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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19821 W Medlock Drive Litchfield Park, AZ 85340

$724,999

4 Beds

3.5 Baths

2,297 SqFt

Status Active

MLS # 6769178

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Price Type --

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$724,990

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Property Type Single Family Residence

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2095 S Hillcrest Drive Camp Verde, AZ 86322

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1857 Pine Cone Road Heber, AZ 85928

$724,900

2 Beds

2 Baths

1,900 SqFt

Status Active

MLS # 6770886

Property Type Single Family Residence

Price Type --

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$724,900

4 Beds

2.5 Baths

2,124 SqFt

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MLS # 6772932

Property Type Townhouse

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6272 E 16th Avenue Apache Junction, AZ 85119

$724,900

3 Beds

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1,608 SqFt

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MLS # 6741475

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Price Type --

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$724,900

2 Beds

2 Baths

1,653 SqFt

Status Active

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Property Type Single Family Residence

Price Type --

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29449 N 130th Drive Peoria, AZ 85383

$724,900

3 Beds

2 Baths

2,111 SqFt

Status Active

MLS # 6745133

Property Type Single Family Residence

Price Type --

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6020 N 81st Place Scottsdale, AZ 85250

$724,900

3 Beds

2 Baths

1,831 SqFt

Status Active

MLS # 6754205

Property Type Single Family Residence

Price Type --

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3731 E Fruitvale Avenue Gilbert, AZ 85297

$724,900

4 Beds

2.5 Baths

3,070 SqFt

Status Active

MLS # 6760592

Property Type Single Family Residence

Price Type --

Welcome to this stunning 4 bed, 2.5 bath two-story home in the highly sought-after Coronado Ranch community. This 3,070 sq ft property offers a spacious layout featuring a kitchen with granite countertops, a 3-car garage, and a covered patio perfect for outdoor enjoyment. The backyard boasts a pool, spa, and built-in BBQ with beautiful views of the adjacent greenbelt and walking paths. Enjoy nearby community parks & splash pad, A+ rated schools, and convenient access to shopping & dining. Gilbert Regional Park is nearby featuring concerts, play areas, pickleball, and more! Come see it today!

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9780 W Vista Bonito Drive Casa Grande, AZ 85194

$724,900

5 Beds

3.5 Baths

2,991 SqFt

Status Active Under Contract

MLS # 6608564

Property Type Single Family Residence

Price Type --

This beautiful custom home sits on over 2 acres nestled in the highly desired neighborhood of Las Montanas. Key highlights include: high-end tile throughout, 5 bedrooms, 3.5 bathrooms, large granite kitchen island, pendant lighting and knotty alder doors. The possibilities are endless on this huge lot with mountain views from every corner.

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