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.

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4061 E Carriage Way Gilbert, AZ 85297

$619,999
4 Beds
2.5 Baths
2,902 SqFt
Status Active Under Contract
MLS # 6728060
Property Type Single Family Residence
Price Type --
Welcome to Power Ranch, one of the most desirable communities in Gilbert, Arizona! In the community of Power Ranch, you'll enjoy access to incredible community amenities, including 13 parks, walking trails, 2 fishing lakes, 2 pools, splash pads, playgrounds, tennis, softball, soccer fields, basketball & more! This location is ideal sitting in between Queen Creek Marketplace & The San Tan Mall. You're just minutes away from shopping, dining, & top-rated schools, making this the perfect place to call home. This exquisite 4 bedroom home, complete with an upstairs loft is full of natural light that accentuates the open floor plan & high ceilings. The home features two distinct living areas, providing plenty of room for everyone to relax & entertain. The kitchen has a gas stovetop, an island, upgraded countertops & matte black appliances. The spacious owner's suite is located downstairs & has views of the mountains out the window. The bathroom has a separate shower & soaking tub, double vanities, & a spacious walk in closet with a washer & dryer. Upstairs you'll discover 3 additional bedrooms, a full bathroom & a huge loft that has views of the golf course & mountains. Don't miss out on the opportunity to own an incredible house like this in Gilbert, Arizona. Welcome home!

3728 W Antelope Way San Tan Valley, AZ 85144

$619,995
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3.5 Baths
2,482 SqFt
Status Active
MLS # 6705342
Property Type Single Family Residence
Price Type --
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$619,990
4 Beds
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2,105 SqFt
Status Active
MLS # 6771893
Property Type Single Family Residence
Price Type --
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5330 W Walatowa Street Laveen, AZ 85339

$619,990
5 Beds
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2,908 SqFt
Status Active
MLS # 6674395
Property Type Single Family Residence
Price Type --
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$619,990
4 Beds
3.5 Baths
2,800 SqFt
Status Active
MLS # 6702345
Property Type Single Family Residence
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Welcome to this stunning 4 bedroom, 3.5 bathroom home with 2 dens located in the East Valley's newest community, Destination at Gateway! Step into the spacious home with 10-foot ceilings, adorned with elegant 8-foot interior doors and 4 1/4 inch baseboards. The home boasts 6 x 36'' wood look tile throughout, exuding a sense of luxury and warmth. Prepare exquisite meals in the gourmet kitchen, featuring a 36-inch gas cooktop and under-cabinet hood, complemented by beautiful 42-inch charcoal shaker cabinets with cabinet hardware. The kitchen dazzles with quartz countertops, a stylish kitchen backsplash, an Undermount sink, and a sleek stainless steel faucet. The bedrooms offer a peaceful retreat, while the bathrooms showcase upgraded lights and elegant brushed nickel faucets.

20105 W Pinchot Drive Buckeye, AZ 85396

$619,990
3 Beds
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2,835 SqFt
Status Active
MLS # 6715566
Property Type Single Family Residence
Price Type --
Below Market Financing Available!!!!!!!! This single-level home is host to two secondary bedrooms situated off the foyer with a convenient game room in between them, ideal for younger family members. At the back of the home, a generous open floorplan is shared between the Great Room, kitchen and dining room, offering access to a covered patio. The owner's suite and a fourth bedroom can be found in a private wing off the living and dining space. Photos are the actual home along with staged renderings.

5325 W Rainwater Drive Laveen, AZ 85339

$619,990
5 Beds
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2,838 SqFt
Status Active
MLS # 6717315
Property Type Single Family Residence
Price Type --
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$619,990
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Property Type Single Family Residence
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$619,990
4 Beds
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2,623 SqFt
Status Active
MLS # 6754292
Property Type Single Family Residence
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$619,990
3 Beds
2.5 Baths
2,051 SqFt
Status Active
MLS # 6773969
Property Type Single Family Residence
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North/South Exposure with scenic views! Experience the charm of Aloravita, nestled within the scenic mountains of Peoria. This community boasts breathtaking views and is conveniently located minutes away from shopping, dining, hiking trails and more! Our popular 'El Dorado' floorplan features 3 full bedrooms, 2.5 bathrooms, 2 Car-Garage and a private yard with views! Designer selected finish includes White Cabinetry, Quartz Kitchen Countertops, Wood Like Tile Throughout, and Plush Carpet in all the bedrooms. This beautiful home will have it all including 9' ceilings, Gourmet Gas Kitchen, Smudge Proof Stainless Steel Appliances, Blinds, Pre-Plumb for Soft Water, Desert Backyard Landscaping and Smart Home Technology. Home is now complete and ready to call home, photos of actual home!

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$619,990
3 Beds
2.5 Baths
2,051 SqFt
Status Active
MLS # 6711432
Property Type Single Family Residence
Price Type --
READY NOW-turn key! Experience the charm of Aloravita, nestled within the scenic mountains of Peoria. This community boasts breathtaking views and is conveniently located minutes away from shopping, dining, hiking trails and more! Our popular 'El Dorado' floorplan features 3 full bedrooms, 2.5 bathrooms, 2 Car-Garage and a private yard with views! Designer selected finish includes Burlap Cabinetry, Quartz Kitchen Countertops, Wood Like Tile Throughout, and Plush Carpet in all the bedrooms. This beautiful home will have it all including 9' ceilings, Gourmet Gas Kitchen, Smudge Proof Stainless Steel Appliances, Blinds, Pre-Plumb for Soft Water, and Smart Home Technology. Photos and virtual tour of similar spec home, options may vary**

9849 E Radioactive Drive Mesa, AZ 85212

$619,990
4 Beds
3 Baths
2,137 SqFt
Status Active
MLS # 6766186
Property Type Single Family Residence
Price Type --
FUNCTIONAL 4 BED + 3 FULLBATH. GREAT GILBERT SCHOOL DISTRICT. FAST GROWING EASTMARK, GREAT APPRECIATION OF PROPERTY VALUE! FULLY LANDSCAPED FRONT & BACKYARD, COVERED PATIO, PAVERS, BUILT-IN BBQ GALORE, DRYBAR, & FIRE PIT. PAVER DRIVEWAY TO ENTRY TOO! MANY UPGRADES INCLUDE: WOOD-LIKE TILE FLOORING, SHUTTERS, ELEGANT TRIPPLE-PANEL SLIDING GLASS DOOR, 8 FOOT INTERIOR DOORS, NEW LAMINATE WOOD FLOOR IN MASTERBED, LARGE SHOWER IN MASTERBATH, UPGRADED PLUMBING & LIGHTING FIXTURES & CEILING FANS THROUGHOUT, UPGRADED BASEBOARDS, APPLE KIT COMPATIBLE SMART HOME, WATER SOFTENER SYSTEM, EPOXY GARAGE FLOOR. KITCHEN FEATURES: 42'' CABINETS WITH HARDWARE, GRANITE COUNTERTOPS WITH UNDERMOUNT SINK, R/O SYSTEM, & SLATE APPLIANCES. FRIDGE/WASHER/DRYER TOO! A NEWER BUILT WITH N/S EXPOSURE = ENERGY SAVERS!

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