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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25031 S Desert Flower Court Sun Lakes, AZ 85248

Open House

$599,900

2 Beds

2 Baths

1,883 SqFt

Status Active

MLS # 6750998

Property Type Single Family Residence

Price Type --

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$599,800

4 Beds

2 Baths

1,849 SqFt

Status Active

MLS # 6738373

Property Type Single Family Residence

Price Type --

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7822 E Spanish Oaks Drive Scottsdale, AZ 85258

$599,750

2 Beds

2 Baths

1,487 SqFt

Status Active Under Contract

MLS # 6774294

Property Type Townhouse

Price Type --

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2319 E Earll Drive Phoenix, AZ 85016

$599,713

3 Beds

2 Baths

1,416 SqFt

Status Active

MLS # 6747987

Property Type Single Family Residence

Price Type --

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8550 E Naranja Avenue Mesa, AZ 85209

$599,700

4 Beds

3.5 Baths

3,102 SqFt

Status Active

MLS # 6659310

Property Type Single Family Residence

Price Type --

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23013 E Domingo Road Queen Creek, AZ 85142

$599,700

4 Beds

3.5 Baths

2,438 SqFt

Status Active

MLS # 6751518

Property Type Single Family Residence

Price Type --

Welcome to your dream home!This beautiful 2022-built is a corner lot with convenient access to the 24 Freeway and nearby shopping.The home offers 4 bedrooms,loft,flex room and 3.5 luxurious bathrooms.There is wood look tile flooring throughout the downstairs living areas.The kitchen offers recessed lighting, granite countertops and 42'' cabinetry.The master suite features a large walk-in shower, two walk in closets and executive height vanity with double sink.Additionally,there is a downstairs suite with full bath and walk-in closet.Solar panels, demand manager and sealed HVAC ducts ensure energy efficiency throughout the Arizona summers.With its contemporary design and thoughtful layout.A covered patio with expanded pavers leads out to turfed Back yd citrus trees built in garden beds

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2547 E Corrine Drive Phoenix, AZ 85032

$599,600

4 Beds

2 Baths

1,700 SqFt

Status Active

MLS # 6765202

Property Type Single Family Residence

Price Type --

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20637 W Rancho Drive Buckeye, AZ 85396

$599,590

2 Beds

2 Baths

1,528 SqFt

Status Active

MLS # 6753670

Property Type Single Family Residence

Price Type --

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807 Co Rd 3144 -- Vernon, AZ 85940

$599,500

3 Beds

2 Baths

2,300 SqFt

Status Active

MLS # 6699527

Property Type Single Family Residence

Price Type --

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5265 S Dante Road Mesa, AZ 85212

$599,500

3 Beds

2 Baths

2,020 SqFt

Status Active

MLS # 6766105

Property Type Single Family Residence

Price Type --

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1110 E Phoenix Street Payson, AZ 85541

$599,500

4 Beds

3 Baths

2,044 SqFt

Status Active

MLS # 6711716

Property Type Single Family Residence

Price Type --

Beautiful one of a kind custom built 4 bedroom home in the highly desirable Rim View Heights Estates. Perfect for full time living or for a family getaway - there is plenty of room for everyone! It has a Great Room concept with vaulted ceilings, there is a family room as well as a formal living room. One bathroom has a walk in tub with jacuzzi jets. The home boasts 2 en-suite bedrooms with bathrooms. There is a large deck and patio to sit and enjoy the cool mountain evenings. Tall pine trees on the lot and wonderful views. Come see the brand new flooring throughout the entire house! The roof is only 5 years old. This is a lot of house for the money!

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156 E Leverenz Avenue San Tan Valley, AZ 85140

$599,500

2 Beds

2 Baths

1,770 SqFt

Status Active

MLS # 6734411

Property Type Single Family Residence

Price Type --

This two-bedroom, two-bath home, plus DEN, offers everything you could want in a gated community. The community provides incredible amenities, including TWO resort clubs, pools, restaurants, golfing, and a variety of activities, athletics, and classes. The kitchen boasts ample space with granite countertops, perfect for cooking and entertaining. Adjacent to the kitchen, the utility room includes a washer and dryer, with additional space that can be used as a workroom or for extra storage. The garage also features built-in cabinets for even more storage options. The large, covered patio provides plenty of space to relax or barbecue while enjoying beautiful Arizona sunsets. Experience comfort and convenience in this wonderful home and the vibrant community. *One year warranty included.

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