor plan, adorned with soothing neutral tones and wood-like plank tile flooring in all the right places. The bright and airy great room features a double glass slider leading to the desirable balcony, where you can relax and enjoy views of the courtyard and distant resort-style community pool, all with the convenience of automated shades. The chef's eat-in kitchen is a culinary delight, boasting top-of-the-line stainless steel appliances, including a gas cooktop, elegant white cabinets, gorgeous granite countertops, and an oversized center island with a breakfast bar. Entertain guests effortlessly in the adjoining dining area and great room. Retreat to the primary suite, offering a lavish ensuite bathroom with dual sinks, a glass-enclosed walk-in shower with custom tile surround, private toilet, and a large walk-in closet. Two spacious secondary bedrooms, one currently being used as a game room, and a full guest bath provide ample space for family or guests. Convenience meets luxury with the well-equipped laundry room, complete with cabinets and a utility sink, and the attached 2-car garage featuring an exotic epoxied floor and plenty of built-in storage cabinets. Located within the highly desired Cave Creek Unified School District, this residence offers not just a home, but a gateway to spectacular mountain and Sonoran desert views. Nearby, you'll find world-class shopping, golf courses, hiking trails, horseback riding, and a variety of outdoor recreation opportunities. Community amenities abound, featuring a resort-style pool and spa, shade structures, barbecues, scenic walking paths, and a fitness center. Experience the epitome of luxury living at Rancho North Condos. Seller is motivated and will consider all offers!

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3058 E Spring Wheat Lane Gilbert, AZ 85296

$690,000

3 Beds

2 Baths

1,694 SqFt

Status Active

MLS # 6738556

Property Type Single Family Residence

Price Type --

This beautifully sought after Warner Groves at Morrison Ranch residence is an upgraded 3-bedroom, 2-bathroom home that offers a perfect blend of modern upgrades and comfortable living. As you step inside, you'll immediately notice a warm and inviting atmosphere. There is a massive amount of storage everywhere. You will love the gourmet kitchen that includes cappucino stained Maple staggered cabinets, granite counters and backsplash, and stainless appliances. The bedrooms are cozy with like new carpeting, while the rest of the home features tile flooring. The primary bedroom boasts a huge walk-in shower and closet. The perfect entertaining backyard boasts with a large built-in BBQ, bar area, pergola, relaxing firepit, and putting green. Located in the highly rated Highland School District You'll also appreciate the convenience of being close to freeways, shopping, and top restaurants at the Epicenter at Agritopia. Don't miss out on this exceptional home in Warner Groves at Morrison Ranch. Schedule a showing today and experience all it has to offer!

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7228 E Buena Terra Way Scottsdale, AZ 85250

$690,000

2 Beds

2 Baths

1,620 SqFt

Status Active

MLS # 6756177

Property Type Townhouse

Price Type --

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4321 E Desert Sky Court Cave Creek, AZ 85331

$690,000

4 Beds

3 Baths

2,412 SqFt

Status Active

MLS # 6776147

Property Type Single Family Residence

Price Type --

Beautiful family home (or rental) in gated community of Dove Valley Ranch. Enjoy the private resort style backyard backing to a wash, covered patio, sparkling pool with water fall and hot tub. Interior features wood laminate flooring, carpeting in 2 bedrooms. Stone Creek built in desks & Murphy bed for your home office. Granite kitchen counters, stainless steel appliances & beautiful chandeliers, vaulted ceilings with beautiful CROWN MOLDING in all the right places. Enjoy golf in the public golf courses of Dove Valley Ranch. Leased SOLAR PANELS. Built in garage cabinets. New Water heater 2022. equipment on built in desks is for the solar panel.

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13051 W Big Oak Street Peoria, AZ 85383

$690,000

2 Beds

2 Baths

2,193 SqFt

Status Active

MLS # 6777668

Property Type Single Family Residence

Price Type --

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1925 Crossroads -- Prescott, AZ 86305

$690,000

3 Beds

2 Baths

1,950 SqFt

Status Active

MLS # 6779040

Property Type Single Family Residence

Price Type --

Experience unparalleled beauty and privacy in this custom-remodeled 3 Bedroom/2 Bath Forest Trails retreat, where nature's artistry surrounds you. Nestled among majestic boulders and lush, mature landscaping, this corner-lot sanctuary is bathed in natural light from expansive windows, creating a warm, inviting ambiance in every room. Several updates throughout ensure modern comfort such as stainless appliances, TREX decking, AC, Security System, Anderson Vinyl Windows, & newer interior & exterior paint, while connecting you to the tranquil outdoors. Embrace the unique fusion of luxury and nature—your private oasis awaits, a perfect balance of serene seclusion and striking beauty.

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11291 E Jenan Drive Scottsdale, AZ 85259

$690,000

3 Beds

2 Baths

1,566 SqFt

Status Active

MLS # 6782108

Property Type Single Family Residence

Price Type --

Don't miss this gorgeous and TOTALLY remodeled home situated on a dreamy low-maintenance lot with a pool! Soaring ceilings and an open floor plan are just the beginning. A true chef's kitchen features high-end stainless steel appliances and luxurious quartz countertops, white shaker cabinetry and a new kitchen island! This stylish home has it all... including cozy brick, natural wood-burning fireplace, wood-plank tile flooring, an energy-efficient Air Conditioner (2023) a NEW roof (2023)! The resort-quality primary suite boasts an opulent 16' tall custom marble & subway tile shower. It also flaunts new vanities, water conserving plumbing fixtures and a separate entry to luxurious backyard. Totally-remodeled and ready to delight the pickiest of buyers. Prime N/S exposure. Great location!

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8615 W Palo Verde Drive Glendale, AZ 85305

New

$690,000

3 Beds

2.5 Baths

2,725 SqFt

Status Active

MLS # 6782588

Property Type Single Family Residence

Price Type --

Welcome to this exquisite home in a prime location, just seconds from the Westgate, State Farm Stadium, Gila River Arena, and the freeway. With its stunning curb appeal and open floorplan adorned with wood plank tile flooring, this home exudes warmth and welcome. The kitchen is a chef's dream, boasting an abundance of cabinets, a large island, a gas stovetop, a wall oven, a single basin sink, under-cabinet outlets, and a generously sized pantry. The spacious primary suite is bathed in natural light, creating a serene and tranquil atmosphere. The ensuite bathroom features a dual vanity, an oversized shower, walk-in closet, combining elegance, comfort, and convenience. The moment you walk through the door, you'll be captivated by the sheer spaciousness and design of this home!

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