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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3165 E Indigo Bay Drive Gilbert, AZ 85234

$674,950

4 Beds

2 Baths

2,274 SqFt

Status Active

MLS # 6765310

Property Type Single Family Residence

Price Type --

Located in a desirable Gilbert neighborhood, this spacious 4-bed, 2-bath home is a perfect blend of style, comfort, and functionality. Set on a North/South-oriented lot with no rear neighbors, enjoy peace and privacy along with stunning features inside and out. Step into an open-concept living and dining area with vaulted ceilings that create an airy and inviting atmosphere. The gourmet kitchen is a chef's dream, complete with granite countertops, stainless steel appliances, a walk-in pantry, and a center island perfect for meal prep and casual dining. The split floor plan offers maximum privacy, with the primary suite featuring a cozy sitting area, direct access to the backyard, and a luxurious en-suite bathroom. The spacious backyard is an entertainer's paradise.

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29408 N 244th Drive Wittmann, AZ 85361

$674,950

5 Beds

2 Baths

3,100 SqFt

Status Active

MLS # 6773790

Property Type Single Family Residence

Price Type --

Remodeled custom home on premium corner lot. No HOA. Large lot that can accommodate guest quarters, RV storage, pool, or horse set up. Mountain views. Tiffany style chandelier in foyer. Archway with wood Vega poles. 3 skylights create light & bright interior. Stainless appliances. Large pantry. Master bathroom with freestanding shower, tub, & walk in closet. Laundry room with custom cabinets & built in wine cooler. Energy saving synthetic stucco. $Priced below appraisal(see doc tab).

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15221 N Clubgate Drive Unit 1141 Scottsdale, AZ 85254

$674,900

2 Beds

2 Baths

1,401 SqFt

Status Active

MLS # 6666784

Property Type Townhouse

Price Type --

! BACK ON MARKET newly PAINTED upgrade MAY 2024. MOVE IN READY Kierland Greens condo. This roomy 2-bed, 2-bath condo delivers lots of natural light. Large & bright living room with top of the line travertine flooring, crown molding & plantation shutters. Beautiful granite countertops in kitchen with a convenient pantry, stainless steel appliances, and plenty of cabinet space. Primary bedroom provides a private bathroom with dual sinks, a soaking tub, and an enclosed glass shower. Situated near all the action of Kierland Commons, Scottsdale Quarter and stunning golf courses. Easily get your steps in while having fun! Kierland Greens has all the beautiful ammenities one would expect. Very low turnover in this community. Beautifully maintained complex with pool and gym. Make it yours!

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3438 W Little Hopi Drive Phoenix, AZ 85086

$674,900

3 Beds

2 Baths

2,423 SqFt

Status Active

MLS # 6771166

Property Type Single Family Residence

Price Type --

Desirable corner lot with gorgeous shade trees, paver driveway and an RV gate. Large 2423 square foot single level floor plan with a dedicated den off the entry, a large formal dining area and a spacious kitchen with a diagonal island opening to the family room. Great master suite with all the amenities. Lots of storage space throughout. Large laundry room with space for an extra frig or freezer. Neutral color paint and carpet. All appliances included. Private backyard with a large patio for entertaining and a sparkling pool.

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20447 N 266th Avenue Buckeye, AZ 85396

$674,900

2 Beds

2 Baths

2,323 SqFt

Status Active

MLS # 6771161

Property Type Single Family Residence

Price Type --

Welcome to this Copper Canyon Golf Course Home with expansive Mountain Views. The popular FIESTA model is located in the heart of Sun City Festival, near the Sage Rec Center, Golf Pro Shop & Indigo Grill. This 2,323 sqft home sits on an elevated 9,200 sqft lot. Enter the private courtyard and discover an open floor plan with 10' ceilings showcasing tile floors w/marble inserts. The Chef's dream kitchen offers cherry cabinets, granite countertops, kitchen island, 5 burner gas cooktop, SS appliances & breakfast nook. After a day of fun in this active 55+ community, retire to your large Owner's Suite w/patio doors, spacious ensuite w/dual vanities, tiled shower, soaking tub & roomy closet w/custom built ins. This home is truly an entertainer's delight w/extended paved patio, built in BBQ firepit & LUSH GOLF COURSE BACKDROP. Both interior & exterior were recently painted & new HVAC was installed in 2021. The 3 Car garage w/built in storage; large laundry room w/sink & leased solar complete the package for a perfect Desert Oasis.

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1243 N Ambrosia -- Mesa, AZ 85205

$674,900

5 Beds

4 Baths

3,097 SqFt

Status Active

MLS # 6776563

Property Type Single Family Residence

Price Type --

stunning 5 bedroom 4 bathroom completed updated rare basement home with pool. this rare home boasts ample living space, professional designer touches and remodeled by licensed contractor. owner agent with fast answers. home is also available for rent or lease purchase.

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1331 S Illinois Court Chandler, AZ 85286

New

$674,900

4 Beds

2 Baths

2,334 SqFt

Status Active

MLS # 6779533

Property Type Single Family Residence

Price Type --

Check out this lovely home in PRIME CHANDLER LOCATION! This single level, 2334 sf, 4 bedroom home offers about everything you could possibly need. Open concept floorpan, eat-in kitchen featuring stainless steel appliances, granite countertops, island w/ barstool seating, walk-in pantry and breakfast nook. Primary suite includes soaking tub, separate walk-in glass shower, and large walk in closet. This home sits on a nice cul-de-sac lot and is a great home for entertaining! East facing backyard has pebble-tec pool, built-in BBQ w/ bar seating, and mini fridge and covered patio with misting system and speakers. Charming curb appeal with paver slab for additional parking at RV gate and slab behind gate for all your toys! Garage features epoxy floors, built-in cabinets with workbench, and storage racks. All around GREAT HOME and Chandler Excelling Schools.

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1715 S Hardy Drive Tempe, AZ 85281

$674,900

4 Beds

2 Baths

1,858 SqFt

Status Active

MLS # 6712585

Property Type Single Family Residence

Price Type --

This property is perfect for either an active STR or as a fully-furnished move-in ready home. The previous owners made over $58,000 in improvements, including new exterior siding, pool resurfacing, pool heater and automation, panel installation, replacement of old Orangeburg sewer line, new washer and dryer, new pool pump, back yard landscaping with high quality turf installation & rock in front. They also added over $55,000 worth of home furnishings and accessories. Whether you are looking for an STR opportunity or a new home, this property is move-in ready, with access to Tempe and South Scottsdale sports, dining and entertainment.

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3040 Hoskinini Circle Prescott, AZ 86305

$674,900

3 Beds

3 Baths

3,288 SqFt

Status Active

MLS # 6722206

Property Type Single Family Residence

Price Type --

Welcome to this inviting home, nestled on a secluded ½ acre homesite in the Tonkawa neighborhood. Surrounded by mature pine trees, this property offers a sense of tranquility and privacy. A gated circular drive leads you to this split-level entry home, ideal for multi-generational living with separate living spaces and entrances all under one roof. The main level boasts a formal living room with large picture windows that bathe the space in natural light, centered around a charming brick-surround gas fireplace. The kitchen is a chef's delight, featuring gleaming granite counters, pendant lighting, a tray ceiling, breakfast bar, and an adjacent dining area. The master suite offers gorgeous wood floors, two closets, a full bath & an adjoining sitting room/office, creating a serene retreat. Additionally, the enclosed 14' x 10' Arizona room (not included in the square footage) provides flexible space for your needs. The lower level, currently configured as two apartments each with its own private entrance, features two bedrooms, two bathrooms, a family room, a full kitchen, and ample storage space, making it perfect for extended family or rental income. Step outside to enjoy the park-like backyard, which has hosted numerous weddings thanks to its picturesque setting. The outdoor area includes a spacious back deck, private patio, garden area, detached 2-car garage, large shed, and plenty of room to relax or entertain. Meticulously maintained over the years, all three buildings received new roofs in early 2024. Don't miss the chance to own this elegant, functional, and naturally beautiful property, offering endless possibilities for multi-generational living or investment.

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22324 N 102nd Avenue Peoria, AZ 85383

$674,900

4 Beds

3 Baths

2,387 SqFt

Status Active

MLS # 6721590

Property Type Single Family Residence

Price Type --

This AMAZING home offers a Sparkling Pool with Waterfall & large Stone Pavers! The popular floor plan, Gila has a dramatic grand entryway which features almost 2,400 square feet with four bedrooms, three full bathrooms and a 3-car tandem garage. The spacious owners suite offers a large walk-in closet with a gorgeous bathroom featuring an oversized walk-in shower with tile and a double sink raised vanity. Open & spacious kitchen features stainless steel appliances with a 30-inch gas GE profile cooktop, also featuring granite countertops, subway tile backsplash and island with lots of space for cooking & entertaining! Located in highly sought after area of North Peoria with convenient access to shopping, restaurants, entertainment and just a few minutes to Lake Pleasant! Enjoy all the amenities of the Meadows! Community Pool, Clubhouse, Pickleball, Volleyball, kids park & more!

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2323 N Central Avenue Unit 705 Phoenix, AZ 85004

$674,900

2 Beds

2 Baths

1,398 SqFt

Status Active

MLS # 6723457

Property Type Apartment

Price Type --

This historic mid-century landmark graces the Phoenix skyline with its timeless presence. Step into unit #705 and discover a truly unique, turnkey living space, meticulously designed with porcelain tile floors, quartz countertops, bespoke cabinetry, stainless steel appliances, induction stove and exquisite designer touches at every turn. The open-concept layout boasts floor-to-ceiling windows and custom patio doors that frame stunning vistas of the Midtown skyline and mountains. A spacious private balcony offers serene views of the pool and lounge area, seamlessly blending indoor and outdoor living. Enjoy an array of upgrades and exceptional amenities including ''HOA-covered'' utilities, assigned underground parking, round-the-clock concierge service, and more. Perfectly situated within walking distance of Midtown's vibrant offerings, this is more than just a homeit's your sanctuary. Welcome to your new oasis at the Regency on Central!

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3060 N Ridgecrest -- Unit 142 Mesa, AZ 85207

$674,900

3 Beds

2 Baths

2,226 SqFt

Status Active Under Contract

MLS # 6754733

Property Type Single Family Residence

Price Type --

Price adjustment! VIEWS of Red Mountain and city lights with amazing sunsets await you. This single story 3 bedroom, 2 bath, 2.5 car garage sits on a premium golf course lot (3rd hole) in the gated community of Las Sendas. This single story home features a desirable split floorplan, and is finished with plantation shutters, granite slab countertops in the kitchen and baths. The kitchen finished with stainless appliances, gas cooktop, wine refrigerator/beverage center, pantry, island, tiled backsplash and under cabinet lighting. The owners suite has exterior access with two walk in closets providing plenty of storage space. Owners bath with oversized tub, tiled glass shower, and updated mirror and lighting with granite slab countertops. Family room has gas fireplace and built i entertainment center. Laundry room w/ sink and plenty of storage space and shelving.Extended covered patio with roller shades, outdoor BBQ with decorative tile finish. The backyard is complete with easy to care for xeriscape plantings, paver patio and walkways and a raised elevated sitting area for enjoying the evenings and watching the sunset views. Garage has epoxy flooring and built in cabinetry. Home has been well cared for with new roof (2023), solar panels (owned), back up generator, AC (2013). Three custom made stainless glass windows in DR and front LR convey with home.

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