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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3946 W Antelope Way San Tan Valley, AZ 85144

$620,995

4 Beds

3 Baths

2,908 SqFt

Status Active

MLS # 6784619

Property Type Single Family Residence

Price Type --

*Home is still Under Construction* Check out this beautifully crafted home with well-appointed interior finishes. A large center island in the kitchen overlooks the casual dining area. The open-concept great room is the perfect atmosphere for entertaining, with connectivity to the dining area and expansive views of the outdoor living space. A large loft space on the second floor creates an abundance of living options that are perfect for the way you live. The resort-style amenities in this community will make your family feel they're on vacation year-round. Experience the luxury you've always wanted by touring today.

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3836 W Antelope Way San Tan Valley, AZ 85144

$620,995

6 Beds

4.5 Baths

3,164 SqFt

Status Active

MLS # 6779216

Property Type Single Family Residence

Price Type --

Check out this beautifully crafted home with well-appointed interior finishes. The pronounced front entry opens to a two-story foyer with a grand staircase. Premium finishes in the kitchen include name-brand appliances, upgraded cabinets, and tile floors. The open-concept great room is the perfect atmosphere for entertaining, with connectivity to the dining area and expansive views of the outdoor living space. A large loft space on the second floor creates an abundance of living options that are perfect for the way you live. Come experience your dream home today!

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15531 W Piccadilly Road Goodyear, AZ 85395

$620,900

2 Beds

2 Baths

2,154 SqFt

Status Active

MLS # 6778730

Property Type Single Family Residence

Price Type --

South facing beautiful golf course home with front courtyard entry. Enchating outdoor living area with outdoor pergola, outdoor kitchen, outdoor bar, Misting system, Personal size Shasta Pool and heater if you want. Great landscaping for your privacy. Owner Solar with new solar converter, and if you have a green thumb a potting station, new heating and air, water softener system located in garage that as extra space for golf cart plus a hand wash sink in garage, front and back yard water system in him RO water system under sink. Sunburst shutters in Bedrooms and custom home office with built in custom cabinetry, Bedrooms both have walk-in closets. Both bathrooms updated. This home impresses with its high ceilings custom designed ET wall with lighting and built-in surround sound system with amplifier with builtin speakers. Great room with gas fireplace, 60in TV and windows have Hunter Douglas custom window treatments. bump out windows in kitchen nook second bedroom, ceiling fans, Stunning granite counters and klithen is upgrades and has under cabinet lighting, Spacious Utility Room. Also garage has storage cabinets. carpet free home, fence backyard. Seller is providing a home warranty.

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Glendale AZ 85305

$620,000

4 Beds

3 Baths

2,700 SqFt

Status Active

MLS # 6725528

Property Type Single Family Residence

Price Type --

Up to 3% of total purchase price towards closing costs incentive offer. Brand New Move In Ready Home on prem. lot in highly sought-after Stonehaven Community* This Adelaide floorplan is stunning 4 bed/3 bath/3 car garage single-story gem!! Home has open floor plan. Gourmet Chef's kitchen featuring upgraded 42'' cabinets, large kitchen island, quartz countertops, WI pantry, SS appliances. Owner's retreat is spacious w/dual sinks, walk in shower & large walk-in closet. Other bedrooms are spacious. Tile in all the high traffic areas. Private CASITA w/ ensuite bathroom & sitting room. Low maintenance ft & bkyard. Community features community pool, walking/biking paths, parks, playgrounds, etc. Great Location: minutes to Westgate Entertainment Center, Cardinals Stadium, & restaurants, etc.

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4380 E Prairie Lane Cottonwood, AZ 86326

$620,000

3 Beds

2 Baths

1,855 SqFt

Status Active

MLS # 6740171

Property Type Single Family Residence

Price Type --

This stunning, newly built property is perched atop a scenic hill, offering breathtaking mountain views from every angle. The modern design of the home seamlessly integrates with the natural landscape, featuring a split floor plan. Inside, the open-concept layout is highlighted by high ceilings, sleek finishes, and an abundance of natural light. The expansive outdoor patios provides the perfect spot for enjoying the serene surroundings and picturesque sunsets.

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2774 Airpark Drive Overgaard, AZ 85933

$620,000

3 Beds

2.5 Baths

1,664 SqFt

Status Active

MLS # 6751278

Property Type Single Family Residence

Price Type --

Pilots and aviation enthusiasts, a beautiful 3BR/2.5 BA Mogollon Airpark home. A 5 min walk to aircraft tie downs, lodge, BBQ, ramadas, pickleball, tennis, & basketball courts! Well cared for immaculate move in ready home, with most furniture included! Spectacular knotty pine vaulted ceilings, soaring stone gas fireplace, open concept living room with an impressive wall of windows. Massive wrap around deck with plenty of room for outdoor entertaining or relaxing. Large screened-in all season room adds more living space. Enjoy the heavily treed, private 0.83 acre partially fenced lot and the wild life that abound. Attached 2 car garage. We are an active social, EAA Chapter 1044 and aviation community, come join the fun!

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3039 E Nance Street Mesa, AZ 85213

$620,000

4 Beds

2 Baths

2,331 SqFt

Status Active

MLS # 6763881

Property Type Single Family Residence

Price Type --

Four bedrooms, with the 4th utilized as an office with built-in shelves, but no closet. Original owner of this well-maintained and upgraded home, which sits upon an interior north facing lot. Plantation shutters, skylights, fireplace, wood, tile and carpet flooring, kitchen island, granite kitchen countertops, vaulted ceilings, 2 X 6 construction, double glazed windows, large 3 car garage with workspace and cabinets. Elementary and Junior High School nearby. Front and backyard low maintenance. Tour this home. You'll not be disappointed. Oh, and no HOA in this beautiful community.

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16116 W Alameda Road Surprise, AZ 85387

$620,000

3 Beds

3 Baths

2,290 SqFt

Status Active

MLS # 6768724

Property Type Single Family Residence

Price Type --

This Lovely Home features 3 Bedrooms, 3 Baths, 2 Bonus Rooms, Gourmet Kitchen with Sparkling Blue POOL nestled against an Open Area. This Nearly New Home boasts Artistic Custom Wall Features, Soft Eyebrow Arches, Gentle Color Palette, Wood Plank Vinyl Flooring, Full Wall Double Glass Sliding Doors, Upgraded Fans and Lighting, Travertine Decking and Artificial Turf. A Generous Entry leads to the Open Concept Living area complete with a multi use Bonus Room with Quartz Ledges. Gourmet Kitchen boasts 5 Burner Gas Cooktop, Stainless Steel Appliances, Wall Ovens, Tile Backsplash, Large Walk In Pantry, Island, Quartz Counters, Granite Sink, RO system, Pale Grey Cabinetry and under Cabinet Lighting. Primary Ensuite includes a Spa Shower, Double Sinks and Walk In Closet. Near Shopping and the 303

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18788 E Blue Sky Drive Rio Verde, AZ 85263

$620,000

2 Beds

2 Baths

1,380 SqFt

Status Active

MLS # 6769353

Property Type Single Family Residence

Price Type --

Great Lock & Leave - move in ready, with access to the luxury amenities of the prestigious Tonto Verde Community! As you step into the home, you are greeted by an abundance of natural light that floods through the open floor plan. The strategically designed layout accentuates the seamless flow between living spaces, providing an ideal setting for both relaxation & entertaining. The modern kitchen features quartz countertops that perfectly complement the cabinetry. Beautiful tile flooring graces the entire home, adding a touch of elegance & easy maintenance. The master suite boasts a spacious layout & an enormous shower. Yard is fully fenced w/privacy wall. Mountain Views! Easy access to walking path which lead to Tonto Verde Community.

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27448 W Yukon Drive Buckeye, AZ 85396

$620,000

2 Beds

2.5 Baths

2,580 SqFt

Status Active

MLS # 6771924

Property Type Single Family Residence

Price Type --

SOLAR-POWERED JOURNEY MODEL WITH OPEN SPACE BEHIND AND DRESSED TO THE NINES. This 2 Bed/2.5 Bath home is almost 2600 square feet with wood-look tile throughout. Guest bedroom is ensuite plus a Den offering privacy for visitors. Windows are covered with Plantation Shutters yet there's lots of light due to the 5 Solar Tubes. There's 2 in the Great Room, and 1 each in the Laundry, Primary closet and Primary Bath. Speaking of Solar, this home has a huge, owned, 35-panel system which has eliminated APS bills. The garage has storage galore with added cabinetry. Also in the garage the newer, updated and larger Tankless Water Heater. Behind the fenced rear yard is a wash offering privacy from the neighbors. See the pictures, 3D tour and documents tab for more on the many upgrades.

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18737 N Celosia Lane Surprise, AZ 85387

$620,000

3 Beds

2 Baths

2,312 SqFt

Status Active

MLS # 6773515

Property Type Single Family Residence

Price Type --

Wonderful Stonecrest with golf course views from the large patio, breathtaking fairway and distant mountain views. A patio fountain is a plus on the back patio. ***NEW ROOF SEPT 2024*** HVAC system recently updated. 2.5 extended garage, with room for golf cart and 2 cars. Gourmet kitchen, with wall oven and cooktop, surrounded by beautiful granite counters and cherry cabinets. Don't pass by this beautiful Cimarron home.

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4808 N 24th Street Unit 1125 Phoenix, AZ 85016

$620,000

2 Beds

2 Baths

1,361 SqFt

Status Active

MLS # 6773318

Property Type Apartment

Price Type --

VIEWS, VIEWS, VIEWS! Floor to ceiling dual pane windows boast expansive city light and mountain views. Come see this charming 11th floor condo w a spacious 2 bedroom 2 bathroom 1361sq/ft floor plan. All this in the luxurious Optima Biltmore. Condo has been tastefully remodeled with engineered hardwood floors, designer modern pantry w slider glass floor to ceiling doors, new paint, ceiling fans & lighting. . Optima's known for it's amenities including Gym, sauna, community room, concierge, rooftop zero edge pool,spa, BBQ, . Why drive when you can live in the heart of Biltmore & walk to dining galore, shopping, movies, spas & more!

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