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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7228 E Crimson Sky Trail Scottsdale, AZ 85266

$692,500

2 Beds

2 Baths

1,734 SqFt

Status Active

MLS # 6752863

Property Type Townhouse

Price Type --

GORGEOUS FURNISHED VILLA IN WINFIELD RESORT COMMUNITY available turn key, furniture, kitchenware, linens. This 2 bedroom + office/den Moondance floor plan features great room living, expansive kitchen that opens to the great room w/ a gas fireplace. The kitchen has newer appliances and a breakfast bar. The back patio has incredible VIEWS to Black Mountain, an elevated patio, canterra stone water fountain, fireplace, bar- b-que, mature desert landscape and saltillo tile. Inside you will find a warm and cozy SouthWest design, an office/den that can work as a temporary third bedroom w/ a pull out couch. Winfield offers resort style Clubhouse w/ community heated pool, therapy spa, 8 tennis courts (2 clay), pickleball courts, fitness center, hiking & biking trails, and many social programs.

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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 --

Last opportunity to own a Tri Pointe Home in Madera, featuring a remarkable, new, two-story home loaded with designer selections. The kitchen has a gourmet appliance package with 30'' gas cooktop and wall oven, a 12' center pull sliding glass door, concrete gray honed countertops. custom backsplash, upgraded Delta touch faucet in matte black, Benton birch burlap cabinets with upgraded knobs, and more! Other highlights include a Diamond super single bowl sink in Cinder, a frameless walk-in shower with tile surrounds, a downstairs en-suite with a walk-in shower, upgraded stainless steel plumbing fixtures and rectangle sinks at all baths, upgraded maple mission stained stair rail, 2 inch faux wood blinds throughout, upgraded interior paint in Snowbound, and square drywall corners.

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26428 N 22nd Avenue Phoenix, AZ 85085

$692,045

3 Beds

3.5 Baths

2,272 SqFt

Status Active

MLS # 6775288

Property Type Single Family Residence

Price Type --

Inventory home under construction with estimated completion in late 2024 . Our Serene Plan 491 features an open-concept great room, kitchen, and dining area, a spacious utility room and den downstairs, and private outdoor veranda. Upstairs, there are 3 bedrooms, including an owner's suite, with an expansive walk-in closet and 2 full baths. This home is professionally designed with quartz countertops in the kitchen and owner's bath, wood look tile floors, upgraded carpet and pad, gas cooking, and satin nickel faucets and hardware. The Retreat collection at Union Park features multiple parks, community pool, and rec center. Conveniently located with quick access to schools, shopping, restaurants, all the conveniences of urban living.

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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 --

Enjoy elegance and tranquility in this Lakepoint townhouse. Remodeled in 2012, new roof in 2023, freshly painted outside 2024. A quaint community of 25 townhouses in a cul-de-sac. 3 bedrooms upstairs, 1 full guest bath, 3/4 bath in primary, & a half bath downstairs, AC, forced air gas heat, composite deck, engineered hard wood flooring in entryway, living room, and loft, with tile flooring in kitchen & upstairs baths, with carpeting in all bedrooms. Plantation shutters on most windows with plenty of windows to allow the abundant Arizona sunshine in.

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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 --

Welcome home to the popular Martina floorplan. This home welcomes you with an inviting courtyard, inside you'll find a split floorplan with 3 generously sized secondary bedrooms and walk in closets, a retreat in nestled in between these secondary bedrooms to use as an office, den, playroom or second living space. This home is architecturally upgraded with a gourmet kitchen, owners bath oasis featuring a drop in soaking tub, and a 12 foot center sliding glass door drawing you into the backyard. Designer features create a clean and timeless feel, such as warm wood plank tile flooring, neutral light gray colored cabinets, bright white subway backsplash and quartz countertops to finish off this highly upgraded home.

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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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8620 E Northland Drive Scottsdale, AZ 85251

$690,000

3 Beds

2 Baths

1,290 SqFt

Status Active

MLS # 6739219

Property Type Single Family Residence

Price Type --

Experience the charm of this delightful 3-bedroom, 2-bath home situated in the historic district of Scottsdale. This inviting residence boasts elegant tile flooring throughout, modern stainless steel appliances, and stylishly updated countertops. Spacious backyard with RV gate, and covered back patio! Ideally located near the 101 freeway, downtown Scottsdale, and a variety of shopping and dining options, this home combines historic character with contemporary convenience.

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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 --

Discover the charm of this newly UPDATED, single-level townhome featuring spacious rooms & a 2 car garage, perfect for a second home retreat or year-round living. Step into a modern oasis with BRAND-NEW kitchen cabinets, counters, fixtures, lighting, a NEW AC unit, new carpeting throughout & more. The family room is a cozy haven with its wood-burning fireplace & vaulted ceiling, creating an inviting & open atmosphere. Spend your evenings unwinding on the private covered patio w/beautiful outdoor lighting to add to the ambiance. This GATED community features nice amenities: heated pool, spa, & tennis court. Centrally located near UPSCALE shopping, FINE dining, & SCENIC outdoor recreation paths, find your dream lifestyle here! Can be purchased FURNISHED w/ separate bill of sale.

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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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2608 E Elk Run Court Payson, AZ 85541

$690,000

2 Beds

3 Baths

1,484 SqFt

Status Active

MLS # 6773123

Property Type Single Family Residence

Price Type --

Single Level, NO STEPS !! Built In 2013 ,FULLY FURNISHED Two Split Master Suites Both With Stunning Views Of The Forest. Open Great Room Floor Plan With Vaulted Ceilings And A Stone Fireplace. The Rear Yard Backs To A 10 Acre Park Setting Of Tall Ponderosa Pine Trees And Lush Green Grass All Maintained By The Golf Club Owner. Scraped Hickory Wood Floors In The Great Room Along With 8 Ft. Tall Stained Knotty Alder Doors Thru Out & Matching Knotty Alder Cabinetry Give This Home A Feeling Of Rustic Elegance. Granite Tops, Ceramic Tile Walk In Showers And Large Walk In Closets In The 2 Master Suites Provide You With All The Comforts You Expect. A Powder Room For Your Guests And A Walk In Utility Room Provide Great Fashion & Function. The Attached 2 + Car Garage Has Room For Your Golf Cart . Additional Storage Needs Are Provided By Way Of The Pull Down Attic Stair System With A Large Plywood Floor Storage Space . Walking Distance To The 1st Tee , Golf Practice Facility , Clubhouse Dining & Lounge. Low Maintenance Exterior Concrete Siding. Extremely Well Insulated Walls, Ceilings And Windows Help Keep Utility Bills Affordable. Words Cannot Properly Describe This Offering, Please Come See For Yourself!

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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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