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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1109 W Georgia Avenue Phoenix, AZ 85013

$595,000
3 Beds
2 Baths
1,532 SqFt
Status Active
MLS # 6751808
Property Type Single Family Residence
Price Type --
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4344 E Granada Road Phoenix, AZ 85008

$595,000
3 Beds
2.5 Baths
2,108 SqFt
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MLS # 6754410
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$595,000
4 Beds
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2,166 SqFt
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MLS # 6756120
Property Type Single Family Residence
Price Type --
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$595,000
3 Beds
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MLS # 6767891
Property Type Single Family Residence
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$595,000
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MLS # 6697967
Property Type Single Family Residence
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Seize a unique business opportunity with this extraordinary round home, tailor-made for hosting yoga retreats and wellness experiences. Nestled between the San Tan and Superstition Mountains, this architectural masterpiece offers over an acre of private land, free from HOA restrictions—ideal for creating a peaceful, exclusive retreat. The wrap-around windows and newly built $30k deck provide breathtaking mountain views, perfect for outdoor yoga sessions and meditation. After a day of wellness activities, guests can unwind in the hot tub beneath a star-filled sky. With a modern kitchen, renovated bathrooms, and ample space for RVs, boats, or even horses, this property offers endless potential for entrepreneurs looking to build a profitable, wellness-focused retreat business. Come Say Yes!

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Property Type Single Family Residence
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$595,000
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$595,000
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5161 N Scottsdale Road Eloy, AZ 85131

$595,000
3 Beds
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2,249 SqFt
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MLS # 6666215
Property Type Single Family Residence
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$595,000
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4308 N 79th Street Scottsdale, AZ 85251

$595,000
2 Beds
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1,565 SqFt
Status Active
MLS # 6735820
Property Type Single Family Residence
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Welcome to this charming 2-bedroom, 2-bathroom patio home located in the highly desirable Villa San Marcos Community, only ½ mile from Old Town Scottsdale. Spanning 1,565 square feet, this residence features a wide-open floor plan with RAISED ceilings and two atriums that bathe every room in an abundance of natural light. As you enter, you'll be greeted by an expansive living room that flows seamlessly into the upgraded eat-in kitchen. This culinary space boasts cherry cabinets, a large kitchen island, stainless steel appliances, granite counters, and a casual dining area, perfect for everyday meals and entertaining. The large back patio offers ample space for relaxation, morning coffee and gatherings. Both the primary suite and secondary suite have their own private patios ensuring.. ...ensuring comfort and privacy for all occupants. Recent upgrades include, new roof, new Bosch quiet dishwasher, new disposal and new carpeting in primary. Convenience is further elevated with an included washer and dryer. Situated in the well-maintained Villa San Marcos Community, residents enjoy access to a clubhouse with a heated pool and spa. This property is ideally located 1/2 mile to Old Town Scottsdale, providing easy access to freeways, world class restaurants and shopping, and miles of greenbelt with walking/biking paths. This home truly doesn't disappoint, offering both comfort and convenience in a PRIME LOCATION with the lowest HOA fees in the Old Town area.

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$595,000
4 Beds
3 Baths
2,088 SqFt
Status Active
MLS # 6722402
Property Type Single Family Residence
Price Type --
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