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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11041 W Irma Lane Sun City, AZ 85373
$499,000
3
Beds
2
Baths
2,231
SqFt
Status
Active
MLS #
6681886
Property Type
Single Family Residence
Price Type
--
Welcome to this beautiful age restricted community. As you walk up to this home, you will find a welcoming entry way. Inside you have a quaint living and dining area. To the right, there is a room which can be used for either a sitting area or office space. There are wood shutters throughout. The home offers 3 bedrooms and 2 baths and lots of storage. The main bedroom is spacious with a sitting area and private exit to the patio. The main bath has two sinks, 2 walk in closets with a separate tub and shower. The kitchen offers a large open area with a breakfast area. The exterior has several fruit trees, a private backyard great for entertaining, lots of mature trees and beautiful landscaping. Corner lot on a cul-de-sac street. 3 car garage with a service door and built in storage cabinets
14803 W Buttonwood Drive Sun City West, AZ 85375
$499,000
3
Beds
2
Baths
2,550
SqFt
Status
Active
MLS #
6679820
Property Type
Single Family Residence
Price Type
--
Welcome home to this updated San Simeon model with 2550' of spacious living. 3 bedrooms, 1.75 baths. New tile/baseboards throughout with carpet in bedrooms. New master shower, lighting upgrades, pull-out shelves in kitchen and master bath. Water treatment system and R/O system are owned. The large laundry room is set up with abundant storage w/ a great craft/hobby area. New interior paint 2024 Enjoy two private outdoor retreats w/ a front courtyard off the master bedroom or the covered back patio with built-in outdoor kitchen. The oversized garage includes a separate golf cart garage. The landscaping system was reworked with new valves, controls and backflow. To add to the mature plantings the landscape rock was just replenished. The home has solar to keep your electric bills low! See full list of improvements in Documents tab.
22375 N Celtic Avenue Maricopa, AZ 85139
$499,000
5
Beds
3
Baths
2,653
SqFt
Status
Active
MLS #
6680848
Property Type
Single Family Residence
Price Type
--
Welcome to this spacious 5-bedroom home in Cobblestone Farms! Nestled on a corner lot, it displays a desert front yard, RV gate, & a split 3-car garage. Discover a formal living room and an inviting dining/family room that opens to the kitchen! Built-in appliances, solid-surface counters, a pantry, recessed lighting, ample wood cabinetry, and a large island w/breakfast bar complete the culinary space. Natural light filled the spaces, complemented by archways, designer paint, and tile & soft carpet t/out. Main bedroom has outdoor access and an ensuite with a separate tub/shower & a walk-in closet. One bedroom, with a double-door entry & sliding doors to the back, is perfect for an office. Enjoy relaxing in the private backyard w/a covered patio, DIY firepit, & a grassy area! Move-in ready!
2120 N 125th Avenue Avondale, AZ 85392
$499,000
5
Beds
3.5
Baths
3,751
SqFt
Status
Active
MLS #
6687869
Property Type
Single Family Residence
Price Type
--
This charming single family home located at 2120 N 125th Ave in Avondale, AZ was built in 1996. With a spacious finished area of 3,751 sq.ft. spread across two stories, this home features 2 full bathrooms, 1 half bathroom, and ample living space. The property sits on a generous lot size of 9,791 sq.ft., providing plenty of outdoor space for relaxation and entertaining. Don't miss the opportunity to own this wellmaintained and inviting home in a desirable neighborhood. This house features solar panels (please call for additional information). Seller will pay $5,000 for buyer's closing cost.
4818 W Ellis Street Laveen, AZ 85339
$499,000
4
Beds
3
Baths
2,606
SqFt
Status
Active
MLS #
6688126
Property Type
Single Family Residence
Price Type
--
HUGE DROP IN PRICE FOR QUICK SALE!!! MOVE IN READY. See this beautiful 2 story Laveen Home in a great neighborhood! It features 4 Bedrooms, 3 Bathrooms, Living Room, Family Room, Dining Area, Open Island Kitchen and granite countertops! Low Maintenance Front and a large grassy backyard - a great playground! A detached guest house (or office or shop. This is a super home for a large family AND for entertaining!
159 Park Street Wickenburg, AZ 85390
$499,000
3
Beds
3
Baths
2,894
SqFt
Status
Active
MLS #
6691196
Property Type
Single Family Residence
Price Type
--
TASTEFULLY REMODELED! Modern comfort meets convenience in this charming home nestled on a large corner lot. Providing 3 beds, 3 baths, lush front yard, & carport parking spaces. Highly upgraded interior boasts fresh neutral paint, ceiling fans, recessed lighting, and wood-look flooring w/plush carpet in bedrooms. The spacious living & dining room features a fireplace & picture windows for tons of natural light! The spotless kitchen boasts SS appliances, quartz counters, recessed lighting, a breakfast bar, & ample shaker cabinetry. Main bedroom has a walk-in closet & an ensuite w/dual sink. Versatile den is great for an office. Moving outdoors, tranquility awaits in the backyard! A covered patio, built-in BBQ, mature trees, storage shed, & a fenced area complete the picture. Move-in ready!
5020 S Citrus Lane Gilbert, AZ 85298
$499,000
2
Beds
2
Baths
1,471
SqFt
Status
Active
MLS #
6692727
Property Type
Single Family Residence
Price Type
--
Welcome to this impeccably maintained, low-maintenance home in Trilogy at Power Ranch. All major systems in the home replaced within 5 years; including the roof, HVAC, and paint. This large premium lot home offers the luxury of no rear neighbors for added privacy and no interior steps for easy access. Enjoy Trilogy's vibrant lifestyle with amenities such as golf, swimming, bocce, tennis, pickleball, fitness center, restaurant, and much more. Guard-gated for security during the day. Perfect for a lock-and-leave lifestyle, whether for seasonal visitors or full-time residents. Experience resort-style living at its finest in this vibrant community.
12340 W Rosewood Lane Peoria, AZ 85383
$499,000
2
Beds
2
Baths
1,635
SqFt
Status
Active
MLS #
6617974
Property Type
Single Family Residence
Price Type
--
Lightly lived in, attractively upgraded Tuscan 'Flora' on corner lot with mature landscaping. TURNKEY OPPORTUNITY—furniture & furnishings available by Separate Bill of Sale. for $1. The many upgrades include LARGE FLOOR TILE throughout except carpet in bedrooms, HONEYCOMB top-down/bottom-up window coverings, wall of stunning built-in cabinetry in den, spacious garage w/4-ft. extension & attached cabinets, workstation, utility sink, & a HIGHLY UPGRADED KITCHEN. The beautiful eat-in kitchen features GRANITE SLAB countertops & full granite tile backsplash, rich honey-stained maple cabinetry w/ rollouts, GE Profile appliances PLUS Frigidaire refrigerator-NEW 2019, stainless industrial pull-down faucet-NEW 2023 & pendant light fixture-NEW 2021. . Exterior paint-NEW 2024. Enjoy meals looking looking out at the courtyard & outdoors through the SLIDING GLASS DOOR to the courtyard or go out for morning coffee. The primary suite has a SLIDING GLASS DOOR to the back patio. Both baths have attractive TILE countertops on tall cabinets and TILE surrounds in the tub/shower (guest) & shower (primary). Primary bath is also upgraded with heavy duty shower doors & elevated toilet. The great room is light & bright with a wall of windows with views of the backyard. The extended back patio with Kool decking & lush landscaping create a relaxing environment. The BUILT-IN GAS BBQ with GRANITE SLAB work area offers more opportunities to enjoy the outdoors. 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 new community park loaded with amenities.
5077 N Granite Reef Road Scottsdale, AZ 85250
$499,000
2
Beds
2.5
Baths
1,680
SqFt
Status
Active
MLS #
6650331
Property Type
Townhouse
Price Type
--
End unit townhome directly south of the pool. Townhome was renovated by current owner with new flooring, paint, appliances, etc., as well as the 1st master bedroom and bathroom being completely remodeled. Townhome features 2 master bedrooms. 1st master has a walk-in closet, with a 2nd closet. There is a half bathroom downstairs. Private back patio, 2 reserved parking space and an outside storage/shed unit. Less than a 5 minute drive to old town Scottsdale and walking distance to Chaparral Park, Chaparral Lake and the Greenbelt. Perfect home for a young professional, winter home, or 2nd residence
2201 W Valhalla Court Anthem, AZ 85086
$499,000
3
Beds
2
Baths
1,616
SqFt
Status
Active
MLS #
6686568
Property Type
Single Family Residence
Price Type
--
Welcome to your desert oasis in the gated community of Anthem Country Club! This charming 3-bedroom, 2-bath home features beautiful desert landscaping enhancing the curb appeal, setting the tone for the tranquility within. At the front, a patio invites you to enjoy your morning coffee, to relax and soak in the warm Arizona sun. Inside, the great room greets you with its spaciousness, complemented by a formal dining area and a kitchen that overlooks the living space, creating an ideal setup for gatherings and entertaining. The kitchen features ample cabinet space and a convenient pantry, providing plenty of room for all your culinary essentials. The primary bedroom is generously sized and grants direct access to the backyard retreat. Its ensuite bathroom features a dual sink vanity, a separate tub and shower, and a spacious closet space. Outside, discover a backyard sanctuary complete with a covered patio with ceiling fans, perfect to help stay cool on the warm sunny days, a built-in BBQ for grilling. Unwind in the spa, surrounded by serene natural beauty. As part of the Anthem Social Membership, residents gain access to a variety of Club facilities and amenities, including tennis courts, pickleball courts, a fitness center, a resort-style pool, and more! Don't miss out on the opportunity to experience Arizona living at its finest in this captivating Anthem home.
15989 N 74th Lane Peoria, AZ 85382
$499,000
3
Beds
2.5
Baths
1,975
SqFt
Status
Active
MLS #
6685842
Property Type
Single Family Residence
Price Type
--
Location...Northwest Corridor just min from Arrowhead Mall & 101. This Awesome home is now available located at Bella Brisa at 75th Ave and Bell Rd. The 3 bedrooms, 2.5 baths and bonus/flex room that offers the ability to work from home or workout room. Beautifully, finished kitchen with extended counter including gas range for the chef in you. The Primary room is oversized with beautiful bath and walk-in closet. The laundry room includes tall built-in custom cabinets. The backyard includes synthetic grass easy maintenaince. ome check out your new home! This community, located in North Peoria! Easy access to bike/running trails, hundreds of restaurants, shopping, ballpark, and entertainment. ALL just minutes away!
980 W Santa Fe Drive Wickenburg, AZ 85390
$499,000
3
Beds
2
Baths
2,056
SqFt
Status
Active
MLS #
6651275
Property Type
Single Family Residence
Price Type
--
WHOA no HOA! Invest today & ENJOY THIS SPACIOUS HOUSE ON A HILL w/ VIEWS of the Beautiful Bradshaw/Weaver Mountains*BACK COVERED PATIO provides shade for enjoyable afternoons. GAS bib for GRILL! Natural Light pours into the Bathrooms & almost every room from TUBULAR SKYLIGHTS! Several Mature Trees * RV Gate to the Large Fenced Backyard * Spacious 2,056 SF home on a quiet street * Large Foyer*Formal Living Room* Large Open Kitchen w Island *Custom Oak Cabinets * Cultured Marble Windowsills & Niches * Corner Sink w Outdoor Views * Breakfast Nook w/ Views to the North & East * Nice LG Refrigerator/Freezer * Cozy Gas Fireplace nestled in the Family Room*LARGE WALK IN CLOSETS*PRIMARY ENSUITE*TONS OF STORAGE SPACE* Full wall of Built-in Cabinets, UTILITY SINK & Work & Tool Station in Garage!