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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2122 W Red Range Way Phoenix, AZ 85085

$649,900

4 Beds

2.5 Baths

2,714 SqFt

Status Active

MLS # 6738188

Property Type Single Family Residence

Price Type --

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5803 N 88th Lane Glendale, AZ 85305

$649,900

5 Beds

4.5 Baths

3,018 SqFt

Status Active

MLS # 6740942

Property Type Single Family Residence

Price Type --

Welcome to your dream home in Glendale, near the Cardinals Stadium and Westgate. This stunning residence offers five spacious bedrooms and four and a half bathrooms, providing comfort for the entire family. You'll love the elegant design and modern upgrades throughout. The main floor features a grand open-concept living area, perfect for entertaining. The gourmet kitchen boasts top-of-the-line appliances and sleek countertops. Upstairs, a large loft offers versatile space for a home office or playroom. Each bedroom is designed for comfort, offering a peaceful retreat. Inspected and approved by Inspector CYFY Home Inspections, this property meets high standards of quality and safety. Don't miss the chance to own this exceptional home!

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15758 S Maui Circle Arizona City, AZ 85123

$649,900

3 Beds

3 Baths

3,039 SqFt

Status Active

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Property Type Single Family Residence

Price Type --

Welcome to this exquisite custom waterfront home with a fully self-contained casita! Nestled in a peaceful cul-de-sac, offering both privacy and luxury living. Main house features an expansive chef-inspired kitchen with a massive island. Enjoy the split floor plan, high ceilings, and a fully enclosed Arizona room with breathtaking water views. The fully self-contained Casita is perfect for guests or multigenerational living, with its own living area, full kitchen, and a private back patio overlooking the water. This one-of-a-kind property combines elegant design, functionality, and serene waterfront living in a highly sought-after location. The spacious, move-in-ready design is complemented by low-maintenance landscaping, apex garage with ample storage adds to the home's convenience. This home also boasts an additional section with private entry, living room, kitchen, bathroom, and bedroom. Don't miss the opportunity to make this stunning property your new home!

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12940 N Northstar Drive Fountain Hills, AZ 85268

$649,900

2 Beds

2.5 Baths

1,502 SqFt

Status Active

MLS # 6748159

Property Type Single Family Residence

Price Type --

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10011 E Lakeview Circle Mesa, AZ 85209

$649,900

3 Beds

2.5 Baths

2,960 SqFt

Status Active

MLS # 6754002

Property Type Single Family Residence

Price Type --

*NEED MORE SPACE? Potential 4/5 Bedroom Home Awaits you in Villages of Eastridge ! *Flex-Floor Plan Looks New! *Original Owner on Culdesac Corner Home Site! *3+4 Bedrooms* Upper Loft & Lower Level Den/Office or Potential 4th-5th Bedroom Guest Suite & Master Retreat Sitting Room! *SPARKLING PLAY POOL & LARGE YARD! *3 Car Extended Garage + Double RV Gate! *Open Country Kitchen Island Bar & Walk in Pantry Overlooks Family Rm* Faux Wood Floors Lower Level *Dual A/C Units 2 Years New* Interior Freshly Painted & Exterior Recently Painted *Large Covered Patio *Backyard Fire Pit *2 Storage Sheds Garage Cabinetry with Work Bench & Storage Shelving *EXTRA WIDE & LONG Culdesac Drive for Additional Parking! Basketball Sports Court, Parks & Playgrounds! Quick Access Fwy's 202 & I60 & Schools!

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17724 W Ocotillo Avenue Goodyear, AZ 85338

$649,900

3 Beds

3 Baths

2,718 SqFt

Status Active

MLS # 6754137

Property Type Single Family Residence

Price Type --

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5651 W Abraham Lane Glendale, AZ 85308

$649,900

3 Beds

2 Baths

1,968 SqFt

Status Active

MLS # 6757000

Property Type Single Family Residence

Price Type --

LAKE FRONT PROPERTY in the Highly sought after Arrowhead Lakes!! Enjoy amazing AZ sunsets from your own dock! Backyard boast peace and serenity with stunning mountain and lake views!! Low maintenance yard with Extensive hardscape, artificial turf allows you more time to enjoy those gorgeous sunsets, fishing or stargazing right off your own boat dock. Recently renovated the boat dock is also low maintenance with long lasting poly wood deck. Located on a cul-de-sac street for low traffic, this 3 bedroom 2 bath, features a 3 car garage with built in cabinets and epoxy floor. Step inside to be greeted by that stunning view through the rear windows for the home. Formal living and dinning room allow for additional living space for home office, home school or large holiday gatherings. The heart of the home situated off the back of the house to maximize the lake view is an open concept with family room and breakfast nook, featuring newer stainless steel appliances, granite counters and neutral paint scheme. Spacious Owner's suite, with cathedral ceilings, yet again taking in those picturesque lake views! Owner's baths features TWO walk in closets, double sinks, large garden tub, walk in shower and private toilet room. Both bedrooms 2 & 3 have vaulted ceilings giving them a more spacious feel. All this located minutes to the 101 Fwy for easy commutes and all the shopping and entertainment the Arrowhead area allows.

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2508 E Nancy Lane Phoenix, AZ 85042

$649,900

4 Beds

2.5 Baths

2,569 SqFt

Status Active

MLS # 6757871

Property Type Single Family Residence

Price Type --

Your new dream home comes complete with a white picket fence and mountain views! Ideally located within a gated community, this north/south facing property has SO many extras! Premium lot next to a walking path to the east. Enter your private front courtyard through a wrought iron gate. Once inside, you'll love the stunning chef's kitchen with HUGE walk-in pantry, granite counters, backsplash tiles added to large island, pendant lights, R/O system and large drawers under the cooktop. Primary bath features a walk-in shower with dual shower heads, two sinks and a barn door. Other extras include tankless water heater, laundry sink, three car garage with separate one-car garage stall perfect for a workshop and a spacious backyard. This one is SPECIAL...make it yours!

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7301 E 3rd Avenue Unit 121 Scottsdale, AZ 85251

$649,900

1 Bed

1 Bath

1,023 SqFt

Status Active

MLS # 6764366

Property Type Apartment

Price Type --

Check out this industrial-style condo at Third Avenue Lofts, located in the heart of Old Town Scottsdale. This stunning upgraded condo features an open-concept layout that maximizes space and light. As you enter, you're greeted by a spacious living area with floor-to-ceiling windows that fill the room with natural light. The gourmet kitchen is a chef's dream and the open floor plan is perfect for entertaining! Amazing location: leave the spacious patio and head straight onto 3rd Avenue for the best food and nightlife. This is available for lease-purchase, not sure what that is? We can walk you through it!

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3476 E Pinto Drive Gilbert, AZ 85296

$649,900

3 Beds

2 Baths

1,702 SqFt

Status Active

MLS # 6764649

Property Type Single Family Residence

Price Type --

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20131 N Sonoran Court Surprise, AZ 85374

$649,900

2 Beds

2 Baths

1,909 SqFt

Status Active

MLS # 6765537

Property Type Single Family Residence

Price Type --

One Of A Kind Custom Palo Verde Updated and Expanded. This Home Site is Very Special with Views of both Hole 1 And Hole 18 & Desert Springs End Of Driving Range. Hit Practice Balls From Your Custom Pad on the Extended Private Patio. Private Walled Courtyard for Sun Sets and Sun Rises. Cul De Sac Offers a Quite Wide Open Setting in The Grand. Interior Offers Beautilful Tile Flooring Throughout. Gourmet Kitchen with Newer Cabinets, Back Splash, Electric Range, SS Range Hood, Refrigerator , Dishwasher & Composite Sink. Beautiful Granite Counter Tops and Indirect Lighting. 10K Window Replacement In Home, H2O Concepts Whole House Filtration System. Bathrooms Custom Walk In Tile Showers, Quarts Counters, Newer Vanities and lighting. Stone Work Added to Front Of Home To Elevate Design.

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3609 W Summit Walk Drive Anthem, AZ 85086

$649,900

3 Beds

2.5 Baths

2,663 SqFt

Status Active

MLS # 6768388

Property Type Single Family Residence

Price Type --

REDUCED FOR FAST SALE Best in class Majesty Model, outstanding features abound... Shows like a model. New paint and new wood look tile floor throughout. Great Kitchen with Granite Counters and Huge Island, new gas range, upgraded pullout cabinets and large pantry. From the private gated courtyard entry this home shows like a model! Main bedroom features great walk-in closet, and an upgraded bath with Separate tub and shower and his and hers vanities. This open floorplan features a huge kitchen over-looking the family room. The family room has surround sound in place. A great home office looks out on to the private gated courtyard and make this one of Anthem's best! Did I mention completely paid off solar system...

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