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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16683 W Saguaro Park Lane Surprise, AZ 85387

$609,990

4 Beds

3 Baths

2,605 SqFt

Status Active

MLS # 6745142

Property Type Single Family Residence

Price Type --

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$609,990

4 Beds

3 Baths

2,765 SqFt

Status Active

MLS # 6749647

Property Type Single Family Residence

Price Type --

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$609,990

5 Beds

3.5 Baths

3,550 SqFt

Status Active

MLS # 6769244

Property Type Single Family Residence

Price Type --

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$609,990

4 Beds

2 Baths

2,122 SqFt

Status Active

MLS # 6751289

Property Type Single Family Residence

Price Type --

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9849 E Radioactive Drive Mesa, AZ 85212

$609,990

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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29785 N 203rd Drive Wittmann, AZ 85361

$609,900

4 Beds

2 Baths

2,142 SqFt

Status Active

MLS # 6770244

Property Type Single Family Residence

Price Type --

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4065 S Birch Street Chandler, AZ 85249

$609,900

3 Beds

2 Baths

1,722 SqFt

Status Active

MLS # 6769615

Property Type Single Family Residence

Price Type --

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6108 W Stony Quail Way Florence, AZ 85132

$609,900

2 Beds

2 Baths

2,067 SqFt

Status Active

MLS # 6770315

Property Type Single Family Residence

Price Type --

SUN CITY ANTHEM at Merrill Ranch 5 years new. Southeast facing - Energy Efficient HERS 55 rating - 2 bdr + den Large corner lot block privacy wall - 10 foot ceilings WiFi ceiling extendrs. Custom window coverings throughout - Main Bth has huge walk in shwr. Bay Windows kitchen & main bdrm- Upgraded Kitchen Granite Counters w/Chef Lux Alder Cabinets soft close drawers-dual flush toilets - Ceiling fans in all rooms & patio. Total home AquaSana million gal water filtration system. Custom Pool 36' x 19' w/Travertine deck rock waterfall + UltraTemp Pool Heater 145K BTU. Epoxy coating in entryway, patio & garage 4 ft garage extension & workshp area w/service door & utility sink Pavers on driveway & walkway, Seamless rain gutters. Some home furnishings may be available for purchase

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13431 W Los Bancos Drive Sun City West, AZ 85375

$609,900

2 Beds

2 Baths

2,423 SqFt

Status Active

MLS # 6784214

Property Type Single Family Residence

Price Type --

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15333 W Sells Drive Goodyear, AZ 85395

$609,900

4 Beds

3 Baths

3,611 SqFt

Status Active

MLS # 6702222

Property Type Single Family Residence

Price Type --

Situated in the heart of Palm Valley, this beautiful home features more than 3300 sf of space with four bedrooms, three full bathrooms and a separate den/office. The kitchen features granite counters, ss appliances, large island with breakfast bar, double ovens, a huge walk-in pantry, and a breakfast nook. The primary suite is expansive with a gorgeous master bath and walk-in closet. Two of the additional bedrooms are HUGE and feature a ''Jack and Jill'' bath. The guest room is split from the others and is just off the third full bath. A three car garage offers plenty of space for cars, storage, or toys. Close to highly rated schools, shopping, dining, Wigwam Resort, spring training, golf, Goodyear Rec Center, Westgate Entertainment District and more make this a must seem home!

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5312 W Saint John Road Glendale, AZ 85308

$609,900

3 Beds

2 Baths

2,122 SqFt

Status Active

MLS # 6763486

Property Type Single Family Residence

Price Type --

Experience luxury living in this beautifully remodeled home located in the Touchstone community. This stunning property features white shaker cabinetry and quartz countertops throughout. Enjoy the elegance of Luxury Plank laminate tile flooring paired with oversized baseboards & fresh interior paint. Updated lighting fixtures illuminate the entire home. The open floor plan showcases 10-foot ceilings, a formal living and dining room, and an eat-in kitchen, perfect for entertaining. Both bathrooms have been recently remodeled, with the master bath boasting a barn door for added privacy and a real marble tile surround. The versatile office/den can easily be converted into a fourth bedroom. Step outside to the fantastic backyard oasis, featuring a beautiful pool. This turnkey home won't last!

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25125 N 171st Lane Surprise, AZ 85387

$609,328

5 Beds

4 Baths

3,185 SqFt

Status Active

MLS # 6762106

Property Type Single Family Residence

Price Type --

MLS#6762106 January Completion! The versatile Victory floor plan at Asante boasts an open-concept design, where the kitchen seamlessly connects to the great room, complemented by a nearby dining area. The first-floor primary suite offers a spacious walk-in closet and a well-appointed bath. The main level also includes a full bathroom, an additional half bath, and a flexible space perfect for a home office or playroom. Upstairs, you'll find secondary bedrooms, a full bathroom, ample storage, and a loft, providing additional space for relaxation or entertainment. Structural options added include; Gourmet kitchen,12' x 8' sliding glass door, paver front porch and walkway, bedroom 5 with bath 4, and garage service door.

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