NAR Data Shows Now Is a Great Time to Sell!

NAR Data Shows Now Is a Great Time to Sell! | Simplifying The Market

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).

NAR Data Shows Now Is a Great Time to Sell! | Simplifying The Market

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.

What’s Your Home Worth?

Search for Your New Home

6485 E Heritage Road Florence, AZ 85132

$630,000
3 Beds
3 Baths
2,255 SqFt
Status Active
MLS # 6763202
Property Type Single Family Residence
Price Type --
HIDDEN OASIS! AFFORDABLE ONE-OF-A-KIND HORSE PROPERTY that is fully fenced with block wall & gated with a Beautiful 2-story SEMI-CUSTOM HOME with NO HOA! 1.27-acre lot. 3 Car Garage Slate flooring, Granite countertops in kitchen, laundry room, & bathroom vanities. Custom hickory wood cabinets and soaring vaulted ceilings. FLEX Room & Master bedroom on main floor with 2 bedrooms upstairs. Master bedroom bath has granite double sinks, separate tub from shower. Large walk-in Closet in Master with vaulted ceilings. Guest bath is off the dining area. Full Bath upstairs. AC Units. Huge backyard with beautiful mature trees. Enjoy the stunning Arizona Sunsets from your large, covered patio. 4 horse stalls, enclosed tack/feed shed, & huge horse area separated from backyard by block wall. Huge unfinished room over the 3-car garage could be made into a family room, additional bedrooms, endless possibilities! Access door could be made thru up-stairs bathroom. Access to it right now is through the crawl space in the kitchen.

9929 E Timpani Lane Mesa, AZ 85212

$630,000
4 Beds
2.5 Baths
2,264 SqFt
Status Active
MLS # 6770757
Property Type Single Family Residence
Price Type --
Wecome home. This home offers a great room, dining space and kitchen with large center island, an ideal layout for having friends and family over and entertaining. A covered patio offers additional outdoor living space to enjoy those cooler evenings. Fall in love with the sophisticated owner's suite boasting an owner's bathroom with dual sinks and walk-in closet. There is also a second living area by the foyer that is perfect for the kids to hang out at. This Cadence community offers amenities including a play pool, water slides, etc. This place has it all!

2677 E Ficus Way Gilbert, AZ 85298

$630,000
3 Beds
2 Baths
2,249 SqFt
Status Active
MLS # 6742444
Property Type Single Family Residence
Price Type --
. Welcome to your new oasis in Gilbert! This delightful 3-bedroom, 2-bathroom home is perfectly situated near the serene Gilbert Regional Park, offering both tranquility and convenience. As you step inside, you're greeted by light-filled, spacious rooms featuring plantation shutters.The perfect floor plan includes a formal living room, dining room, and a separate den. You'll love entertaining in the open-concept island kitchen, a gas stove, and an inviting family room that overlooks a serene patio. The patio, with pavers and mature professional landscaping, includes a built-in gas BBQ, making it ideal for summer barbecues and outdoor gatherings.The spacious master suite is a peaceful retreat. some photos are virtually staged!

6381 W Kristal Way Glendale, AZ 85308

$630,000
4 Beds
2 Baths
2,313 SqFt
Status Active
MLS # 6768457
Property Type Single Family Residence
Price Type --
Looking for a great property and great location? This is the one that you are looking for! This 4 bedroom, 2 bath single story ranch style home offers hardwood and tile flooring in all living space areas, carpeting in all the bedrooms for your comfort. Kitchen and baths have been remodeled and updated with white cabinetry and black quartz counter-tops and kitchen island. Large pantry in the kitchen to fit all of your kitchen gadgets and food storage is a wish fulfilled for every home cook. This home is handicap friendly as there are two walking showers and wider doors, the home was adjusted to be used as an Assisted Living. The location is in close proximity to Abrazo Arrowhead Campus, near Midwestern University, close to 101 FWY and Arrowhead Mall.

10420 E Cedar Waxwing Court Sun Lakes, AZ 85248

$630,000 - 2Br/2Ba -  for Sale in Sun Lakes 27a Lot 1-17, A-c Replat, Sun Lakes
Open House
$630,000
2 Beds
2 Baths
2,116 SqFt
Status Active
MLS # 6768486
Property Type Single Family Residence
Price Type --
Gorgeous custom home with expansive water views in the Active Adult Community of Ironwood in Sun Lakes. Enjoy the resort lifestyle in this 2 BR, 2 BA home with full updates in kitchen and baths. Huge Arizona room/Lanai overlooking the water. Large private covered patio and a bonus room with patio access. Perfect for an office/den or craft room. You won't want to miss this one-of-a-kind home. Come, enjoy all the amenities Sun Lakes has to offer.

1202 E Palo Verde Drive Phoenix, AZ 85014

$630,000 - 3Br/2Ba -  for Sale in Escondido Hermoso, Phoenix
Open House
$630,000
3 Beds
2 Baths
1,782 SqFt
Status Active
MLS # 6762575
Property Type Single Family Residence
Price Type --
Discover this classic, single level, 3 bed, 2 bath home with no interior steps located in the desirable Escondido Hermosa neighborhood of North Central Phoenix. Beautifully remodeled throughout in 2021, the spacious floor plan features a large kitchen with an open eating area, flowing seamlessly into the expansive outdoor patios perfect for entertaining. The primary suite offers a cozy seating area, wood-beamed ceilings, walk-in closet, remodeled bathroom, and direct patio access through sliding doors. Highlights include skylights, block construction, a 2-car garage, and Tesla leased solar panels, keeping monthly energy costs low. Ideally located within walking distance of local dining and retail, and just minutes from the airport, hiking trails, and the Biltmore and Arcadia corridors. and the Biltmore and Arcadia corridors!

8866 E Shangri La Road Scottsdale, AZ 85260

$630,000 - 3Br/3Ba -  for Sale in Arizona Park Place, Scottsdale
Open House
$630,000
3 Beds
2.5 Baths
2,172 SqFt
Status Active
MLS # 6778719
Property Type Single Family Residence
Price Type --
Located in the heart of Scottsdale, this beautifully updated 3-bedroom, 2.5-bathroom plus loft home offers 2,172 sq. ft of living space. Step inside to find LVP flooring throughout, complemented by neutral paint that sets a welcoming tone. The kitchen is designed for both cooking and gathering, featuring granite counter tops, a gas range, stainless steel appliances, and subway tile backsplash. Upgraded lighting and sleek hardware add a modern touch. The flexible floor plan includes a bonus loft upstairs, ideal for a home office, play area, or workout space. The oversized primary bedroom includes a walk-in closet. Outside, enjoy the privacy and ease of a low-maintenance, lock-and-leave style yard. The home also offers direct access to the adjacent greenbelt park, perfect for pets or kids to run and play. Centrally located in the Shea Corridor with easy access to Scottsdale's top shopping and dining, plus Honor Health, Mayo Clinic and the 101 Freeway. This home is truly move-in ready whether you call Arizona your full-time home or a part-time escape.

18031 N Buntline Drive Sun City West, AZ 85375

$630,000 - 3Br/2Ba -  for Sale in Sun City West, Sun City West
Open House
$630,000
3 Beds
2 Baths
2,247 SqFt
Status Active
MLS # 6765848
Property Type Single Family Residence
Price Type --
Welcome to our jewel in the desert. This home is situated on the corner of Parkwood Drive and Buntline Road. Located on the 16th green of the Pebblebrook golf course. Complete with your own private swimming pool, this home has recently had a complete new roof installed. This home has three bedrooms, an open kitchen complete with upgraded quartz countertops. You are invited to come and enjoy all the improvements done. Thanks very much. Professional photography taken Monday, October 7, 2024.

7833 E Obispo Avenue Mesa, AZ 85212

$629,999
4 Beds
2 Baths
2,532 SqFt
Status Active
MLS # 6775630
Property Type Single Family Residence
Price Type --
NEWLY RENOVATED ON A MASSIVE CORNER LOT! Home features 4 beds + a dedicated office space perfect for working from home and 2 full baths. A newly renovated kitchen with modern finishes! Oversized primary bedroom with completely remodeled bathroom! 12,000+ square foot lot with beautiful surrounding views and a sparkling pool! New interior and exterior paint! So many recent upgrades, come see it today because it won't last long!

232 E Liberty Lane Gilbert, AZ 85296

$629,999 - 4Br/3Ba -  for Sale in Settler's Point South Phase 2, Gilbert
New
$629,999
4 Beds
3 Baths
2,439 SqFt
Status Active
MLS # 6779674
Property Type Single Family Residence
Price Type --
Become the proud owner of this delightful cul-de-sac property! Discover an excellent curb appeal boasting a 3-car garage and a manicured front lawn. Fall in love with the enchanting interior, starting with the living/dining room with soaring vaulted ceilings, soft carpeting and tile flooring. Gather loved ones in the great room, which includes a fireplace for cozy evenings. The gourmet kitchen comes with tile counters, abundant wood cabientry, recessed lighting, a stylish tile backsplash, built-in appliances, a handy pantry, and an island with a breakfast bar. You'll also find a versatile den that is ideal for an office or study. Upstairs, the quaint loft provides a relaxing space. Double doors lead to the main bedroom, showcasing balcony access, an ensuite with double sinks, and a convenient walk-in closet. Enjoy a breath of fresh air on the spacious balcony, offering a good vantage point of the surroundings. The well-sized backyard features a covered patio for al fresco dining, natural turf, and a refreshing pool. Make it yours today!

28903 N 211th Avenue Wittmann, AZ 85361

$629,999
5 Beds
3 Baths
2,681 SqFt
Status Active Under Contract
MLS # 6717920
Property Type Single Family Residence
Price Type --
Don't miss out on the opportunity to make this stunning property with NO HOA your own! This newly constructed home on 1-acre horse property offers the perfect blend of luxury and functionality. Open spacious floor plan and design the gourmet kitchen awaits, adorned with pristine white shaker cabinets and granite countertops. Tile flooring flows seamlessly throughout the entire home, offering both durability and timeless beauty. Beautiful Custom Home nearing completion! This home was built with care & quality!! Numerous details & upgrades throughout, not just cosmetically but through the bones of this home.

17375 N 10th Street Phoenix, AZ 85022

$629,999
3 Beds
2.5 Baths
2,610 SqFt
Status Active Under Contract
MLS # 6766700
Property Type Single Family Residence
Price Type --
Take pride in residing in this highly upgraded home in Villas at Trellis! Appealing interior boasts clean lines that promote a modern feel! Abundant natural light graces the open floor plan paired w/hardwood flooring, crown moulding, surround sound, & wide sliding glass doors to the back patio. Lovely kitchen provides recessed & pendant lighting, SS appliances, ample cabinetry, subway tile backsplash, a pantry, & a butcher block prep island w/a breakfast bar. Make the flexible den & loft a study or TV area. HUGE main retreat offers plush carpet & an ensuite comprised of two vanities, make-up desk, large shower w/a drying area, & a walk-in closet. Fabulous backyard comes w/a covered patio perfect for relaxing or throwing a barbecue and enough space for fun get-togethers. Don't miss it!

Leave a Reply

Your email address will not be published.