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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2750 Columbia Lane Overgaard, AZ 85933

$665,000

2 Beds

2 Baths

2,065 SqFt

Status Active

MLS # 6733313

Property Type Single Family Residence

Price Type --

Discover serenity in this stunning home located in a desirable private air park community of northern Arizona. This residence features a chef-like kitchen, elegant wood furnishings, and a versatile loft with a private balcony. Nestled on a quiet cul-de-sac and surrounded by tall pine trees, it offers both privacy and natural beauty. Overgaard is known for its mild summers with relaxing routine monsoon patterns and picturesque winters with white Christmas's! Whether you are looking to hunt, fish, hike, snowboard, ski or just relax on the porch and enjoy the quiet sounds of nature- the possibilities here are endless! Partially furnished and ready for you to move in, this home is the perfect blend of rustic charm and modern comfort. Don't miss out on your visit today!

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$665,000

3 Beds

2 Baths

2,120 SqFt

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MLS # 6733514

Property Type Single Family Residence

Price Type --

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8310 E Glenrosa Avenue Scottsdale, AZ 85251

$665,000

4 Beds

3 Baths

1,647 SqFt

Status Active

MLS # 6746177

Property Type Single Family Residence

Price Type --

Rare opportunity to own a 4 bed, 3 bath home near Old Town Scottsdale!! Fully remodeled kitchen shines as the heart of the home w/ shaker cabinets, quartz countertops, SS appliances, bar stool seating & recessed lighting. Gorgeous wood floors add to the warmth & charm, while black out roller shades add extra privacy & cooling effect in summer. Guest suite features a private entrance, AC, 3/4 bath, kitchenette w/ fridge, sink & cooktop - perfect to use as income producing space such as short term rental, long term rental, office, studio, gym, content studio, bedroom or more! 42' extended covered back patio! Spacious Tuff shed conveys as a workshop, gym, storage or more! Beautiful natural desert landscaping in front w/ irrigation. 5 minutes to Chaparral Park, Scottsdale Fashion Square, Scottsdale Stadium, top restaurants, endless shopping & 101 freeway! 20 minutes to Sky Harbor. Hiking abounds at nearby spots such as Camelback Mountain, Pacana Park, McDowell Mountain.

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1803 E Dava Drive Tempe, AZ 85283

$665,000

3 Beds

2.5 Baths

2,245 SqFt

Status Active

MLS # 6741645

Property Type Single Family Residence

Price Type --

Beautiful Cul-de-sac Tempe home located in a lake community. This 3 bedroom, 2.5 bath home with a loft is immaculate and move in ready! Many recent upgrades and Vaulted ceilings, plantation shutters and neutral ceramic tile flooring in the right places. The large kitchen includes granite counters, island and ss appliances. All 3 bedrooms and a large loft are located upstairs. The primary bedroom features a fully updated showstopper of bathroom including custom barn doors and a walk-in closet equipped with custom cabinetry. Resort style backyard is a dream, and features include an Aluma wood covered patio, high-end travertine that carries out to surround the sparkling Pebble Tec pool with a custom water feature and new equipment. Lastly take a stroll around the community lake a few steps away from the home. Short list of updates: New HVAC in 2022 New kitchen appliances in 2022 New exterior paint in 2022 Remodeled backyard in 2020 including pool resurface, expansion of pergola and custom travertine. All windows including slider replaced in 2020 with Anderson Windows Interior bathrooms fully remodeled in 2019

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1956 W Black Hill Road Phoenix, AZ 85085

$665,000

5 Beds

2.5 Baths

2,648 SqFt

Status Active

MLS # 6745313

Property Type Single Family Residence

Price Type --

The search is finally over! Discover this gorgeous 5-bedroom, 2.5-bathroom residence, complete with a 3-car garage and meticulously maintained front yard. Inside, the living room boasts high ceilings, a soothing palette, blinds for privacy, and stylish wood-look flooring. The great room features a cozy fireplace for relaxing evenings. The gourmet kitchen comes with granite counters, abundant white cabinetry with crown moulding, pendant/recessed lighting, SS appliances, a tile backsplash, a walk-in pantry, a center island, and a peninsula with a breakfast bar. Upstairs, the sizeable loft offers additional living space, ideal for a family room or play area. The main bedroom includes soft carpeting, walk-in closets, and an ensuite with dual sinks. Outside, the expansive backyard showcases a covered patio, a charming ramada, elegant pavers, a built-in BBQ, and a well-kept lawn, and breathtaking mountain view. Amazing community center has kids play pool, lap pool, climbing wall, gym, and more! This gem will sell fast!

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2939 E Ludlow Drive Phoenix, AZ 85032

$665,000

4 Beds

2.5 Baths

2,320 SqFt

Status Active

MLS # 6754479

Property Type Single Family Residence

Price Type --

LOCATION LOCATION LOCATION!! This beautiful home is perfectly positioned within walking distance of the scenic preserve and Shadow Mountain and offers both convenience and nature at your doorstep. Step inside to discover sleek tile flooring on the main level and in every bathroom. Each of the four generously sized bedrooms boasts vaulted ceilings and ceiling fans, offering comfort and style. Plantation shutters throughout add charm and functionality. The inviting family room, complete with a cozy fireplace, flows seamlessly into the open kitchen, making it perfect for gatherings. French doors lead you to a serene backyard oasis, where a variety of fruit trees await, offering both shade and sweetness to your outdoor space. Located within minutes of top-rated schools, hiking, shopping, restaurants, major highways, and the world-renowned Mayo Clinic, this is the house that's waiting for you.

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639 W Port Royale Lane Phoenix, AZ 85023

$665,000

4 Beds

2.5 Baths

2,823 SqFt

Status Active

MLS # 6754356

Property Type Single Family Residence

Price Type --

SPACIOUS home located in MOON Valley area, SUNSET NORTH, CUL DE SAC LOT, featuring 4 bedroom 2.5 baths, spacious living room with soaring VOLUME CEILINGS, breath taking stone fireplace, wet bar, spacious loft/family room area, with terrace, All rooms are on ground level except one bedroom and loft room arear. wood & ceramic flooring in living areas, nice spacious kitchen with GARNITE COUNTER TOPS, wet bar, home backs to common area, COMMUNITY POOL,, Convenient to major shopping restaurants, schools, and down town stadiums, theaters.

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15835 W Desert Mirage Drive Surprise, AZ 85379

$665,000

4 Beds

2.5 Baths

3,905 SqFt

Status Active

MLS # 6754114

Property Type Single Family Residence

Price Type --

Welcome to this stunning 4 bedroom, 3 bathroom home, with 3 spacious loft areas and an array of luxurious features. Step inside to find gorgeous tile flooring throughout the entire first floor, soaring ceilings, elegant light fixtures and ceiling fans, and a cozy fireplace perfect for relaxation. The primary bedroom is conveniently located downstairs includes an updated en-suite bathroom and huge closet. The kitchen is spacious and features stainless steel appliances, cooktop, micro/oven, ample cabinet and countertop space and a large center island, perfect for entertaining. Upstairs enjoy new carpeting throughout entire 2nd floor, and enjoy the 3 spacious loft areas, the balcony offers a picturesque view of the backyard, grass and pool area. Hidden Room, see if you can find it?

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3221 W Galvin Street Phoenix, AZ 85086

$665,000

4 Beds

2.5 Baths

2,958 SqFt

Status Active

MLS # 6762416

Property Type Single Family Residence

Price Type --

HUGE PRICE CUT,HUGE PRICE CUT.REMODELED HOUSE.check this beautiful home located in Tramonto subdivision. Sitting on a desirable corner lot that overlook a huge park, this house features 4 bedrooms and 2.5 bathrooms. The first floor offers an open floor plan with an office/den, spacious living room, and a large kitchen with an oversized island, granite countertops, new flooring all over the house, and remodeled bathrooms with large pantry.Outside the extended covered patio overlooks a sparkling pool with water feature, surrounded by four mature citrus trees. Home has a PAID OFF SOLAR SYSTEM accompanied by a backup battery optimized to keep your utilities low during the hot summer months.Close proximity to schools, parks, shopping, and dining.photo to be uploaded soon.very motivated seller

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6432 E Aire Libre Lane Scottsdale, AZ 85254

$665,000

3 Beds

2 Baths

1,634 SqFt

Status Active

MLS # 6767088

Property Type Single Family Residence

Price Type --

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2525 N 25th Place Phoenix, AZ 85008

$665,000

4 Beds

2 Baths

2,205 SqFt

Status Active

MLS # 6781950

Property Type Single Family Residence

Price Type --

This property is a mid-town hidden gem (less than 1 mile from AZ Heart Hospital and Phx Children's Hospital) This rare find features two detached homes on an expansive 13,570 sq ft lot! The main home is a timeless 4-bedroom, 2-bathroom with updates that blend classic charm and contemporary comfort. Large open living space provides a huge area to gather together and a dining area that accommodates fully expanded seated dining for at least 10 and combined seating for approx 20! The detached guest house offers an additional 3 bedrooms, 2 bathrooms, and a basement (not designated living space), perfect for an office, studio, wine cellar or? This additional home offers space for extended family, visitors, multi-gen living or rental income. Both homes are powered by owned solar, providing energy efficiency and cost savings. Plus, the property features flood irrigation. With no HOA restrictions, you have the freedom to transform this super-sized lot into your own private oasis, ideal for outdoor living, gardens, or entertaining spaces. This property is an unparalleled opportunity for versatility and investment in a serene, spacious setting. This is a hidden gem!

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1133 W Courtney Lane Tempe, AZ 85284

$665,000

4 Beds

2 Baths

2,055 SqFt

Status Active

MLS # 6776439

Property Type Single Family Residence

Price Type --

Wow! Sierra Tempe single level, 4 bedroom, air conditioned 3 car garage with resort backyard. Backyard includes pebble tech pool with grotto and spa, fireplace and built-in BBQ. Inside you will find full kitchen remodel with stacked cherry cabinets, granite counters, Bosch dishwasher and built-in microwave. Upgraded tile floors throughout entire home and soaring ceilings. Upgraded fixtures, fans, lighting and plantation shutters. Large master bedroom with fully remodeled bath, huge walk-in shower and large custom classy closet. Roof replaced in 2014, Owned solar, interior paint November 2024. 3 car garage has attic access and separate exit. Amazing location near Kyrene schools, shopping and freeway access. This Tempe home and location is perfect!

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