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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3085 Ponderosa Road Overgaard, AZ 85933

New

$490,000

3 Beds

2 Baths

3,641 SqFt

Status Active

MLS # 6691824

Property Type Manufactured Home

Price Type --

Fantastic opportunity to own this 3BR/2BA home on 2.06 acres. Over 3500 sf of living space. 2 Furnaces, Woodstove in lving area and evaporative coller. 12x24 Greenhouse, 2 detached 1 car garages with electic and 1 has propane. Set far back off a paved road and is fenced. Fire pit, raised flower beds, rose bushes and raspberry bushes. Large enclosure for dogs. 1000 gallon propane tank owned. Renewal by Anderson windows and sliding glass door - Warranty transfers to new owner. Don't miss this great opportunity.

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203 S Penn Avenue Prescott, AZ 86303

$490,000

2 Beds

1 Bath

897 SqFt

Status Active

MLS # 6668148

Property Type Single Family Residence

Price Type --

A Cozy Cottage-style Home Located Just 8 Blocks From Historic Courthouse Plaza in Downtown Prescott! This 897 SqFt , 2BR/1BA/1 GAR Home Features a Charming Patio Where You Can Relax and Enjoy The Prescott Weather. Open Kitchen and Dining Area With Sliding Glass Door That Leads to Tranquil Front Patio, Interior Features Include Vinyl Plank Flooring, Horizontal Blinds, Lighted Ceiling Fans and So Much More! Zoned For Multi Family! Don't Miss Out On This One!

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2425 W Bronco Butte Trail Phoenix, AZ 85085

$490,000

3 Beds

2 Baths

1,662 SqFt

Status Active

MLS # 6666014

Property Type Apartment

Price Type --

This former model has all the bells and whistles you could hope for! Upgrades galore, it has been superbly cared for and is ready for it's new owner! Beautiful open floor plan flows effortlessly throughout the home. Check out all the photos and video to see what could be your new home!

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2574 E Detroit Place Chandler, AZ 85225

$490,000

3 Beds

2 Baths

1,427 SqFt

Status Active

MLS # 6669633

Property Type Single Family Residence

Price Type --

This stunning home in the highly sought-after community of Dobson Place is a great find! A well thought out and popular floor plan makes this home perfect for those who love to entertain. Upgraded flooring throughout. The backyard is beautifully landscaped, and the entire house features a stylish neutral color scheme. Perfect opportunity to get into the ever growing Chandler market or make a good addition to your portfolio. The primary bath has dual sinks and a step-in shower, as well as a spacious walk-in closet. This home is located centrally in the neighborhood, away from any busy roads. Located 5 minutes from Downtown Chandler and within 10 minutes of Downtown Gilbert. Welcome to your next home that has just been remodeled and is ready for you

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8214 E Chaparral Road Scottsdale, AZ 85250

$490,000

3 Beds

2 Baths

1,352 SqFt

Status Active

MLS # 6674047

Property Type Townhouse

Price Type --

Step into luxury living with this completely renovated 3-bedroom, 2-bathroom townhome, boasting a single-level, split floor plan design. The kitchen features sleek stainless steel appliances and stunning quartz countertops with an elegant backsplash. Retreat to the spacious primary suite, complete with a generous walk-in closet, a luxurious ensuite bathroom featuring a dual vanity, and a custom tile shower. Outside, indulge in your own charming patio, while having the convenience of two dedicated carport spaces and separate storage. This end unit property offers the ultimate in tranquility, while being just steps away from Chaparral Lake Park, Old Town Scottsdale, Fashion Square Mall, and an array of shopping, dining, and recreational options. Experience the epitome of urban living wit h easy access to greenbelt parks, bike/walking paths, and more.

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2303 S 337th Avenue Tonopah, AZ 85354

$490,000

4 Beds

3 Baths

2,200 SqFt

Status Active

MLS # 6683338

Property Type Single Family Residence

Price Type --

Coming Soon! A stunning, to-be-built home awaits! This brand-new 4 bed, 3 bath residence features not one but two master bedrooms in over an acre of horse property, this split-floor plan gem offers a perfect blend of modern upgrades and convenience, all just 7 minutes from the freeway. NO HOA. Estimated build time is 4-5 months, and the buyer may have the opportunity to choose some options. Don't miss the chance to make this dream home your own! Contact us for more details and be part of the exciting build process.

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29138 W Old Us Highway 80 -- Palo Verde, AZ 85343

$490,000

4 Beds

2 Baths

1,800 SqFt

Status Active

MLS # 6677064

Property Type Single Family Residence

Price Type --

One and a quarter irrigated acres of land with pasture and corrals in this beautiful country setting. Amidst the farm fields sits this 4 bed/2 bath charming ranch style home with amazing views and a swimming pool. The spacious garage has A/C for working on projects. If the rural life is calling to you, this property is set up for your ranchette dreams. Located next to a great elementary school in the charming community of Palo Verde. A PRIVATE WELL & IRRIGATION are getting harder to find! Bring your horses, cows, goats and chickens. Don't miss out on this opportunity!

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7503 S 27th Terrace Phoenix, AZ 85042

$490,000

3 Beds

2.5 Baths

1,958 SqFt

Status Active

MLS # 6677240

Property Type Single Family Residence

Price Type --

Fantastic location - Gated community - Minutes from both downtown Phx and ASU. Close to South Mountain Park and great hiking. Spacious kitchen with tons of cabinet and counter space, newer stainless steel appliances, and pantry. Large living room, laundry room, and 1/2 bath downstairs. Master bedroom suite with large walk-in closet, separate tub and shower, and dual vanities. UPGRADES THROUGHOUT This property offers a perfect blend of cozy living and a contemporary lifestyle. Audio and lighting upgrades throughout for entertaining or when you just want to enjoy your home and what it has to offer. The beautiful, manicured backyard is perfect for your springtime enjoyment with its paver walkways framed by flowers and trees along the perimeter. Newer kitchen appliances New AC, HVAC (30k upgrade) Recessed lighting Dimmer switches LED lighting in the kitchen Fresh interior paint Ceiling fans throughout Wired for surround sound Brand new water heater Water softener New toilets/faucets Exterior paint and so much more!

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18455 N 167th Lane Surprise, AZ 85374

$490,000

3 Beds

2 Baths

2,061 SqFt

Status Active

MLS # 6687490

Property Type Single Family Residence

Price Type --

Welcome to your amazing 3 bedroom (plus a den) / 2 bath home in the very desirable Bell West Ranch subdivision in Surprise. Wonderful open floorpan features a great room perfect for entertaining. Nicely remodeled with vinyl wood plank flooring throughout. Kitchen is designed with white quartz countertops, white painted cabinets, and stainless appliances. Modern style ceiling fans and lighting fixtures are updated throughout the home. The 3 car garage provides ample storage. Very large backyard with RV gate and RV parking. With convenient access to shopping, dining, and entertainment, this home offers the ideal combination of comfort and convenience.

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37346 W Leonessa Avenue Maricopa, AZ 85138

$490,000

4 Beds

3.5 Baths

2,770 SqFt

Status Active

MLS # 6688683

Property Type Single Family Residence

Price Type --

Welcome to this exquisite former subdivision model home! So much space for a single level home! Enjoy fabulous upgrades including built-in surround sound in the living room. With only one owner since 2021, this property boasts a den/office and plenty of space for all your needs. It's perfect for multi-generational living with a private mother-in-law suite featuring a private bathroom. The large bedrooms afford family members privacy, while upgraded carpeting and wood look tile enhance the luxurious feel. The kitchen is a chef's dream with gorgeous cabinets, stainless steel appliances, and quartz countertops. Step outside to a spacious manicured backyard with lush grass and elegant pavers, perfect for outdoor gatherings.

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20234 N Meadowood Drive Sun City West, AZ 85375

$490,000

2 Beds

2 Baths

1,733 SqFt

Status Active

MLS # 6689205

Property Type Single Family Residence

Price Type --

Welcome to your dream oasis on the greens - a pristine, meticulously maintained 2-bedroom, 1733 sq ft. home nestled on the Echo Mesa golf course in the vibrant Sun City West community. This beautiful residence combines luxury living with the serenity of Arizona's natural beauty, making it a perfect retreat for those seeking a blend of comfort and sophistication. Positioned on the 13th hole, this home offers breathtaking views of the meticulously maintained fairways. Enjoy serene mornings and tranquil evenings in your backyard paradise. Save money with the 7kw solar system that is installed and has already been prepaid! Enjoy the benefits of lower electric bills and a system that will be maintained by SunRun for the duration of the lease, at no cost to you! The kitchen has been beautifully updated with modern stainless steel appliances, sleek countertops, and ample cabinetry. Whether you're preparing a meal for two or hosting a dinner party, this kitchen meets all your needs with elegance and functionality. Extend your living space with an elegantly enclosed lanai, providing a versatile area for relaxation or entertaining guests. It's the perfect spot to enjoy Arizona's picturesque sunsets with a view of the lush golf course. Experience the ultimate in comfort with a state-of-the-art tankless water heater ensuring endless hot water on demand, and a sophisticated soft water system for the highest quality water throughout your home. The home features two generously sized bedrooms, offering a peaceful retreat after a day on the golf course or exploring all that Arizona has to offer. The master suite boasts ample closet space and an en-suite bathroom. Sun City West is more than a place to live, it's a lifestyle. As a resident, you'll have access to a wealth of amenities including golf courses, swimming pools, fitness centers, and social clubs. Enjoy the beauty of Arizona with outdoor trails, parks, and recreational activities all within a welcoming and active community. Don't miss the opportunity to own this gem on the golf course. Whether you're an avid golfer, seeking a serene retirement haven, or simply looking for a luxurious lifestyle, this home is sure to exceed your expectations.

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2027 W Monte Vista Road Phoenix, AZ 85009

$490,000

3 Beds

2 Baths

1,849 SqFt

Status Active

MLS # 6688921

Property Type Single Family Residence

Price Type --

Welcome Home to Monte Vista! This recent remodel is nestled near the serene Encanto Park and golf course, this spacious abode stands out as one of the largest in the neighborhood. A unique feature includes an additional attached room with a separate entry, offering versatility as an extra bedroom, workshop, or private office. Revel in the comfort of new windows throughout the home, ensuring energy efficiency and aesthetic appeal. Don't miss out on this rare opportunity to own a beautifully renovated home with endless possibilities.

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