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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3823 N 8th Street Phoenix, AZ 85014

$650,000

4 Beds

3 Baths

1,838 SqFt

Status Active

MLS # 6614730

Property Type Single Family Residence

Price Type --

Seller carry. Interest rate 3.75 Seller is requiring 10.5 percent down. This home is also ideal for the investor that caters to traveling nurses. Minutes away from Phoenix Children's Hospital. The main home has three bedrooms, two baths. With a very private studio apartment one bedroom with a kitchenette along with separate entrance. The property has been remodeled extensively new roof, new windows, fresh paint along with completely remodeled kitchen and bathroom. Flooring in the main house just completely redone with new Sub floor and vinyl plank flooring. Garage set up as a huge game room that can easily be converted back to a double car g Owner to give a credit or paint the themed rooms.

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$650,000

2 Beds

2 Baths

1,419 SqFt

Status Active

MLS # 6621435

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Price Type --

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$650,000

2 Beds

2 Baths

1,878 SqFt

Status Active

MLS # 6658826

Property Type Townhouse

Price Type --

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5530 S 111th Street Mesa, AZ 85212

$650,000

4 Beds

3.5 Baths

2,715 SqFt

Status Active

MLS # 6685047

Property Type Single Family Residence

Price Type --

Welcome Home! Look no further, this beautiful property will check all your boxes! Oversized modern property situated on an large lot in Bella Via. Step inside this beautifully upgraded home and fall in love with its open spaces, including 4 bedrooms, 3.5 bathrooms, large living areas, dining room and a private study. Two master bedrooms( one downstairs and second at the upper level)perfectly designed for privacy. Large loft area, great for entertainment. Covered patio is perfect for outdoor dining and the built-in barbecue makes it easy to cook up a feast. Modern fireplace and movie projector are perfect for cozying up on relaxing nights.

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1581 E Del Rio Street Chandler, AZ 85225

$650,000

4 Beds

3 Baths

2,321 SqFt

Status Active

MLS # 6694922

Property Type Single Family Residence

Price Type --

Hidden gem nestled in a quiet neighborhood of Superstition Ranch. This gorgeous home features high flat ceiling which instantly makes this home feel more spacious and luxurious. Great layout with 4 bedrooms and 3 full baths, split floorplan with separated master suite . Skylight in formal dinning , spacious kitchen with wine cooler. Home has hard wood, carpet and tile flooring. Backyard oasis is perfect for cooling down in summer time by jumping into the pool or relax in the heated spa. New roof underlayment installed in January. Fresh painted interior and exterior. Home comes with Tesla charging station, makes life easier. Excellent schools BASIS and Legacy Traditional school (North Chandler) both just about 1 mile away. Don't miss this opportunity to own this great home!

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1108 W Colter Street Phoenix, AZ 85013

$650,000

4 Beds

3 Baths

1,894 SqFt

Status Active

MLS # 6707103

Property Type Single Family Residence

Price Type --

This stunning home in the heart of Phoenix is just a few minutes from uptown phoenix where you will find great restaurants and boutique shops! New Turf has been put in! The main house offers 3 spacious bedrooms and 2 bathrooms, while the backyard features a separate Casita with a studio area, kitchenette, and bathroom. Enjoy the covered patio, swimming pool, and ample space for entertainment. Inside, find wood-like tile flooring, vaulted ceilings, neutral paint, and abundant natural light. The kitchen boasts a breakfast bar island, tile backsplash, quartz countertops, contemporary fixtures, and plenty of storage. Perfect for short or long-term rental and ideal for first-time buyers. All furniture is included in the sale of this home.

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7500 E Deer Valley Road Unit 87 Scottsdale, AZ 85255

$650,000

4 Beds

2.5 Baths

2,371 SqFt

Status Active

MLS # 6727580

Property Type Single Family Residence

Price Type --

LONG LIVE SUMMERTIME. This is the perfect setting for the moments that last a lifetime. Need space? This move-in ready home in the popular Arizona Silverado subdivision is the answer. This stunning home welcomes with comfortable, smartly-designed spaces. The kitchen has all the upgrades you want: granite counters, stainless steel appliances, breakfast bar and pantry. You'll love the easy-care engineered wood flooring throughout. The large primary suite has lots of natural light, a walk-in closet and the bathroom has a separate walk-in shower. Everyone loves a loft and this one is quite spacious. If you promised yourself the best in life, you can keep that promise. Move-in ready for a summer full of fun, Arizona-style! Nearby you will find a fun neighborhood park with world-class shopping, dining and medical facilities. Every kind of recreation imaginable awaits. Convenient access to the Loop 101 freeway, you're just minutes from Salt River Fields, Talking Stick Resort, Scottsdale Fashion Square Mall and Sky Harbor Airport. It is impossible to be bored when you live in the Valley of the Sun. This area offers scenic beauty, miles of natural parkland, picturesque lakes, and a wide variety of activities, events, and attractions for every interest. Surrounding cities and metropolitan areas offer a unique mix of culture, shopping, sports stadiums, concert arenas, and attractions ranging from the cosmopolitan to the Southwestern.

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5734 S Veneto -- Mesa, AZ 85212

$650,000

5 Beds

3 Baths

2,952 SqFt

Status Active

MLS # 6717738

Property Type Single Family Residence

Price Type --

PRICED $50k BELOW the competition and the cost to build this home brand new. Why wait 6+ months for build time when you can move in NOW??? This NEW home boasts endless upgrades and high end finishes throughout. The heart of the home, the kitchen, is designed for both beauty and functionality. With high-end appliances, ample counter space, and elegant cabinetry, it's a chef's dream come true. This home has also just undergone a thorough inspection by a trusted third party for the one-year builder walkthrough. A transferable builder warranty, ensuring continued satisfaction for years to come is also included. Outside, the possibilities are endless in the backyard, awaiting your personal touch to transform it into your dream oasis. Don't miss out on the BRAND NEW GEM!! Whether you envision a serene retreat with lush landscaping or an entertainer's paradise complete with a pool and outdoor kitchen, this space is primed for your imagination. Experience luxury living at its finest in this meticulously crafted home, where every detail has been thoughtfully considered for both style and practicality.

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4252 E Desert Sky Court Cave Creek, AZ 85331

$650,000

3 Beds

2 Baths

1,782 SqFt

Status Active

MLS # 6733020

Property Type Single Family Residence

Price Type --

Your new home in the gated community of Ocotillo at Dove Valley Ranch is sure to check all the boxes! Meticulously maintained, this single-level gem has a private pool, three bedrooms, a versatile den option, a split-great room floor plan, and beautiful desert wash & sunset views from the back. Interior features include neutral tile flooring & carpet in the bedrooms, granite kitchen countertops, stainless appliances, a pantry, and vaulted ceilings. The backyard is perfect for entertaining with a sparkling pool, a covered patio, and views of the natural area open space. The home's exterior was painted April 2024; plus, there are no two-story homes around for ultimate privacy! Beyond your new home, enjoy all Dove Valley Ranch has to offer: one of North Phoenix's finest public golf courses, a clubhouse bar/lounge, and easy access to first-rate schools, parks, hiking, shopping, & more.

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4719 E Rockledge Road Phoenix, AZ 85044

$650,000

4 Beds

2.5 Baths

2,342 SqFt

Status Active

MLS # 6727468

Property Type Single Family Residence

Price Type --

Come and see this gorgeous 4 Bedroom 2.5 Bathroom Home with Sparkling Pool and 3 Car Garage located in the popular Desert Breeze neighborhood in the heart of Ahwatukee! The home has been nicely appointed with designer finishes and paint schemes. Recent updates and upgrades include a complete master bathroom remodel in 2023 including a new soaker tub, custom vanity w/ soft close drawers and quartz countertops, new shower with frameless glass enclosure. New AC in 2022, new pool pump and artificial turf in backyard in 2024, all new stainless steel appliances as well as new washer and dryer in 2022 and new water heater in 2021! The home boasts a true pride of ownership through and through! Located in close proximity to excellent shopping, restaurants, and entertainment,. Easy access to numerous freeways and is just a short drive to Sky Harbor Airport and numerous employment corridors. Located in the highly rated Kyrene School District and NO HOA!

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5674 N 12th Street Phoenix, AZ 85014

$650,000

2 Beds

2 Baths

2,404 SqFt

Status Active

MLS # 6729008

Property Type Townhouse

Price Type --

Completely renovated single-level, open contemporary floor plan, with 2 huge bedrooms & bathrooms in North Central Phoenix. Everything has been updated from electrical, plumbing, HVAC, roof, & beautiful new landscaping. High End upgrades include chef's kitchen with huge island, quartz countertops, custom cabinets, porcelain tile flooring, soundproof windows with blackout shades. Relax in either the front patio with soothing waterfall fountain or private & spacious back patio with glass firepit. Immaculate and meticulously maintained. Prime Central Phoenix location with top rated Madison school districts, close to Biltmore high end shopping and top rated restaurants, hiking & biking trails, within Eruv. No HOA - would make an amazing primary residence and/or long or short term rental!

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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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