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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11718 W Luxton Lane Avondale, AZ 85323

$575,000

4 Beds

2.5 Baths

2,335 SqFt

Status Active Under Contract

MLS # 6696442

Property Type Single Family Residence

Price Type --

Welcome to the highly sought after amenity rich Alamar community of Avondale, Arizona. This single level 2335sf David Weekley Home is show ready with 3 bedrooms, a double door office (optional 4th bed) and features highly upgraded entertaining areas inside and out including a spacious kitchen with great room and a professionally landscaped backyard with seating areas, growing trees & a covered patio to enjoy Arizona sunsets year round with no neighbors behind. No need to wait 10-12 months to build the popular Cedarcrest floor plan new when this extremely lightly lived in home is ready for you today with finished landscaping in the front, a 3 car garage & service door, and all of the upgraded selections you would choose in the design center including staggered cream cabinetry in the... kitchen, an ensuite bath in the master, neutral wood plank tile with 5'' baseboards and plush carpeting throughout, and the bonus of having all appliances, owned solar, and window coverings included. Spread over 1,150 acres, including dozens of parks, miles of trails, and expanses of recreation space including a neighborhood pool, dog parks, sport fields & courts, outdoor gathering venues, events & more right in your backyard, Alamar is more than a place to live. It's a lifestyle rooted in community and within walking distance to the new Lakin Prep Academy, the community continues to grow around your new home!

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26210 N Hackberry Drive Phoenix, AZ 85083

$575,000

4 Beds

2 Baths

1,883 SqFt

Status Active Under Contract

MLS # 6709192

Property Type Single Family Residence

Price Type --

STETSON HILLS in North Phoenix, this single-level, 4bd/2ba home offers numerous exceptional features. Enjoy mountain views from both front and backyard, along with a natural desert wash directly behind the residence and situated on a private dead end street. This home has undergone significant COSTLY UPDATES such as a 5-ton HVAC system with a 18 SEER rating, completely new duct work, underlayment fully replaced, luxury vinyl plank flooring, SS appliances, fresh neutral interior paint, new water heater, updated guest bathroom, interior hardware and fixtures updated, living room surround sound, ceiling fans, backyard pavers and gas firepit, turf, gravel replaced, new irrigation auto timer, patio sun shade. Additionally, a water softener system and R/O has been added to enhance the homeowners experience. Further, Stetson Hills offers hiking trails, shops, supermarkets, schools, communal playgrounds, lots of green spaces and walking paths, close to the freeway. Don't miss an opportunity to own a meticulously cared for home in this dynamic community.

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214 E Avenida Sierra Madre -- Gilbert, AZ 85296

$575,000

4 Beds

2 Baths

1,901 SqFt

Status Active Under Contract

MLS # 6732640

Property Type Single Family Residence

Price Type --

Here is the deal you have been waiting for! Downtown Gilbert home, No HOA, in the desirable Colonia Grande subdivision. This 4 bedroom home with 1,901 square feet has been well cared for with same family for over 35 years. The living room boasts vaulted ceilings with wood beams and a wood burning fire place. There is an additional flex space off the entrance that could be utilised as a den or office. The kitchen has a large walk-in pantry and almost all the windows have been replaced for a more energy efficient home. Sparkling blue pool in back completely fenced in with a block wall. This home is solid, but could definitely use some updating and is priced to reflect that.

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7231 W Lone Cactus Drive Glendale, AZ 85308

$575,000

4 Beds

2 Baths

2,080 SqFt

Status Active Under Contract

MLS # 6731707

Property Type Single Family Residence

Price Type --

**MOTIVATED SELLER** Submit your offer! This meticulously maintained 4-bed, 2-bath home in the desirable Sierra Verde neighborhood, within Arrowhead Ranch, is ready for you to make it your own. Spacious bedrooms and ideal for entertaining. The kitchen & family room create a central hub, & the formal living and dining areas offer a touch of elegance. Large backyard with lush mature trees & oversized grassy area, perfect for barbecues, games, or simply relaxing under the Arizona sky. This home boasts a recently replaced AC unit (2023) and a newer water heater, ensuring worry-free comfort. A+ Schools, lakes, walking paths, close to 101, golf, restaurants, shopping & sports complexes. Don't miss your chance to own this gem in a sought-after neighborhood!

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1065 W Road 2 -- Chino Valley, AZ 86323

$575,000

3 Beds

2 Baths

2,305 SqFt

Status Active Under Contract

MLS # 6738551

Property Type Manufactured Home

Price Type --

Welcome to your own slice of heaven. This gorgeous fully fenced 2.5 acre corner lot is what your dreams are made of ! Freshly painted home is 2300' of complete luxury with a country charm. Upgraded carpet and flooring throughout, new SS appliances, stunning quartz countertops w/ large island, insta hot, central vacuum, new heat pump A/C. Upgraded insulation pkg., Property has good producing well with filtration system, landscaped yard with rear yard fencing and oversized 3car garage w/ automatic gate access and concrete driveway. Bring your animals and your toys ! you don't want to miss this one.

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725 W Palo Verde Street Gilbert, AZ 85233

$575,000

5 Beds

3 Baths

2,501 SqFt

Status Active Under Contract

MLS # 6741137

Property Type Single Family Residence

Price Type --

Wonderful 5 bed, 3 bath home with pool in prime Gilbert location! Top features include: high ceilings in family room, beautiful stone feature wall in dining room, wood burning fireplace in living room off the kitchen, newer SS appliances in the kitchen, bedroom & full bathroom on main level, 3 oversized bedrooms upstairs, huge primary suite w/ jetted soaking tub & tiled walk-in shower, and all rooms have blinds & ceilings fans. Backyard offers a covered patio, entertainers area w/built-in table, seating around firepit, BBQ area, & a built-in chiminea. Pebble tec pool is fenced & has a variable speed pump, and large grassy area as well. All of this just a couple miles from Downtown Gilbert, highway access, restaurants, shopping, hospitals, and so much more. Make it yours today!

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4525 N 66th Street Unit 77 Scottsdale, AZ 85251

$575,000

3 Beds

2.5 Baths

2,109 SqFt

Status Active Under Contract

MLS # 6743963

Property Type Townhouse

Price Type --

Welcome to this stunning, fully renovated home nestled on a spacious corner lot in a sought-after gated community. The bright, open floor plan features a modern, sleek kitchen with that flows seamlessly into the living & dining areas, perfect for entertaining. The primary bedroom is conveniently located on the main floor and upstairs, you'll find two additional bedrooms and a full bath. Outside, enjoy a generously sized yard, ideal for relaxation or play. With its prime location, updated finishes and ample natural light, this home combines contemporary elegance with practical living in a secure, serene neighborhood. This is a rare find, blending luxurious living with a prime, accessible location that puts you just moments away from shopping, dining, and top-rated golf courses.

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3044 E Cholla Street Phoenix, AZ 85028

$575,000

3 Beds

2 Baths

1,609 SqFt

Status Active Under Contract

MLS # 6753541

Property Type Single Family Residence

Price Type --

REMODELED GEM in the Sheaborhood! As you approach, you'll be greeted by the welcoming front porch. Inside contemporary design elements give this home its undeniable appeal. You'll immediately feel at home in one of the two spacious living areas, perfect for both entertaining guests and enjoying quiet evenings. Notice the open floor plan, enhanced by natural light pouring in. The heart of this home is the gourmet kitchen, completely remodeled with sleek quartz countertops, stainless steel appliances, and stunning cabinetry. Down the hall, you'll find three generous bedrooms. The primary suite features an en-suite bath with a walk-in shower. Step outside to the large covered patio, ideal for Arizona's sunny days. Prime location. No HOA. Shopping, dining, hiking, PV Schools.

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14626 W Futura Drive Sun City West, AZ 85375

$575,000

2 Beds

2.5 Baths

2,580 SqFt

Status Active Under Contract

MLS # 6755108

Property Type Single Family Residence

Price Type --

Wonderful south facing desirable Sun City West home, with many upgrades. Great street appeal in wonderful neighborhood, across street from golf course. Very Private well maintained landscaping front and back. Granite countertops throughout. Plantation shutters on front windows. Gas fireplace and built ins in family room. Updated Master bath with huge walk in shower and vessel sinks. Convenient Den/office. French doors to rear covered patio wonderful spot for Morning coffee or Happy Hour. Inside laundry with sink. Golf cart garage and plenty of storage in 2 car garage. Some furniture available outside escrow. Roof redone January 2024. You need to see this one it is Special !

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10923 W Escuda Drive Sun City, AZ 85373

$575,000

3 Beds

2 Baths

2,246 SqFt

Status Active

MLS # 6733296

Property Type Single Family Residence

Price Type --

Beautiful Lakefront Home in Ventana Lakes 55+ Community. It has everything you want, 3 bedrooms, 2 bathrooms, an Office, 3 car garage, 2 living spaces and an open concept home. Assumable Solar loan of Purchased system with Seller contributing $20,000 toward the loan balance at close of escrow. You will enjoy the morning sunrises as well as the evening sunsets from your lakefront backyard. Ventana Lakes is one of Peoria's premier 55+ communities. The community features 9 lakes, some with waterfalls, and great catch and release fishing. 4 community pools and spas, recreation and fitness rooms, billiards, fine arts, crafts and quilting rooms, handball, pickleball and tennis courts. Bingo games and more.

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19052 N 39th Way Phoenix, AZ 85050

$575,000

3 Beds

2 Baths

1,992 SqFt

Status Active

MLS # 6761701

Property Type Single Family Residence

Price Type --

*** FREE 1% RATE BUYDOWN AVAILABLE FOR THE FIRST 12 MONTHS*** Step into this beautifully maintained single-level home nestled in the sought-after Trovare community. From the moment you arrive, you'll appreciate the low-maintenance front yard and expansive driveway with room for three cars. Inside, the spacious living room welcomes you with warmth, while a charming office space, tucked behind elegant French doors, provides the perfect setting for productivity. At the heart of the home, a cozy gas fireplace with a striking stone hearth draws your attention, seamlessly complementing the stunning stone-wrapped kitchen island, ideal for gatherings of any kind. Down the hallway, you'll discover three generously sized bedrooms, offering comfort and privacy for all. The backyard is an an oasis of tranquility, where you can savor peaceful sunsets amidst lush natural grass and mature landscaping. This home truly has it all, space, style, and serenity!

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2315 E Monona Drive Phoenix, AZ 85024

$575,000

3 Beds

2 Baths

1,656 SqFt

Status Active

MLS # 6734118

Property Type Single Family Residence

Price Type --

JUST RENOVATED! AC & ROOF 2023. Welcome to this beautiful 3-bed, 2-bath home that has been recently remodeled! Vaulted ceilings and the open concept kitchen and family room make this a great space for gathering and entertaining. The kitchen has new stainless steel appliances, quartz counters, a pantry, white shaker cabinetry, and an island with breakfast bar. The large primary bedroom has a gorgeous en-suite bathroom with dual sinks, separate tub and shower, & a walk-in closet. Enjoy the privacy of the backyard & relax outside under the covered patio. This home also has brand new exterior paint, so from curb appeal to stylish interior finishes...this place is ready for you!

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