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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16234 E Links Drive Fountain Hills, AZ 85268

$649,000

2 Beds

2 Baths

1,878 SqFt

Status Active Under Contract

MLS # 6766788

Property Type Apartment

Price Type --

You'll love this 2 bed, 2 bath PLUS office single-level condo with golf course views & 2 car garage in Balera at Firerock! Step inside to an open greatroom with high ceilings. The kitchen is the heart of the condo with walls of cabinets, large island, stainless appliances, granite counters & tile backsplash. The main bedroom also has golf course views & large ensuite bath with dual vanity, soaking tub, walk-in shower & ample walk-in closet. The guest bedroom is split & offers direct access to the guest bath - making it a mini-ensuite. The 3rd room has pocket doors-perfect for office, bedroom or hobby room. Relax inside or on your patio while taking in the views of Firerock Golf Course. All this plus the gated lock-and-leave Balera Lifestyle with community pool & fitness room! View today!

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17201 E Rockwood Drive Fountain Hills, AZ 85268

$649,000

3 Beds

2 Baths

1,720 SqFt

Status Active Under Contract

MLS # 6774894

Property Type Single Family Residence

Price Type --

Welcome to your private oasis! This beautifully updated 3-bedroom, 2-bath home features a stunning pool, serene yard with a tranquil waterfall and great Red Mountain Views!! Vaulted ceilings create an airy feel in the living and dining areas. The family room connects to an updated kitchen (2024) with granite countertops, new appliances, and a large island. The split bedroom layout ensures privacy, while the master bath boasts an updated dual vanity and stylish tile backsplash. Recent upgrades include a new R/O system (2023), hot water heater (2022), pool equipment (2020), HVAC (2018), and a partial remodel of the master bath (2024). Located in a well-maintained neighborhood with easy access to Shea, this home is a true gem!

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710 E Peoria Avenue Phoenix, AZ 85020

$649,000

3 Beds

3 Baths

1,913 SqFt

Status Active

MLS # 6778988

Property Type Townhouse

Price Type --

Discover Resort-Style Living in the sought-after Community of the Pointe Tapatio at North Mountain. This 3 bedroom/3 full bath home is a 'hidden gem'. Don't miss out on this exceptional property that combines luxurious living with practical design. Comfortable living room and adjacent dining area, ideal for hosting dinner parties. New kitchen with cozy Breakfast Room. An upstairs 'secondary' Master Bedroom Suite with covered Balcony overlooking North Mountain. Beautifully appointed bathrooms with quartz countertops, Moen faucets, and walk-in showers with custom glass doors in two of the three bathrooms. Two stained-glass plus Celestial windows shimmer light throughout the home. Conveniently located to hiking/biking trails, restaurants, boutiques, and the Hilton Pointe Resort. Walk across the street to a Heated Pool and Spa where you can view a magnificent water feature. Home is situated in the Central Phoenix Corridor, the Nexus of the City's Art and Culture scene. Meticulously landscaped with two covered patios and a putting green, creating a serene and inviting environment for relaxation and recreation with family and friends. Easy access to world-class golf courses, downtown Phoenix, and Sky Harbor Airport. Exterior paint in 2023. Roof is 6 years old. A/C System is 5 years old. Move-in Ready!

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25645 W Blue Sky Drive Wittmann, AZ 85361

$649,000

4 Beds

2 Baths

2,139 SqFt

Status Active

MLS # 6650375

Property Type Single Family Residence

Price Type --

Easy To Show, Over 1 Acre Horse Property on this beautiful 4 bedroom, 2 bathroom single family home located in Wittmann, AZ. Comes with a Separate Fenced Pool Area to cool off in the summer heat! A Split Floor Plan 2 40 foot Cargo Containers. 2 Horse Stalls, Covered RV Parking. and a 50 ft portable round Horse Exercise Ring. Beautiful backyard with trees to provide shade perfect for a family event. Has an open garage with lots of available space to leave your vehicles in, 2 RV Hook-ups and 2 Container Storage units, Leased Solar Panels to reduce Electric Bills, and Additional Storage Shed.

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4402 N 9th Avenue Phoenix, AZ 85013

$649,000

3 Beds

3 Baths

1,826 SqFt

Status Active

MLS # 6696438

Property Type Single Family Residence

Price Type --

Welcome to your new sanctuary! 3 beds, 3 bath haven is the epitome of truly a move-in ready meticulously maintained oasis with 2 bedrooms ensuite, one with a private entrance. A brand-new roof & fresh paint, this home exudes charm & tranquility. The kitchen, complete with a gas stove, elegant granite countertops, underlit cabinets & pantry, perfect for culinary adventures. Outside, lush trees frame the beautiful maintained lawn, covered porch front & back creating a private oasis for relaxation or entertaining. Nestled in a vibrant neighborhood, you'll love the convenience of nearby shops, restaurants, and the community's lending tool shed & libraries. This home & neighborhood is more than just a place to live - it's a vibrant community with a welcoming spirit. Come see it

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2061 E Gary Circle Mesa, AZ 85213

$649,000

5 Beds

3 Baths

3,492 SqFt

Status Active

MLS # 6700499

Property Type Single Family Residence

Price Type --

BEAUTIFUL HOUSE WITH BASEMENT FOR EXTRA BEDROOM SPACE, 5+ BEDROOMS, 3 BATHS NESTLED IN A CULDESAC WITH LARGE BACK YARD, BEAUTIFUL SWIMMING POOL, FIRE PIT, AND PIZZA OVEN. ONE BEDROOM DOWN STAIRS, 4 UP STAIRS. LARGE FORMAL LIVING ROOM, FORMAL DINING ROOM, AND VERY FUNCTIONAL KITCHEN. LARGE STORAGE ROOM WITH NEW EXTERIOR PAINT AND PATIO PAVERS, POOL RECENTLY RESURFACED. PROPERTY ON 1/4 ACRE. OWNER EAGER TO SELL, WILL LOOK AT ALL OFFERS!

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6826 E Monterey Way Scottsdale, AZ 85251

$649,000

3 Beds

2 Baths

1,980 SqFt

Status Active

MLS # 6733512

Property Type Single Family Residence

Price Type --

LOOKING FOR INVESTMENT PROPERTY! Looking for a 3 bedroom, 2 bathroom with a den located in South Scottsdale? Look no further! Charming single level home features a spacious open floor plan, new floors in the living room area, fresh interior paint, new light fixtures with plenty of natural light! Spacious bedrooms with ample closet space, den, dining area, over-sized laundry room and flex space for office. Enjoy the private and peaceful backyard. Covered patio with mature landscaping. A perfect gathering spot for friends and family. Close to Old Town shopping, ASU and Scottsdale Fashion Square.

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1199 N Melody Circle Chandler, AZ 85225

$649,000

4 Beds

3 Baths

2,997 SqFt

Status Active

MLS # 6734457

Property Type Single Family Residence

Price Type --

This stunning home sits on an oversized lot with a gorgeous interior, including 4 beds, 3 baths, an extra office, a bonus room, and a loft. (6/7 rooms). The separate living and family rooms allow you to spread out and enjoy. The large backyard is perfect; RV gate with a good-sized pad, and an extra storage room with A/C. The downstairs has a nice office with built-in cabinets and a large bedroom with a separate entrance to the outside. (perfect guest room) Upstairs has a loft with the 3 other bedrooms. The kitchen with a huge island opens to a large family room and views of the backyard. Both AC units are less than 1 year old. Newer paint, flooring, Blinds, fans, lights, etc. This home has so much to offer and is in a wonderful location. Hoa only $30.00 a month. This is a wonderful home!

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3128 E Cheryl Drive Phoenix, AZ 85028

$649,000

4 Beds

3 Baths

2,195 SqFt

Status Active

MLS # 6734743

Property Type Townhouse

Price Type --

SELLER CONCESSIONS OFFERED!! Built in 2019, lock & leave, ready to move in, Mountain views & a convenient location to so much, what more could you ask for? Artisan Duette is a TH community (which lives & feels like SF home because of the construction) of 22 homes that are tucked away in the Phoenix Mountain Preserve neighborhood &close to the 51. This fabulous home features 4 bedroom (plus loft), 3 bathrooms & 2 car garage. 1bd/ba downstairs. Light & bright w/ 9' & 10' ceilings, 5'' baseboards, smooth textured walls, modern lighting etc. are just some of the upgrades. A chefs kitchen w/ tons of storage, SS appliances, pull out drawers in pantry, quartz counters & spacious island opening to the living areas. 10' sliding doors open to low maintenance covered patio & yard w/ private gate to dog park/greenbelt & pool Coffee spots, dining, pet stores, grocery, pharmacy, auto services, shopping etc...are within walking distance. The new PV Mall, Trader Joes, Costco etc... are nearby. You will want to live here!!

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22706 N 17th Street Phoenix, AZ 85024

$649,000

4 Beds

2.5 Baths

3,181 SqFt

Status Active

MLS # 6738561

Property Type Single Family Residence

Price Type --

Spacious 2-Story Home: 4 Bbds, 2.5 Bths, Office and Enormous Loft! This stunning home has space for everything you need! Step inside to discover a versatile office or flex space, perfect for a home office or playroom w/ beautiful laminate flooring. The open-concept kitchen and dining area create an inviting atmosphere for both everyday living and entertaining. The primary bedroom is conveniently situated on the main level, featuring laminate flooring, an en-suite with a shower and tub, and a huge walk-in closet. New carpeting throughout! Upstairs, you'll be amazed with The Giant Loft! Option to build a 5th bedroom. A sizable laundry room with shelving storage. Three Large Bedrooms, all with walk-in closets. Backyard has a view fence and no neighbors behind, giving you ultimate privacy! Living in the Eagle Bluff community means you have access to top-notch education just a short walk or bike ride away to the nearby schools. The location is unbeatable. Enjoy outdoor activities at the Reach 11 Park or the Cave Buttes Recreation Area. Shopping proximity to Desert Ridge and the Shops at Norterra. You're also moments away from major highways like Loop 101, the 51, and I-17, making commuting a breeze. Plus, Costco is just a few minutes south! Don't miss your chance to make this dream home your reality!

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902 E Goldenrod Street Phoenix, AZ 85048

$649,000

3 Beds

2 Baths

1,927 SqFt

Status Active

MLS # 6748472

Property Type Single Family Residence

Price Type --

Don't miss your chance to own in this highly sought after community. This freshly polished gem is nestled at the base of South Mountain, offering resort-like views and a private backyard perfect for sunsets and stargazing. Recent upgrades include a refreshed pool, kitchen and bathroom updates and new flooring throughout. Located in the top-ranked Kyrene School District, this home is just steps from playgrounds and park concerts. This home checks all the boxes.

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8413 E Hubbell Street Scottsdale, AZ 85257

$649,000

3 Beds

2 Baths

1,475 SqFt

Status Active

MLS # 6749186

Property Type Single Family Residence

Price Type --

Become the proud owner of this charming fully remodeled 3-bedroom, 2-bath residence on a desirable corner lot, no expenses spared! All new plumbing and sewer lines as of 2024. Featuring a garage, a convenient RV gate, a low-maintenance yard, and a cozy front patio. Inside, the great room boasts a soothing palette, blinds, and stylish wood-look flooring. The spotless kitchen showcases quartz counters, abundant wood soft closing cabinetry, pendant/recessed lighting, a chic tile backsplash, stainless steel appliances, and a center island with a breakfast bar for casual dining. The main bedroom offers a private bathroom with dual sinks. Venture outside to the lovely backyard, complete with a covered patio, artificial turf for year-round greenery, drip system to all exterior plants, alley access, and a shed for additional storage. Make this gem yours or turn it into the perfect air bnb or VRBO!

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