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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4323 N 129th Drive Litchfield Park, AZ 85340

$650,000

5 Beds

3.5 Baths

4,623 SqFt

Status Active

MLS # 6732968

Property Type Single Family Residence

Price Type --

This palatial estate in the exclusive Bel Fleur gated community is a must see! Within the 4,623 sq ft of this vast home, you will find 5 bedrooms, 3.5 bathrooms, a luxurious open kitchen, separate formal living and dining spaces, a sizable family room, and a spacious loft. The home features ample natural light, soaring ceilings, 3 fireplaces, new A/C units in 2023, and tasteful touches throughout. The primary suite is located downstairs, with double sinks and separate tub/shower in the bathroom, and an expansive walk-in closet. The 3 car garage has abundant space. The home backs to common area and offers a quiet retreat from the city while still being just a short drive to the Wigwam, golf, restaurants, parks, schools, and everything that Litchfield Park has to offer. Priced to sell now!

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20857 E Arrowhead Trail Queen Creek, AZ 85142

$650,000

4 Beds

3.5 Baths

2,325 SqFt

Status Active

MLS # 6735444

Property Type Single Family Residence

Price Type --

Welcome home! Right in the heart of Queen Creek, just minutes from Queen Creek Marketplace, Costco and all of the shopping and entertainment that Queen Creek has to offer as well as quick freeway access. This gorgeous 4 bedroom, 3.5 bathroom home has been beautifully upgraded. Outdoor areas includes a large side patio with pavers and the backyard features a heated pool and spa that is perfect for swimming and entertaining all year long. Interior features tile flooring, a gourmet kitchen with quartz countertops and under cabinet lighting! The living room features a custom entertainment center with an electric fireplace as well as automated shades for the rear sliding door. You must see this home to appreciate its beauty!

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320 E Joan D Arc Avenue Phoenix, AZ 85022

$650,000

4 Beds

2 Baths

2,229 SqFt

Status Active

MLS # 6734382

Property Type Single Family Residence

Price Type --

Welcome to Moon Valley! This 4-bedroom home is on a huge cul-de-sac lot boasting an RV gate with a large slab for parking your boat, RV, or other toys. The tiled covered patio overlooks the grass lawn and pool. Enjoy the winter evenings by sitting on the patio near the wood-burning fireplace. The kitchen has granite counters and stainless-steel appliances. Relax in the family room in front of the beautiful stone fireplace. In addition to the formal dining room, there is a breakfast room next to the kitchen. The en suite master bedroom has a large walk-in closet and the bedroom has a Jack & Jill bath. This home is conveniently located with easy access to I-17 and the 101.

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3702 E Laurel Lane Phoenix, AZ 85028

$650,000

3 Beds

2 Baths

1,680 SqFt

Status Active

MLS # 6738884

Property Type Single Family Residence

Price Type --

Fabulous home in a fabulous location! This stylish mid-century modern home offers lots to enjoy inside, outside, and in the area. The backyard is perfect for the summer days and nights with a sparkling pool, new no-maintenance grass, BBQ, and picnic area. Inside you will enjoy tile flooring and new carpet, a new kitchen with quartz counter tops, new cabinetry, back splash and extra cabinet space by dining. Bathrooms have been remodeled with the mid-century style. Great storage and space in the laundry room. Minutes away from hiking, golf, shopping and dining and the new PV mall re-development. Kierland/Scottsdale Quarter and the Biltmore are just short drives away. Easy access to the 51 and 101 freeways to bring you all over the Valley easily.

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3932 E Shaw Butte Drive Phoenix, AZ 85028

$650,000

4 Beds

2 Baths

2,029 SqFt

Status Active

MLS # 6745223

Property Type Single Family Residence

Price Type --

Gorgeous home, great location and plenty of updates! What's not to like??? This beautiful 4 bedroom, 2 bath home offers a renovated pool, owned solar, updated AC, dual pane Low-E windows, granite throughout, a stunning kitchen and more! Centrally located with easy freeway access. Schools, parks, and abundant shopping nearby. Not to be missed!

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1679 W Leah Lane Gilbert, AZ 85233

$650,000

5 Beds

3 Baths

2,732 SqFt

Status Active

MLS # 6750857

Property Type Single Family Residence

Price Type --

Welcome to one of the most popular Blandford floorplans in El Dorado Lakes. Remodeled kitchen with quartz counter tops, tile backsplash and upgraded cabinetry next to an eat-in kitchen that overlooks a lush backyard featuring a private pebbletec pool. Downstairs bedroom is an added bonus for an in-law set-up. Spacious master bedroom includes vaulted ceilings and two master bedroom closets while the bathroom features dual quartz vanities, and separate tub & shower. Inviting backyard, private pool, and large patio is great for family gatherings everyday living. El Dorado Lakes includes a community center, children's playground, basketball, tennis and pickleball courts.

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9022 W Ross Avenue Peoria, AZ 85382

$650,000

5 Beds

2.5 Baths

2,764 SqFt

Status Active

MLS # 6748230

Property Type Single Family Residence

Price Type --

You will LOVE this well taken care of 5 bedroom, 2.5 bath, 3 car garage home. This amazing home has huge kitchen with granite counter tops, kitchen island and large walk-in pantry. The master suite has plenty of room to relax, with master bathroom featuring dual sinks, separate tub and shower. Upstairs features open loft area with large secondary rooms. The resort style backyard is amazing with pool, gazebo including built in BBQ on a huge lot with no neighbors behind. In last two years owners have updated AC units, pool eq, carpet, and so much more. Come check it out and fall in love. Winter grass just put in down. Home warranty included(750.00)buyers can choose company. Empty nesters ready for a new family to love this home. Best 5 bdrm for 235$ sqft in the area!!

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1514 E Estrid Avenue Phoenix, AZ 85022

$650,000

3 Beds

2 Baths

2,245 SqFt

Status Active

MLS # 6747440

Property Type Single Family Residence

Price Type --

2024 Remodel Loaded with Upgrades and New A/C Unit, Picturesque Corner lot with Stunning Mountain Views, Mature landscaping, Living/Dining room features Vaulted ceilings, Clerestory windows, Plantation Shutters, & Elegant Wood-look flooring. The Cozy Family room has an inviting Fireplace for relaxing evenings. The Kitchen comes with a breakfast nook, Quartz counters, Abundant White cabinetry, a Subway tile Backsplash, SS appliances, a pantry, & an Island/Breakfast bar. The versatile den is ideal for an office, study, or a 3rd bedroom. The sizeable main bedroom offers plush carpeting, an ensuite with dual vanities, soaking tub, & walk-in closet. The serene backyard oasis includes a covered patio, stylish pavers & a lawn. Make it yours!

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12641 N 18th Place Phoenix, AZ 85022

$650,000

3 Beds

2.5 Baths

1,778 SqFt

Status Active

MLS # 6764990

Property Type Single Family Residence

Price Type --

Spectacular hillside home perfectly situated on one of the best view lots in the Gated community of Sweetwater Vistas. From the moment you walk in the home you are greeted by the City light views of Downtown Phoenix, Scottsdale, PV, all the way up to Cave Creek/Carefree plus Four Peaks, McDowell Mountains, and countless other mountain peak views. Thoughtful great room floor plan that maximizes the view corridor while providing functional living with the primary bedroom on the main level. The kitchen has been tastefully remodeled with stunning white quartz countertops and backsplash, all new GE appliances, on trend gold faucet and cabinet hardware. The great room seamlessly transitions to the back patio where you can really appreciate everything the view has to offer with stunning 180 degree views. Brand new flooring throughout, hard surfaces are a waterproof Luxury Vinyl Plank and DreamWeaver Carpet. Large primary suite features stunning views, remodeled bathroom with separate shower and soaking tub plus generous walk-in closet. Conveniently located next to countless outdoor activities and restaurants, easy access to FWY and HWY 51, 101, and 17.

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3023 Portside Drive Prescott, AZ 86301

$650,000

3 Beds

2 Baths

1,936 SqFt

Status Active

MLS # 6754509

Property Type Single Family Residence

Price Type --

Take a look at a newer build & spacious 4-car garage in Willow Hills Sub. This well kept open floor plan with charming & welcoming front porch entry has all the privacy located on cul-de-sac with views of Bill Williams range, Granite Mtn. & peek-a-boo views of Granite Dells. Gorgeous screened-in covered back patio is located off great room & formal dining for easy access. Newer painting in some rooms, all window cov. replaced. Great rm has gas fireplace & is open to eat-in kitchen with island, stainless steel appliances with granite countertops flanked by Espresso stained cabinetry. Separate bedrooms has split plan from primary & gives everyone their own living space. Primary has snail shower, walk-in closet, dual vanities & security giving access to screened-in patio. Text to show

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6115 S Juniper Street Tempe, AZ 85283

$650,000

4 Beds

2 Baths

2,006 SqFt

Status Active

MLS # 6757230

Property Type Single Family Residence

Price Type --

Welcome to this exceptional home in a prime Tempe location, within the award-winning Tempe School District. Enjoy a convenient commute to ASU, Mill Avenue, entertainment, shopping, and medical facilities, with the high school just a short walk away. Beautifully remodeled in 2022, this home boasts neutral two-tone interior paint & tastefully selected accent wallpaper. Recent updates include roof, 2021 Bosch HVAC system, windows, hot water heater, & designer shutters on the front windows —ensuring this home is move-in ready. As you drive up, you'll appreciate the low-maintenance natural desert landscaping, mature trees, pavers, & excellent curb appeal, enhanced by fresh 2022 exterior paint. Inside, the open & bright floorplan flows seamlessly through the common areas. The built-in entertainment area features a bar, coffee station, & wine cooler, making it perfect for relaxation & gatherings. The chef's kitchen is a standout with new upgraded Café appliances, soft-close Shaker cabinetry, pendant lighting over the peninsula counter, recessed lighting, Quartz countertops throughout, & an easy access pantry. Enjoy lovely views of the backyard through the new windows. The home includes a large master suite with a walk-in closet & a master bath equipped with soft-close vanity, double sinks, & a spacious shower. There are three additional bedrooms, one more bathroom, and a large laundry room with a 2022 Samsung washer & dryer. The garage features a 50-gallon water heater & epoxy floors, with the programable thermostat for the new 2021 Bosch HVAC unit, conveniently located in the hallway. Step through the private master exit to your private oasis backyard, complete with pavers, an extended patio, & multiple tiered garden areas. Additionally, an airconditioned, standalone multipurpose room, ideal for use as a guest room, office, studio, or currently used as a fitness room complete with sauna. This home is spic n span clean & available for a quick close. ALL of this & NO HOA! Come experience the warmth & charm of this inviting home for yourself!

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5307 E Cambridge Avenue Phoenix, AZ 85008

$650,000

3 Beds

2 Baths

1,300 SqFt

Status Active

MLS # 6758567

Property Type Single Family Residence

Price Type --

Welcome home! This 3-bed, 2-bath property features a spacious front lawn, a convenient garage, and an extended driveway. The living room offers a soothing palette, classic plantation shutters, and attractive wood-look flooring. Enjoy delicious meals in the eat-in kitchen, equipped with skylights, granite counters with a matching backsplash, ample custom wood cabinetry, recessed lighting, stainless steel appliances, a handy pantry, and an island with a breakfast bar. The cozy main bedroom showcases a walk-in closet and a private bathroom for added convenience. Discover a sizeable backyard complete with a covered patio, stylish pavers, fragrant citrus trees, an RV gate that leads to a detached garage holding endless opportunities such as workshop or for extra living! Don't miss out on this fantastic opportunity to make this home yours!

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