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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6340 W Saddlehorn Road Phoenix, AZ 85083

$597,000

4 Beds

2.5 Baths

2,578 SqFt

Status Active Under Contract

MLS # 6722138

Property Type Single Family Residence

Price Type --

Welcome to this stunning 4-bedroom, 2.5-bath, two-story home nestled in a tranquil community. Spanning 2,542 sqft, this residence boasts an inviting family room with an abundance of natural light, vaulted ceilings, and high ceilings throughout. The kitchen features a pantry, granite countertops, and custom white cabinets with soft-closing doors. Enjoy meals in the formal dining area or the eat-in kitchen. Open the 4-panel sliding glass doors and bring the outdoors in! Enjoy a refreshing dip in the large Pebble Tec volleyball pool in your private, landscaped backyard. Relax on the balcony or patio and take in the beautiful views. This is the perfect blend of style, function, and resort-like living!

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812 W Cooley Drive Gilbert, AZ 85233

$597,000

4 Beds

2 Baths

2,051 SqFt

Status Active Under Contract

MLS # 6750880

Property Type Single Family Residence

Price Type --

Beautifully remodeled home in Cooper Ranch features a modern kitchen including new white shaker cabinets, white quartz countertops, stainless steel appliances, a gas range, and a large island with a breakfast bar that opens up to the spacious family room that features high vaulted ceilings and built in modern shelving. The master bedroom has brand new windows and french door to the back patio. The master bathroom was also fully remodeled with a huge walk-in shower and new floating vanities. The 4th bedroom has double doors and built in storage- perfect for an office! The home has new flooring throughout, fresh paint inside and out, and an indoor laundry room, Don't miss the 3 car garage, private pool, paved, extended covered patio, and artificial turf in the back with no neighbors behind.

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4955 E Indian School Road Unit 9 Phoenix, AZ 85018

$597,000

2 Beds

2.5 Baths

1,175 SqFt

Status Active

MLS # 6771155

Property Type Townhouse

Price Type --

A little slice of the Mediterranean right in the heart of Arcadia...welcome to Arcadia Gardens! This 12-unit community offers a peaceful and tranquil lifestyle, with lush landscaping abound and a sparkling pool, it's just minutes from a litany of outstanding dining, shopping and entertainment experiences. This immaculate home is move-in ready and features an upgraded kitchen that boasts dark cherry wood cabinetry, SS appliance package, double ovens, a coffee bar w/ wine fridge, and quartz countertops. Large windows provide an abundance of natural light throughout. The upstairs features 2 en-suite bedrooms, with the back bedroom providing direct access, via spiral staircase, to the back patio. Up one more flight of stairs and you will find your very own private roof top deck appointed with Trex decking and synthetic grass. This is an absolute must-see, as there is no better place to unwind and soak in the radiant beauty of Camelback Mountain and beyond.

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13330 W Milton Drive Peoria, AZ 85383

$597,000

2 Beds

2 Baths

1,760 SqFt

Status Active

MLS # 6700963

Property Type Single Family Residence

Price Type --

$10,000 DECORATING ALLOWANCE AT CLOSE OF ESCROW-your chance to enhance the DECORATING! LIKE NEW 2021-built 'Vibrant' with 9.25 kW SOLAR LEASE for huge savings, PLANTATION SHUTTERS & NO CARPET! Beautiful curb appeal & PAVERS on driveway & front porch. Many outstanding upgrades/features -GRANITE SLAB on kitchen counters & large island, stainless GE PROFILE appls w/5-burner GAS cooktop & GE French-door refrigerator, walk-in pantry. NEW 2024 LUXURY VINYL PLANK FLOORING in bedrooms & den; tile flooring in main areas. Large den. Inviting private backyard ideal for alfresco dining/entertaining has HUGE PAVER PATIO, faux grass, attractive landscaping, fenced including wall behind. Two-car garage w/EPOXY FLOOR & pedestrian door to EXTERIOR TRASH ENCLOSURE. SHORT DISTANCE to DOG PARK & MITA CLUB. Additionally, the primary suite has a large bedroom with no carpeting, double sinks, shower, toilet room & large walk-in closet. Guest bedroom with no carpeting & bath are split from primary suite providing privacy for you and your guests. POST TENSION SLAB. Gutters & downspouts. Extra area in garage can be used for storage, motorcycle, or golf cart. $2.40 IS THE AVERAGE FOR APS BILLS THE PAST 12 MONTHS! Gas line was installed for use in backyard. This home is located in award-winning gated, 55+ Trilogy at Vistancia with 5-star-resort style amenities at the 35,000 SF Kiva Club with indoor & outdoor pools, fitness center, day spa, cafe, billiards, meeting rooms, library, tennis courts, pickle ball, bocce ball, events & a plethora of activities to choose from. Outstanding Gary Panks-designed golf course is woven throughout the original part of the neighborhood. The Mita Club has additional outstanding community amenities. Easy access from Trilogy to the 303, shopping, restaurants, entertainment, Lake Pleasant & Paloma Park, Peoria's huge community park loaded with amenities.

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25106 N 171st Lane Surprise, AZ 85387

$596,976

5 Beds

4 Baths

3,185 SqFt

Status Active

MLS # 6763334

Property Type Single Family Residence

Price Type --

MLS#6763334 December Completion! This adaptable Victory floor plan at Asante offers an inviting open-concept layout, where the kitchen flows effortlessly into the great room, complemented by a nearby dining area. The primary suite is conveniently situated on the main level, complete with a spacious walk-in closet and a thoughtfully designed bath. The first floor also includes a full bathroom, a powder room, and a versatile flex space that can be tailored to your lifestyle. Upstairs, you'll find additional bedrooms, a full bath, ample storage, and a loft, perfect for extra living or entertaining space. Structural upgrades include: a paver front porch and walkway, a fifth bedroom with an en-suite fourth bath, 12' x 8' multi-slide door, soft water loop and a garage service door.

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16172 W Alameda Road Surprise, AZ 85387

$596,330

4 Beds

3.5 Baths

2,671 SqFt

Status Active

MLS # 6736644

Property Type Single Family Residence

Price Type --

MOVE-IN READY, BRIGHT GREAT ROOM PLAN, QUICK CLOSE!! 4 BEDROOM PLUS LOFT, 3.5 BATH, 9'CEILINGS, GOURMET KITCHEN LAYOUT, UPGRADE CABINETS, GRANITE KITCHEN TOPS, SPA SHOWER, TILED FLOORING. 2'WHITE BLINDS, CEILING FANS, FRONT YARD LANSCAPING COMPLETED, ENERGY STAR QUALIFIED HOME, INDOOR AIR PLUS. A SHORT DISTANCE FROM THE COMMUNITY POOL AREA, PICNIC AREA, TOT LOTS, BASKETBALL, PICKLE BALL COURTS AND SO MUCH MORE.

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21723 E Roundup Way Queen Creek, AZ 85142

$595,995

3 Beds

2.5 Baths

2,390 SqFt

Status Active

MLS # 6702192

Property Type Single Family Residence

Price Type --

Welcome to Light Sky Ranch and the Pinecrest plan! This home boasts 2390 square feet of meticulously crafted living space. With three bedrooms, two and a half baths, and a dedicated study, every corner of this home is designed with purpose. The kitchen features quartz countertops, upgraded shaker cabinets, and a central island that doubles as a culinary hub and gathering place. The owner's suite with en-suite bath, offers an over-sized walk-in closet. Outside, both a single-car garage & a 2-car garage offer ample storage for vehicles, outdoor gear, and more, ensuring both convenience and practicality. With amenities like a tankless water heater for efficiency and a charming paver driveway, this home harmoniously blends convenience and sophistication.

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23505 E Cactus Forest Road Florence, AZ 85132

$595,900

4 Beds

2 Baths

2,000 SqFt

Status Active

MLS # 6766695

Property Type Single Family Residence

Price Type --

NEW BUILD - 4 BEDROOM, 2 BATH HOME WITH 3 CAR GARAGE ON OVER AN ACRE OF LAND!! This Stunner offers 2000 SqFt with an Open Kitchen/Dining/Family Room plan. With Fans, White Cabinets, Stainless Appliances, Quartz Countertops, Upgraded Doors and Wood Plank Tile throughout, you won't find better!! The Bedrooms are spacious, Owner's Suite Offers Walk-in Closet and Frameless Glass Enclosure with Tile Surround. Extended 3 Car Garage, Covered Patio and room for all your Trailers, Toys and Storage. See it today!!

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10103 E Plata Avenue Mesa, AZ 85212

$595,900

4 Beds

3 Baths

2,146 SqFt

Status Active

MLS # 6752877

Property Type Single Family Residence

Price Type --

Seller will help pay Buyers Closing Cost/Rate Buy Down w/Right Offer! Beautifully Remodeled Home in the HIGHLY DESIRED Santa Rita Ranch Community. Complete Remodel includes NEW CABINETS, Fixtures, Flooring throughout,Quartz Counters, Paint, HVAC (2019). No Expense Spared. This charming home has 4 OVERSIZED Bedrooms, and 3 FULLY REMODELED baths. LOW maintenance TURF in both front and back yards. The backyard boasts a HUGE covered patio for entertaining along with a FULLY featured PEBBLETEC POOL with large GREENBELT backing the home for an airy and private experience. This home is centrally located near valley freeways, award winning Shopping/Restaurants and GILBERT Schools. This home WILL EXCEED all your expectations.

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3968 E Gold Mountain Avenue San Tan Valley, AZ 85143

$595,791

4 Beds

3.5 Baths

3,146 SqFt

Status Active

MLS # 6749023

Property Type Single Family Residence

Price Type --

Gorgeous new home in Bella Vista Farms, located in San Tan Valley. The community offers access to the community pool, playground, basketball court, and volleyball court. Enjoy designer selections throughout the home including a GE Gourmet kitchen appliance package with a gas cooktop, Hana Sky Quartz countertops in the kitchen, Polaris Plus LVP, upgraded carpets, Aristokraft cabinets in flagstone, and a frameless walk-in shower in the primary bathroom. Other highlights include a split floor plan, north/south exposure, and a pool sized homesite. Utilities include Mesa Gas, EPCOR water, and Rural Metro.

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11432 S 208th Avenue Buckeye, AZ 85326

$595,500

4 Beds

3.5 Baths

2,386 SqFt

Status Active

MLS # 6780972

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the rapidly growing town of Buckeye! This stunning, newly built home features 4 bedrooms, 3.5 bathrooms, and sits on over an acre of horse property, offering ample room for relaxation and recreation. Inside, you'll be greeted by an open floor concept with beautiful tile flooring that flows seamlessly throughout the home. The gourmet kitchen features quartz countertops and a large central island that provides plenty of space for preparing meals and gathering with friends and family. The 3-car garage with an epoxy finish offers both style and functionality. The landscaped front yard adds curb appeal and includes an auto-timed irrigation system. Don't miss the chance to make this beautiful Buckeye property your forever home!

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4274 Old Orchard Drive Wickenburg, AZ 85390

$595,500

2 Beds

2 Baths

1,968 SqFt

Status Active

MLS # 6784828

Property Type Single Family Residence

Price Type --

Beautiful Dorn home situated on an oversized lot with completely repainted interior! Primary Bedroom situated in the back corner of home over looking common area & features Dual Sinks, Stunning Walk in Shower & Spacious Closet. Guest Suite at the front of the home w/Hall bath and Barn Door to make your guest suite private. Enclosed Office/Den space that could double as an additional Guest Bedroom. Kitchen features Corner Pantry, Large Center Island, SS Appliances, Breakfast Bar and designated Dining Area. Great Room w/prewired surround sound and Multiple sliding doors that lead out to covered patio and spacious backyard. 3 Car Garage w/built in storage and epoxy flooring.

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