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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1415 E Princeton Avenue Gilbert, AZ 85234

$615,000

5 Beds

3 Baths

2,733 SqFt

Status Active

MLS # 6701061

Property Type Single Family Residence

Price Type --

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$615,000

4 Beds

2 Baths

2,309 SqFt

Status Active

MLS # 6730917

Property Type Single Family Residence

Price Type --

Welcome to your oasis at 3891 E. Simpson Rd, Gilbert, AZ. This modern home features a spacious backyard with a refreshing pool. Inside, an open floor plan is perfect for entertaining. The gourmet kitchen includes sleek countertops and stainless steel appliances. The living area is bright and inviting, with large windows. The luxurious primary suite has a private ensuite and walk-in closet. Additional bedrooms provide flexibility for guests, a home office, or hobbies. The backyard is a resort-style retreat with a pool, lush landscaping, and a covered patio. Recent upgrades include a new pool heater (2022) and HVAC system (2023). Located in a desirable neighborhood near parks, top-rated schools, Trilogy Golf Course, and dining. Seller is open to Seller Financing. Don't miss out!

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16981 S 175th Avenue Goodyear, AZ 85338

$615,000

2 Beds

2.5 Baths

2,363 SqFt

Status Active

MLS # 6735144

Property Type Single Family Residence

Price Type --

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$615,000

4 Beds

2 Baths

1,968 SqFt

Status Active

MLS # 6750778

Property Type Single Family Residence

Price Type --

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3721 E Catalina Drive Phoenix, AZ 85018

$615,000

3 Beds

2.5 Baths

1,977 SqFt

Status Active

MLS # 6751178

Property Type Townhouse

Price Type --

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9510 W Menadota Drive Peoria, AZ 85382

$615,000

2 Beds

2 Baths

2,147 SqFt

Status Active

MLS # 6754942

Property Type Single Family Residence

Price Type --

REDUCED ANOTHER 15K! Bring offers! I'm beautiful inside! Pride of ownership! Amazing 2+2 updated home in the adult 45+ community of Westbrook Village. 2147 SF home with a huge low maintenance yard. The kitchen, bathrooms and flooring were all updated in 2016. Roof was replaced in 2022. Garage door opener 2023. Water heater 2021. New air conditioning 2018. Front patio tile in 2024. Low monthly HOA of 64.70 for loads of ammenities. 2 clubhouses and pools. Tennis and Pickleball. 2 restarants with bars. Golf course community. Some of the furniture and decorator items can be purchased on a seperate bill of sale. Close to all shopping and restaurants. This will not last long!

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12518 W Skylark Drive Sun City West, AZ 85375

$615,000

3 Beds

2 Baths

2,694 SqFt

Status Active

MLS # 6754723

Property Type Single Family Residence

Price Type --

: Stunning Remodeled Home Backing to the 18th Hole of Stardust Golf Course Welcome to this meticulously crafted gem nestled in the heart of Sun City West. With nearly 2700 square feet of living space, this home offers a harmonious blend of elegance, comfort, and modern sophistication. Every detail of this home has been thoughtfully addressed, resulting in a seamless fusion of style and functionality. The heart of the home, the kitchen, features a waterfall granite island, perfect for entertaining or enjoying family meals. Top-of-the-line LG appliances elevate your culinary experience. The spacious layout seamlessly connects living, dining, and kitchen areas, creating an inviting atmosphere for gatherings. Don't miss this opportunity to own a slice of paradise in Sun City West

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6702 E Granada Road Scottsdale, AZ 85257

$615,000

3 Beds

2 Baths

1,619 SqFt

Status Active

MLS # 6757042

Property Type Single Family Residence

Price Type --

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1710 W Winchester Way Chandler, AZ 85286

$615,000

3 Beds

2 Baths

1,808 SqFt

Status Active

MLS # 6757286

Property Type Single Family Residence

Price Type --

EXCEPTIONAL SO CHANDLER BEAUTY in the coveted, Master Planned Community of Silverton Ranch! Buy now & move in before the Holidays! This 1-Story Home has been Meticulously Cared for & Upgraded. 3Bed+Den/ Office/ Library ( easy to make this a 4th Bedroom) NEWER Upgrades&Improvements: Wood-look Tile Plank Floors., Cabinets, Appliances, Granite, Ceiling Fans, Baseboards, Door Hardware, Window Treatments, Master&Guest Baths, Interior /Exterior Paint, Water Heater, Video-recording Doorbell. Backyard: Irrigation piping conver. + multi-port emitters, Shade, Pavers, Raised Garden., Vrble Spd Pool Pump. Artif Turf so you can enjoy your yard w/ easy-care Landscape. All this & more makes this your perfect Staycation Home! Conveniently located to many So Chandler great Amenities. See Photos!

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21911 N 97th Glen Peoria, AZ 85383

$615,000

4 Beds

3 Baths

2,256 SqFt

Status Active

MLS # 6759518

Property Type Single Family Residence

Price Type --

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3625 W Buckhorn Trail Phoenix, AZ 85083

$615,000

3 Beds

2 Baths

1,881 SqFt

Status Active

MLS # 6763510

Property Type Single Family Residence

Price Type --

Hidden gem in north Phoenix! Come see this beautiful home in a secluded corner of Phoenix. This prime location in Riordan Ranch offers quiet & serenity in a low traffic area. The home itself boasts 1881 square feet of living space, with 3 bedrooms, 2 full baths + den! It also has a split 3 car garage, newly renovated kitchen & backyard. The backyard is a resort like oasis! Featuring travertine tile, extended patio & louvered pergola, built in outdoor kitchen with barbeque, & all new turf grass! The neighborhood is adjacent to the Phoenix Mountain preserve, allowing for walks, biking & hiking in the desert. Great location, near the Norterra shopping district, restaurants, entertainment, & less than 2 hours to the mountains of northern Arizona. Please see attached list of $100k+ in upgrades

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2123 E Torrey Pines Place Chandler, AZ 85249

$615,000

3 Beds

2 Baths

2,159 SqFt

Status Active

MLS # 6765321

Property Type Single Family Residence

Price Type --

Come and explore this beautiful single-level home in Cooper Commons! You'll be captivated by its inviting charm, featuring wood-look floors & an open-concept living/dining area. Complete with built-in surround sound, this home is perfect for entertaining. The bright family room is ideal for creating lasting memories, while the cozy den offers a quiet space for an office. The kitchen is a chef's delight, complete with stainless steel appliances, quartz counters & a center island. Retreat to the main bedroom, which boasts a private bath with dual vanities, a soaking tub, and a walk-in closet. The backyard oasis includes a covered patio, a rejuvenating spa, & a sparkling heated pool, perfect for relaxation. You'll love everything about this home so check it out before it's gone!

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