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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2937 N 16th Drive Phoenix, AZ 85015

$625,000

3 Beds

2 Baths

1,500 SqFt

Status Active

MLS # 6777847

Property Type Single Family Residence

Price Type --

WOW!!! Welcome to this stunning move-in-ready home in the North Encanto Historic District, completely transformed from top to bottom. It features a newer roof, AC, brand new sub & main electrical panel, LVP flooring, updated electrical, plumbing, and modernized kitchen and baths. While upgraded, it retains charming historic features like a large brick fireplace and a vintage outdoor grill. The reconfigured floor plan includes a primary suite with an ensuite bath. Outside, the front yard has lush grass, and the backyard offers low-maintenance turf. The oversized two-car garage with built-in cabinets provides ample storage. Located on a quiet street, this home blends historic charm with modern living.

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6415 E Montezuma Canyon Road Hereford, AZ 85615

$625,000

3 Beds

2 Baths

2,549 SqFt

Status Active Under Contract

MLS # 6738357

Property Type Single Family Residence

Price Type --

Spectacular Custom Built, 2,549 sq ft, Three Bedroom/Two Bath Home, with Private 75' Solar heated Salt Water Lap Pool, owned Solar Panels, Hardwood and Tile Flooring throughout, Vaulted Ceilings, and Electric Car Charging Station. Located just down the Road from The Coronado National Monument, with 360 degree Mountain Views, Mature Landscaping and Private Well.

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5055 S Clancy -- Mesa, AZ 85212

$625,000

4 Beds

2 Baths

2,142 SqFt

Status Active Under Contract

MLS # 6766078

Property Type Single Family Residence

Price Type --

Gorgeous 4-bedroom, 2-bathroom home with a 3-car garage located in the highly sought-after Keighley Place subdivision of Mesa. Move-in ready and filled with upgrades, this home welcomes you with an oversized living room and formal dining space. The remodeled kitchen boasts granite countertops, refinished cabinets, a stainless steel sink and appliances, new fixtures, and a custom pantry door. The open-concept family room features a charming wood accent wall and offers easy access to the resort-style backyard, complete with a travertine patio, heated pool, lush landscaping, a built-in gas firepit, and a BBQ island, perfect for outdoor entertaining. The primary suite is a retreat of its own, featuring hardwood floors, an oversized walk-in shower, granite countertops, vessel bowl sinks, and updated fixtures. Additional highlights include updated flooring throughout, fresh exterior paint, garage cabinets with a workbench and storage, an RV gate, and low-cost fixed solar. Don't miss out on this incredible opportunity....request a private tour today!

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6502 N Central Avenue Phoenix, AZ 85012

$625,000

2 Beds

2 Baths

1,880 SqFt

Status Active Under Contract

MLS # 6757231

Property Type Apartment

Price Type --

This beautiful mid-century penthouse, designed by renowned architect Starkovich, seamlessly blends historic charm with modern living. Situated along the iconic, tree-lined Central Ave in one of Phoenix's most sought-after neighborhoods, this original 2-bedroom, 2-bathroom home boasts breathtaking north-facing views of Piestewa Peak and stunning sunsets, framed by an impressive wall of windows. Just steps away, the scenic Murphy Bridal Trail offers a perfect escape for hiking enthusiasts and nature lovers. Bathed in natural light, the bright and airy interior creates an inviting atmosphere. The spacious great room is perfect for hosting gatherings or simply enjoying a peaceful morning coffee as the sunrise fills the space with warmth and light. HOA replaced roofs 2023, A/C & Heat piping 2024 they will also be redoing the wrap around patio. HOA includes utilities: cooling, heating, water, trash, sewer, cox cable and cox internet Owner only pays for electricity (minus heating and cooling) Complex was also just approved as Historical landmark which decreases homeowners' property tax as long as they are owner occupied

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1445 S Norwalk Circle Mesa, AZ 85206

$625,000

3 Beds

2 Baths

2,219 SqFt

Status Active Under Contract

MLS # 6761359

Property Type Single Family Residence

Price Type --

This stunning 2-bedroom plus den home is the perfect blend of elegance and functionality. Step inside to discover a formal living and dining room, ideal for hosting gatherings or enjoying family dinners. With spacious bedrooms, an open floor plan, and abundant natural light, this home offers both comfort and style. The versatile den can easily serve as a home office, playroom, or guest space. Located in a desirable Mesa neighborhood, close to schools, parks, and shopping. No HOA! RV parking with hookups. Low maintenance for the lock and leave lock and leave lifestyle. Perfect for retirees or winter visitors! Stay tuned for more details—this beautiful home won't last long! *3rd bedroom is small and currently used as office - sellers can convert if desired.

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3255 E Milky Way Gilbert, AZ 85295

$625,000

3 Beds

2.5 Baths

2,711 SqFt

Status Active Under Contract

MLS # 6767872

Property Type Single Family Residence

Price Type --

Welcome to this beautifully upgraded, move-in-ready home in the heart of Gilbert. A formal model, this home boasts too many incredible features to list. Step inside and notice the gorgeous wood-look tile flooring that flows throughout the main level. The spacious living room, formal dining, and open concept kitchen to family room offer plenty of space for relaxation and entertaining. The spacious kitchen features ample cabinets and countertop space, walk-in pantry for extra storage, giant island for culinary dreams, custom backsplash and new appliances. The separate office downstairs with built-ins provides a quiet, private workspace or study. Follow the attractive banister upstairs to find a cozy loft, an excellent play area or additional lounge space. The plush, high-end carpet... adds warmth and comfort underfoot, complementing the home's neutral color palette. The large primary suite is a calming retreat with massive walk-in closet, updated bathroom features, and separate tub and shower. You'll also find the second-floor laundry, additional bedrooms and updated hall bathroom. Plantation shutters are featured throughout the home, offering both style and functionality. The backyard boasts low maintenance greenery, refreshing coctail pool and extended concrete patio for enjoying Arizona sunsets. This immaculately kept home in the coveted Lyons Gate community is conveniently located near top-rated schools and easy freeway access, making commuting a breeze. It's just minutes from Phoenix-Mesa Gateway Airport and a variety of dining, shopping and entertainment options. Don't miss out on this amazing home!

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34105 N 24th Drive Phoenix, AZ 85085

$625,000

5 Beds

3 Baths

3,275 SqFt

Status Active Under Contract

MLS # 6764979

Property Type Single Family Residence

Price Type --

Welcome to this stunning North Phoenix gem, nestled within the exclusive gated community of Amber Hills. This spacious 5-bed 3-bathhome boasts 3,275 sq. ft. of living space, offering an open floor plan perfect for entertaining and comfortable living. The kitchen features beautiful granite countertops, newly painted cabinets,a large center island, and plenty of cabinetry—ideal for the home chef. The generous primary suite is a private retreat, complete with a spacious ensuite featuring a soaking tub, double vanities, and a walkout patio with serene views. Step outside into your private backyard oasis, complete with a PebbleTec pool, a covered patio for outdoor dining, and a paved seating area perfect for soaking in the breathtaking mountain views. This home is priced to sell quickly!

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16214 E Bainbridge Avenue Fountain Hills, AZ 85268

$625,000

3 Beds

2 Baths

1,485 SqFt

Status Active Under Contract

MLS # 6773629

Property Type Single Family Residence

Price Type --

Welcome to your beautifully updated and meticulously maintained home with a sparkling pool and sweeping mountain views in scenic Fountain Hills. Your remodeled kitchen has handsome stainless appliances and quartz counter tops, and it opens to the spacious great room with mountain views, a vaulted tongue and groove ceiling, fireplace, sound system, large flat-screen TV and dining area. Step outside to the amazing backyard with a covered patio, panoramic mountain views, synthetic lawn, artistic pavers and resurfaced pool (2023). Relax in your primary suite with an updated bath, walk-in closet and a door to the covered patio. Two guest bedrooms, updated guest bathroom, laundry room and 2-car garage with a storage room complete this lovely home. No HOA! Lucky you to live in Fountain Hills - a beautiful town known as an international dark sky community, with gorgeous mountain views, a world-famous fountain, a large public art collection, numerous special events, world-class golf and a mountain preserve with hiking trails. Many outdoor activities are within a 30-minute drive - hiking, cycling, boating, fishing, camping, horseback riding, plus popular areas of Scottsdale with wonderful dining, shopping, entertainment, hospitals and renowned school, BASIS Scottsdale. Sound system components, DVD player and TV in great room/family room are included in the sale. All windows and sliders were replaced in 2013. New 14.00 SEER Trane A/C in 2016. For more information on all the updates for this wonderful home see the attached list.

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1982 W Periwinkle Way Chandler, AZ 85248

$625,000

2 Beds

2 Baths

1,839 SqFt

Status Active Under Contract

MLS # 6771908

Property Type Single Family Residence

Price Type --

Discover unparalleled lakefront living in the highly sought-after Montefino Village! This stunning lot offers breathtaking views of serene lakes, charming bridges, a tranquil waterfall, and a private park complete with walking paths. Completely Upgraded Throughout: No detail has been overlooked in this exquisite residence. Enjoy cooking with GE Profile appliances, quartz countertops, under-counter dimmable lighting, and soft-close kitchen drawers. Relax in the inviting living room featuring a gas fireplace and stunning slate flooring. Double pane windows with stylish shutters, ceiling fans throughout, and nearly new HVAC. Covered Patio with stunning views, misters and bistro lights. Schedule your showing today and seize the opportunity to enjoy your home, inside and out.

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15424 N 63rd Street Scottsdale, AZ 85254

$625,000

4 Beds

2 Baths

1,763 SqFt

Status Active Under Contract

MLS # 6774575

Property Type Single Family Residence

Price Type --

INVESTORS DREAM! Just needs a little TLC and updating! Perfect Scottsdale Location with No HOA! This charming single story home features 4 bedrooms and 2 bathrooms on a spacious private lot. The primary bedroom has a spacious ensuite bathroom with double sinks and tons of closet space. The interior living space boasts vaulted ceilings, creating an open airy atmosphere. Large living room with a cozy wood-burning brick fireplace, this home provides ample space for indoor and outdoor living & entertainment. Enjoy your private shaded backyard with a covered patio - perfect for the beautiful Arizona evenings. NEW AC Unit (only 2 years), NEW Water Heater (only 1 year) & Newer Roof (only 5-10 years). Conveniently located just minutes away from Kierland and the Scottsdale Quarter with world-class retail shopping, fine dining & endless entertainment. Quick and easy access to the Loop 101 & SR-51 freeways. Perfect for any buyers looking to earn some sweat equity as well as fix-n-flip investors and long-term or short-term rental investors alike!

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2509 E Darrel Road Phoenix, AZ 85042

$625,000

3 Beds

2.5 Baths

2,835 SqFt

Status Active

MLS # 6765409

Property Type Single Family Residence

Price Type --

Welcome to this stunning 3-bedroom, 2.5-bath, 3-car garage home located in the coveted gated community of Fairways at the Legacy. Nestled right on the golf course, this home offers course views and wonderful views of South Mountain with no rear neighbors! The spacious floor plan includes an inviting living area, sky-high ceilings, an open kitchen, and a large entertainment bonus room perfect for hosting family and friends. The master bedroom is conveniently located downstairs, offering privacy and ease of access, while the backyard features direct views of the mountains and golf course, perfect for enjoying Arizona's spectacular sunsets!

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3371 E Elgin Street Gilbert, AZ 85295

$625,000

4 Beds

3.5 Baths

2,278 SqFt

Status Active

MLS # 6773803

Property Type Single Family Residence

Price Type --

Beautifully remodeled home in an incredible Gilbert neighborhood rich with walking paths, parks and near shopping, dining, schools and the 202 freeway. Featuring elegant new plantation shutters and updated flooring and lighting throughout. The stunning kitchen is equipped with quartz countertops, stainless steel appliances, a walk-in pantry and plenty of cabinets for storage. Enjoy the extended driveway with an over height RV gate, and benefit from the 2-year old AC units. The property is designed for entertaining, boasting a seven-speaker sound system, a charming pergola, pavers, gorgeous pool and an outdoor gas kitchen. This layout is ideal, with a sizable upstairs loft and an added bedroom/bathroom on the main floor, great for multi-generational living!The master closet features custom custom cabinetry adding a touch of luxury. Master bathroom features a updated frameless shower door. Relax by the fire-pit and fireplace, both included with the home. Enjoy the privacy of a view fence backing to a wash, and don't miss the 2.5 car garage complete with an exit door and windows for added light. 7 minutes to San Tan Mall, shopping and entertainment.

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