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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19162 S 212th Place Queen Creek, AZ 85142

$578,299

5 Beds

3 Baths

2,648 SqFt

Status Active

MLS # 6778906

Property Type Single Family Residence

Price Type --

Stunning, brand-new home in the Acclaim at Jorde Farms community! This beautifully designed single-family home features an open floor plan, seamlessly connecting a spacious great room, dining area, and a modern kitchen with granite countertops and a central island. With 5 bedrooms, 3 bathrooms, and a versatile loft, this home offers plenty of space for every lifestyle. Enjoy the charm of a neighborhood setting with planned walking trails, scenic parks, and a future community pool—a natural gathering place for residents. Conveniently close to golf courses, dining, and shopping. WELCOME HOME!

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21033 E Camina Buena Vista Queen Creek, AZ 85142

Open House

$578,065

4 Beds

3 Baths

1,994 SqFt

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Property Type Single Family Residence

Price Type --

Don't Miss Out on this CLOSE OUT & FINAL OPPORTUNITY to own this beautiful inventory home located in desirable Hastings Farms. BELOW MARKET RATES AVAILABLE for Fixed Rate or Rate Buydown for qualified buyers when financing with Builder's preferred Lender(s). Located close to Queen Creek Marketplace Shopping, Dining & Entertainment, this Community has Parks, Soccer Field, Basketball Courts, & 8-Mile Walking trail. This Beautiful home is located across from the park. Beautiful designer finishes including Gas Cooktop, Double Wall Ovens, 42' Upper Cabinets, Quartz Kitchen Countertop, Tiled Backsplash, Plank Tile Flooring & Window Blinds. Don't Wait, Come See This Home Today.

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18176 W Paradise Lane Surprise, AZ 85388

$578,000

4 Beds

2 Baths

2,230 SqFt

Status Active

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Property Type Single Family Residence

Price Type --

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$578,000

5 Beds

4 Baths

4,141 SqFt

Status Active

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Property Type Single Family Residence

Price Type --

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16364 W Avenida Del Sol -- Surprise, AZ 85387

$577,995

4 Beds

3 Baths

2,570 SqFt

Status Active

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Property Type Single Family Residence

Price Type --

Thoughtfully designed 4-bedroom home with 3 baths and 10-foot ceilings. Deluxe master bath with walk-in shower, Gourmet kitchen includes 42-inch upgraded cabinets, and a center-meet slider at kitchen nook, paver driveway, walkway to entrance, laundry sink pre-plumb and an impressive tray ceiling entrance.

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1400 E Orchid Lane Gilbert, AZ 85296

$577,900

5 Beds

3 Baths

2,237 SqFt

Status Active

MLS # 6751890

Property Type Single Family Residence

Price Type --

Welcome to your dream home located in the highly sought-after golf course subdivision. As you step inside, you will be greeted with warm and inviting neutral colors and new flooring/carpet throughout. The spacious family room with a cozy fireplace is the perfect spot to unwind after a long day. Designed with your comfort in mind, this meticulously maintained home offers 4 generous sized bedrooms and a den, providing plenty of space for everyone in the family. Prepare to be amazed by the completely remodeled chef's kitchen featuring brand new cabinets and stunning quartz countertops. With ample cabinet and counter space this kitchen is ideal for hosting dinner parties or simply cooking up a homemade meal. This home has been recently upgraded with new exterior and interior paint, as well as a new vanity in the lower-level bathroom. And for the icing on the cake, a brand new A/C unit has been installed, ensuring comfortable living all year round. But that's not all, as you step outside, you'll find a large and private backyard with a covered patio, perfect for summer barbecues and gatherings with friends and family. Don't miss the opportunity to make this house your new home and experience the perfect combination of comfort, convenience, and style. Trust us, you won't want to leave!

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8245 E Quintuplet Avenue Mesa, AZ 85212

$577,828

4 Beds

3.5 Baths

3,752 SqFt

Status Active

MLS # 6784443

Property Type Single Family Residence

Price Type --

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21355 E Sparrow Drive Queen Creek, AZ 85142

$577,511

4 Beds

3 Baths

2,185 SqFt

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MLS # 6753927

Property Type Single Family Residence

Price Type --

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$577,500

3 Beds

2 Baths

1,652 SqFt

Status Active

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Property Type Single Family Residence

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43227 W Caven Drive Maricopa, AZ 85138

$577,000

5 Beds

3 Baths

3,955 SqFt

Status Active

MLS # 6758139

Property Type Single Family Residence

Price Type --

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$577,000

3 Beds

2 Baths

1,512 SqFt

Status Active

MLS # 6728432

Property Type Single Family Residence

Price Type --

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3536 N Snead Drive Goodyear, AZ 85395

$577,000

3 Beds

3 Baths

2,466 SqFt

Status Active

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Property Type Single Family Residence

Price Type --

Welcome to this beautifully updated home + casita w/ full bath surrounded by a private backyard oasis featuring multiple entertaining areas, covered patio & gorgeous water feature. Charming courtyard entrance with pavers. Elegant Great Rm with vaulted ceilings & French doors to patio, game table or dining area & entertainment area with media cabinet. Rich wood cabinets, granite counters, stylish tile backsplash, SS appliances incl gas stove (new in 2012), portable prep-bar, walk in pantry & breakfast bar. The primary suite offers a cozy sitting area, patio access, bathroom with dual sinks, shower & walk-in closet. Addtl guest bdrm, full bath, home office/den. Travertine tile throughout home. Re-imagined laundry/craft room with extra storage. GORGEOUS HOME!

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