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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1954 E Missouri Avenue Phoenix, AZ 85016

$675,000

3 Beds

2 Baths

1,492 SqFt

Status Active

MLS # 6775008

Property Type Single Family Residence

Price Type --

Biltmore - 20th ST & Missouri Ave! Complete renovation of this red brick, 3 bedroom, 2 bath home situated an oversized 12,000 SF irrigated lot. This floor plan is a true entertainer's delight! The wall of glass is a beautiful transition to the outdoor living space surrounding a sparking pool nestled amongst mature fruit bearing citrus trees. The home boasts stained concrete floors, quartz countertops, re-finished cabinetry, new stainless appliances. Even a water softener! New recessed lighting and fixtures throughout the home. New garage door, entrance and interior doors, exterior gates and all fixtures. Flood irrigation keeps grass green year round for $150/yr! Panel upgrade. Treat yourself to a twilight sunset showing, views of Piestewa Peak are breathtaking.

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1600 W Ashley Way Flagstaff, AZ 86005

$675,000

3 Beds

2 Baths

1,612 SqFt

Status Active

MLS # 6775662

Property Type Single Family Residence

Price Type --

Step into this beautifully designed 3-bedroom tucked away among towering ponderosa pines on a private cul-de-sac of the desirable University Highlands neighborhood. The open-concept kitchen features elegant quartz countertops with a waterfall edge, maple cabinets, stainless steel appliances, and a breakfast bar. The kitchen seamlessly connects with the warm living room that has vaulted ceilings and a gas fireplace. The living room takes you to the spacious covered patio that sits high up in the trees giving you a sense of peace and privacy! This home has a split floor plan with the primary suite situated at the back of the house, complete with a private deck that gives backyard access. The large walk-in closet has custom built-ins and is well suited for your entire wardrobe. A luxurious primary bath has an executive height counter, dual vanity, and a shower with a trio of high-end fixtures. Did we mention there is a giant crawlspace that could easily be converted to a sizeable workshop? All this with no HOA and a close proximity to NAU, town and amenities.

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6506 W Bent Tree Drive Phoenix, AZ 85083

$675,000

4 Beds

3 Baths

3,131 SqFt

Status Active

MLS # 6776376

Property Type Single Family Residence

Price Type --

Welcome to your 4bed/3bath desert mountain paradise! Meticulously designed interior boasts a bright living room, formal dining room, & a large bonus room enhanced by bamboo flooring throughout, double-height ceilings, & windows that allow abundant natural light to flood the space. The designer farmhouse kitchen comes complete w/ recessed lighting, SS appliances, quartz counters, shiplap backsplash, RO system & gas stove. HUGE loft is ideal for an entertainment area or child's play room. Discover the main retreat, featuring a private balcony, an ensuite w/dual sinks, a soaking tub, & a walk-in closet. Enjoy peaceful mornings on the balcony w/mountain views & seasonal hot air balloons on this premium lot. The spacious backyard includes a covered patio, play area, natural grass, & a fire pit

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2713 S Hansen Drive Gilbert, AZ 85295

$675,000

4 Beds

2.5 Baths

3,255 SqFt

Status Active Under Contract

MLS # 6763057

Property Type Single Family Residence

Price Type --

Welcome to your dream home! With fresh paint and new flooring throughout, this beautiful 4 bedroom, 2.5 bath home is ready for you to move in and make it your own. Relax in the large gathering room with surround sound, perfect for movie nights or entertaining guests. The open layout flows seamlessly into the kitchen where you can enjoy new appliances, a large island for meal prep, and ample storage to keep everything organized. Enjoy a luxurious primary suite with a split vanity bathroom and large walk in closet. The upstairs second bathroom features double sinks and a separate shower room, perfect for busy mornings. The versatile bonus room is pre-wired for a movie room or can serve as a playroom, exercise room, or 5th bedroom. Step out to your backyard oasis with two covered patios, garden area and outdoor fireplace, perfect for year-round gatherings or cozy relaxation. Whether you're a DIY enthusiast or need extra storage, the amazing garage workshop area and slatwall storage system are the perfect blend of functionality and convenience. An office adds extra flexibility for work or leisure, while abundant storage throughout the home ensures everything has its place. Located in a coveted Gilbert community with two community pools and gorgeous parks, you're minutes away from upscale shopping, top rated schools and freeway access. Don't miss your chance to own this beautifully updated home with all the features you desire!

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15151 N 100th Way Scottsdale, AZ 85260

$675,000

3 Beds

2 Baths

1,691 SqFt

Status Active Under Contract

MLS # 6745447

Property Type Single Family Residence

Price Type --

[Motivated Seller] This charming single family Residence in Mirada at Scottsdale Horizon (subdivision) backs to the Central Arizona Project Canal and is surrounded by mature trees. Travertine tile floors and baseboards; laminate floors in great room off the kitchen; maple cabinets, granite tile countertops, stainless steel hardware, sink & appliances, open design kitchen with breakfast bar; large, master bath with soaking tub, (tumbled stone surround) and shower w/glass doors, dual vanities and two master closets. Sliding door to covered patio and extended seating area. Private back yard with mature landscaping and oleander trees along the perimeter.

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1239 E El Camino Drive Phoenix, AZ 85020

$675,000

3 Beds

2.5 Baths

2,110 SqFt

Status Active Under Contract

MLS # 6753465

Property Type Single Family Residence

Price Type --

Located on a cul-de-sac with NO HOA, this beautifully remodeled home offers thoughtful updates and is sure to impress! This stunning home has 3 bedrooms, 2.5 baths, and 2,110 sqft of modern living space, complemented by luxury vinyl flooring throughout. Upon entry, you'll discover a bright living room, a formal dining area, and a kitchen designed for both functionality and style. The gourmet kitchen is equipped with a farmhouse sink, soft-close white cabinetry, stainless steel appliances including a wine refrigerator, plus a breakfast bar perfect for entertaining or enjoying a casual meal. The spacious primary ensuite features a dual-sink floating vanity, a stylish tiled shower, and a large sitting area that can be transformed into your custom dream closet! Picture yourself by the sparkling pool, enjoying mountain views, and gathering with friends in the outdoor seating area. With an RV gate, you have all the space and freedom you need! Enjoy peace of mind with recent upgrades, including a brand-new AC unit, mini-split system, resurfaced pool, updated plumbing and electrical, re-stuccoed backyard walls, and a newer roof (2023)!

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17334 W Straight Arrow Lane Surprise, AZ 85387

$675,000

3 Beds

2.5 Baths

2,581 SqFt

Status Active Under Contract

MLS # 6762311

Property Type Single Family Residence

Price Type --

Welcome to your oasis in the Desert Oasis community! This exquisite home displays pride of ownership throughout and features an open concept living space designed for modern living and effortless entertaining. Natural light floods the area, accentuated by elegant plantation shutters throughout. Step into the beautiful backyard, where a stunning pool & putting green beckon for relaxation and fun under the sun. For the adventurous spirit, this property includes a spacious 40+ foot RV garage, perfect for storing all your outdoor toys. Additionally, a convenient 3-car tandem garage provides ample space for vehicles and extra storage. Rain gutters add to the immaculate condition. Experience the perfect blend of luxury and functionality in this exceptional home—your desert retreat awaits!

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16800 E El Lago Boulevard Unit 1031 Fountain Hills, AZ 85268

$675,000

2 Beds

2 Baths

1,898 SqFt

Status Active Under Contract

MLS # 6768081

Property Type Apartment

Price Type --

Welcome to the largest floor plan unit in beautiful Village at Towne Center! This single level home offers a walkway to the front entry as well as direct entrance from the 2 car garage. Priced to sell! Location, location, location right in the heart of Fountain Hills. So close to downtown, dining, shopping and many of the amazing events that happen in Ftn. Hills. Upon entering this stunning 2-bed/2-bath home including a spacious office offering the touch of French doors, you'll feel right at home! If you want comfortable living and enjoy entertaining you'll have the luxury of the outdoor patio. The kitchen is very roomy with all appliances, lots of cupboards, and granite counters. Step into the splendor of the primary suite, designed for relaxation. Featuring ample...see more space, a walk in closet, and an en-suite with granite counters. Beautiful tile flooring throughout the home. The large laundry room has a sink, and more cupboard space. This unit is close to the community heated pool, and a workout facility. The 2 TV's convey along with the primary bedroom set, sleigh bed, 2 end tables, lamps on end table, large dresser drawer at the foot of the bed, the table along the wall when you walk into the primary bedroom. The Livingroom couch will also convey along with the black office desk and the porch furniture. A must see home that won't last!

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21248 N 262nd Lane Buckeye, AZ 85396

$675,000

2 Beds

2.5 Baths

2,442 SqFt

Status Active Under Contract

MLS # 6767184

Property Type Single Family Residence

Price Type --

GOLF COURSE JOURNEY WITH CART GARAGE AND A SEPARATE ENTRY FOR GUEST SUITE IN THE FRONT OF THE HOME. A private courtyard leads to the custom entry door. Inside are tile floors throughout the living areas and carpeted bedrooms. Upgrades include Solar Panels, Custom Wood Media Wall, two sets of sliding doors to the extended patio, Built-in BBQ and more. See the list in the documents tab. But perhaps the most valuable: THE LOCATION and the VIEW.

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16420 N Thompson Peak Parkway Unit 1014 Scottsdale, AZ 85260

$675,000

2 Beds

2.5 Baths

1,640 SqFt

Status Active Under Contract

MLS # 6771851

Property Type Townhouse

Price Type --

Impressive remodeled townhome!! Located in a desirable McDowell Mountain Ranch gated community, this 2 BD/2.5 BA+ office end unit is absolutely beautiful! Light & bright this home boasts wood-like tile, great room w/vaulted ceilings & fabulous fireplace! Gorgeous kitchen w/quartz countertops, tile back splash, SS appliances, breakfast bar, large dining area & a built-in buffet! Great Rm looks out to a beautiful grassy area & covered patio, perfect for entertaining & enjoying wonderful AZ days! Laundry Rm, office, powder BA, plenty of storage & 2 car garage w/stained floors are all located on the main floor. Primary BD has a simply stunning remodeled bath including walk-in shower, soaking tub & accent wall. 2nd BA has also been tastefully updated! Come see this amazing home today!

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8100 E Camelback Road Unit 159 Scottsdale, AZ 85251

$675,000

2 Beds

2 Baths

2,191 SqFt

Status Active Under Contract

MLS # 6773444

Property Type Townhouse

Price Type --

Spacious 2191 sf. DETACHED 2BR/2Bath town home with 11x12 den is located in the prestigious Cameldale Guard Gated Community in the heart of Old Town Scottsdale. Its prime location is just 5 minutes to fine dining and shopping at Scottsdale Fashion Square, Scottsdale Waterfront. An active lifestyle beckons with 2 heated community pools & spas and tennis/pickleball court and Chaparral Park and Indian Bend Wash Bike Path are just a short walk away. Enjoy spring training games at 2 stadiums within a couple miles. The den, with a large closet and exit to back yard could easily become a third bedroom. Roof is being recoated with elastomeric coating & 5yr. warranty. Truly an Amazing Location and it's just waiting for the next owner's personal touches to create their lovely, private sanctuary

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664 W Nido Avenue Mesa, AZ 85210

New

$675,000

4 Beds

2 Baths

2,279 SqFt

Status Active

MLS # 6780718

Property Type Single Family Residence

Price Type --

You are going to fall in love with this stunning single-story home on a corner lot in the highly desired Rancho Del Mar community. The moment you step inside, you'll be greeted by spacious, light-filled main living areas, where carefully chosen finishes and a thoughtful open layout create an inviting atmosphere. New engineered white oak wood floors bring warmth to the space, complemented by craftsman-style three-panel doors with matte black hardware. Just off the kitchen you will enjoy a sitting area with a stunning fireplace with travertine stone and floating mantle. The kitchen is a dream, showcasing custom-crafted white oak cabinetry and an impressive island that serves as the heart of the home. Double ovens, stone backsplash and open shelving feature with a walk in pantry. The primary suite features custom-crafted cabinetry and a luxurious, walk-in shower, fully tiled and enclosed in glass. The hand crafted vanity with dual mirrors, tons of storage and tilt out laundry bins is absolutely perfect. Step outside to the expansive backyardan entertainer's paradise. The travertine patio, complete with a built-in BBQ and cozy firepit, provides ample space for hosting gatherings. The newly finished pebble pool with a Baja step and Pentair heater/cooler lets you enjoy Arizona's sunshine year-round. A generous 16x6 shed with a shingle roof also conveys, offering convenient outdoor storage. This large corner lot is landscaped and maintained to perfection. With a new roof, new a/c 2017, and extensive updates throughout, this home seamlessly combines modern luxury with timeless charm and has been updated from top to bottom. The icing on the cake is the popular non HOA community with one of the best Mesa locations.

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