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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3784 E Wisteria Drive Chandler, AZ 85286

$690,000

3 Beds

2 Baths

2,106 SqFt

Status Active

MLS # 6747042

Property Type Single Family Residence

Price Type --

Step into a world of luxury with this better-than-new 3-bedroom, 2-bathroom masterpiece located in one of Chandler's most coveted neighborhoods. From the moment you enter, you'll be captivated by the modern elegance and thoughtful design that defines this home. The heart of this residence is its stunning kitchen, a true culinary haven. Adorned with custom cabinetry and polished granite countertops, this space is both a chef's dream and an entertainer's delight. The kitchen seamlessly flows into the expansive great room, where a sophisticated fireplace serves as the perfect focal point for cozy Arizona winter nights. Designed with privacy and comfort in mind, the split floor plan features a master suite that is nothing short of spectacular. Indulge in the spa-like master bathroom, complete with a spacious walk-in shower, a chic makeup vanity, and a walk-in closet that will leave you in awe. The beauty of this home extends to the outdoors, where a massive sliding door in the great room leads to your private oasis. Enjoy Arizona's beautiful weather in your pebbletec pool, surrounded by low-maintenance turf, making this backyard as functional as it is beautiful. This home also boasts a rare 3-car tandem garage, offering ample space for your vehicles, storage, or even a home gym. Whether you're looking for your forever home or a savvy investment, this Chandler gem seamlessly blends style, comfort, and practicality. Don't miss the opportunity to make this exceptional property your own!

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30605 N 25th Drive Phoenix, AZ 85085

$690,000

4 Beds

3 Baths

2,118 SqFt

Status Active

MLS # 6772704

Property Type Single Family Residence

Price Type --

This exceptional single-level home is situated on a prime lot with stunning mountain views. Offering 4 spacious bedrooms, an office, and 3 bathrooms, this residence is the epitome of luxury living. The backyard boasts a PebbleTec pool with a water feature, a travertine patio, and a built-in BBQ, ideal for entertaining. Builder upgrades include a 3-panel sliding door, custom kitchen cabinetry, walk-in showers in both the guest and primary baths, and a well-appointed laundry room. Additional features include an EV charger in the garage, a water softener, and more. A perfect blend of elegance and comfort.

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16205 W Berkeley Road Goodyear, AZ 85395

$690,000

4 Beds

3 Baths

3,063 SqFt

Status Active

MLS # 6732622

Property Type Single Family Residence

Price Type --

Nestled in a tranquil neighborhood, this exquisite 4-bedroom, 3-bathroom property sits on a generous 9,100 sq ft lot. Enjoy ample space with large bedrooms and beautifully designed bathrooms. Whip up culinary delights in your spacious gourmet kitchen featuring double ovens, granite countertops, a gas cooktop, and a convenient kitchen island. Relax in the cozy family room or get some work done in the versatile office/den. Host gatherings in style with a charming courtyard and plenty of outdoor space for entertainment. Designed for maximum privacy and comfort, the split floor plan ensures everyone has their own space. This home combines comfort with functionality to meet all your needs.

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8127 E Columbus Avenue Scottsdale, AZ 85251

$690,000

3 Beds

2 Baths

1,437 SqFt

Status Active

MLS # 6738892

Property Type Single Family Residence

Price Type --

Charming 3 bed, 2 bath with 1-car garage home in the heart of Downtown Scottsdale! This property features tile flooring and natural light throughout! Great kitchen with modern stainless steel appliances, granite countertops, and plenty of cabinet and countertop space! The main bedroom includes a private bathroom and a spacious closet! Large fenced backyard and covered patio that's great for entertaining!

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14042 N 44th Street Phoenix, AZ 85032

$690,000

4 Beds

2 Baths

1,937 SqFt

Status Active

MLS # 6744174

Property Type Single Family Residence

Price Type --

Discover this 4-bedroom gem just 2 minuets from PV Reimagined, Costco, Target, and more. Step inside to find tile flooring throughout and a soothing color palette that creates a tranquil ambiance. Spacious living room flows seamlessly into the great room, highlighted by a stone-accented fireplace, perfect for cozy evenings. Kitchen is a chef's delight, equipped with stainless steel appliances, white cabinets, granite counters, and a peninsula with a breakfast bar. Retreat to the main bedroom, offering direct backyard access and a private bathroom with dual sinks and unique glass block shower walls. The expansive backyard is an oasis with a covered patio, play area, and a fenced-in pool, ideal for entertaining and relaxation. Make this stunning home yours today List of 44th st home updates or improvements: 2019 - Dishwasher and Hot water heater replaced 3/10/21 - Installed new American standard HVAC July 2023 - Installed new luxury vinyl flooring in all bedrooms 3/29/24 - Full roof and vent replacement 6/2/24 - Exterior painted

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7769 Emily Way Flagstaff, AZ 86004

$690,000

3 Beds

2 Baths

2,053 SqFt

Status Active

MLS # 6746120

Property Type Single Family Residence

Price Type --

MILLION DOLLAR UNOBSTRUCTED VIEWS! Welcome to this sprawling 2.5 acre lot featuring animal facilities, raised garden beds, and more! This property has been meticulously cared for and boasts new exterior and interior paint. The 4-car garage is perfect for a workshop or car enthusiasts alike. The home features 3 bedroom and TWO bonus rooms. The living space offers large windows that frame the San Francisco Peaks. Doney Park is known for its expansive landscapes, this area offers a unique blend of country living with proximity to the amenities of Flagstaff. Residents here. enjoy stunning views of the San Francisco Peaks, access to outdoor activities like hiking, biking, and horseback riding.

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3651 E Donato Drive Gilbert, AZ 85298

$690,000

6 Beds

5 Baths

3,575 SqFt

Status Active

MLS # 6751629

Property Type Single Family Residence

Price Type --

A spacious 6-bedroom, 5-bath home with 10' flat ceilings is located on a quiet street near Bridges Elementary School. This two-story residence offers a perfect blend of style and comfort. The main floor includes a guest suite with a private bath, another bedroom and bath, a formal dining room, and a gourmet kitchen featuring granite countertops, an island, and a large pantry. The bright family room with high ceilings opens to a low-maintenance backyard with a covered patio. Upstairs, the master suite features a walk-in closet, dual sinks, and a soaking tub. Four additional bedrooms, including two with a Jack and Jill bath, along with a loft and laundry room, complete the upper level. Ample storage, a built-in desk area, and a well-designed layout make this home move-in ready!

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14052 N 58th Street Scottsdale, AZ 85254

$690,000

3 Beds

2 Baths

1,408 SqFt

Status Active

MLS # 6760918

Property Type Single Family Residence

Price Type --

MOTIVATED seller offers this recently updated and customized home on an oversized lot backing and siding to maintained washes. Interior of home is light and bright with an open kitchen with large breakfast bar that opens to a great rm floorplan. Granite counters in kitchen and baths, tons of recessed lighting, solar tubes and plank flooring thru-out. Outside offers classy wrap around covered patios with auto shades plus a separate patio with private hot tub! An amazing cooled and heated 345 sq ft 3rd car garage or workshop w/casita potential is accessible thru a breezeway to main house. Rv gate w/electric opener for your toys plus two customized storage sheds. See document section for more update/upgrade information. No expense spared evident throughout this special home!

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4741 N Scottsdale Road Scottsdale, AZ 85251

$690,000

1 Bed

1 Bath

2,790 SqFt

Status Active

MLS # 6772432

Property Type Apartment

Price Type --

An AMAZING opportunity for first floor executive living in Safari Condominiums. Building G ground floor - This is the only unit that has not been built out. Previously zoned for commercial space, it has just been re-zoned for residential use! Here's that perfect space to create your dream 1, 2 or 3 bedroom home with the perfect shell of tall ceilings, concrete, floors, glass and steel construction. This condo has 2 designated parking spaces with EV outlets at both. Safari has all kinds of amenities to enjoy including two pools, fitness center, BBQs, fire pits, and more. You can have all this and it's just steps from the canal, bike paths Fashion Square, award winning restaurants, art galleries and all the Old Town Scottsdale has to offer.

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41319 N River Bend Road Phoenix, AZ 85086

$690,000

3 Beds

3 Baths

2,038 SqFt

Status Active

MLS # 6778560

Property Type Single Family Residence

Price Type --

Welcome to your dream retreat in the Anthem Country Club! This stunning home features breathtaking mountain & golf course views from every window, making it a true desert oasis. With the HVAC in both the main house and guest casita replaced in 2022, this property offers comfort & efficiency year-round.The spacious, well-appointed kitchen is perfect for preparing meals or hosting gatherings, with an open-concept design that flows seamlessly into the living area, highlighting the serene backyard views.Step outside and enjoy dining al fresco while taking in magnificent sunsets, and relax by the cozy beehive gas fireplace. The detached casita provides a private space for guests, enhancing the home's versatility and charm. Don't miss this opportunity to live the country club lifestyle.

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4072 E Yucca Street Phoenix, AZ 85028

$690,000

3 Beds

2 Baths

1,912 SqFt

Status Active Under Contract

MLS # 6753091

Property Type Single Family Residence

Price Type --

Beautiful single level home nestled on quiet street in coveted Phoenix location. Charming curb appeal greets you upon arrival at this meticulously maintained property that rests on a prime oversized lot. Stroll through private courtyard into inviting entry of this light & bright residence that features gorgeous LVP flooring and fresh carpeting throughout. Kitchen boasts granite counters, newer cabinetry, and SS appliances. Sensible floor plan with formal dining space, game room/den, & great room with slider that opens to exterior for easy indoor/outdoor lifestyle. Low maintenance backyard is an entertainers dream with covered patio & sparkling pebble tec pool. Longtime owners have made all the updates including newer dual pane windows & a whole home water filtration system. Prime location surrounded by shopping, dining, golf, and the upscale PV Mall redevelopment project. Steps to Cholla Cove Park and easy freeway access. Additional upgrades/bonuses include 2 car garage, all new irrigation, RV gate, shed, and fresh interior/exterior paint. A true gem of a property waiting for new owner!

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2682 E Dublin Street Gilbert, AZ 85295

Open House

$690,000

4 Beds

2.5 Baths

3,308 SqFt

Status Active

MLS # 6768599

Property Type Single Family Residence

Price Type --

Seller may consider buyer concessions if made in an offer. Welcome to your dream home, beautifully updated with a fresh interior and exterior paint in a neutral color scheme. The kitchen is a chef's delight with a center island, accent backsplash, and a walk-in pantry for ample storage. Retreat to the primary bedroom featuring a walk-in closet and double closets for all your storage needs. The primary bathroom is a spa-like oasis with double sinks and a separate tub and shower. Outside, enjoy a covered patio perfect for outdoor dining and a fenced-in backyard for privacy. This home has also undergone partial flooring replacement, enhancing its modern appeal. Don't miss this rare opportunity to own a home that combines style, comfort, and functionality.

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