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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1308 W Macaw Court Queen Creek, AZ 85142

$588,890

3 Beds

2.5 Baths

2,531 SqFt

Status Active

MLS # 6750328

Property Type Single Family Residence

Price Type --

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$588,500

4 Beds

2 Baths

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Property Type Single Family Residence

Price Type --

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1521 W Saddle Run Apache Junction, AZ 85120

$587,990

4 Beds

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2,432 SqFt

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Property Type Single Family Residence

Price Type --

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3752 E Terrel Street San Tan Valley, AZ 85140

$587,990

4 Beds

3 Baths

2,649 SqFt

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Property Type Single Family Residence

Price Type --

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375 E Citrus Hollow Way Queen Creek, AZ 85140

$587,979

2 Beds

2.5 Baths

1,678 SqFt

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10206 W Piccadilly Road Avondale, AZ 85392

$587,843

4 Beds

3 Baths

2,815 SqFt

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MLS # 6772257

Property Type Single Family Residence

Price Type --

MLS#6772257 January 2025 Completion! Discover modern living at Parkside Los Cielos with our 40-RM4 floorplan, a spacious two-story home featuring 4 bedrooms and 3 baths. The open-concept layout effortlessly blends the dining room, kitchen, and great room, creating an ideal space for daily living and entertaining. A private bedroom and bathroom are conveniently located at the front of the home, offering a quiet retreat. Upstairs, the primary bedroom awaits with a large walk-in closet and shower, accompanied by two more bedrooms. Experience the perfect balance of comfort and style in this thoughtfully designed home. Structural options include: 4th bedroom and full bath on 1st floor, paver driveway, loft in lieu of upstairs bedroom, large tandem garage, large mud room, vaulted ceilings.

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3109 E Larkspur Drive Phoenix, AZ 85032

$587,700

4 Beds

2 Baths

1,550 SqFt

Status Active

MLS # 6747596

Property Type Single Family Residence

Price Type --

Discover the epitome of versatile luxury with this stunning property, ideal for use as an income generating investment, or a personal residence. Imagine unwinding by your heated pool, grilling up a feast under your covered patio or perfecting your putt on your very own backyard green. This exceptional & fully renovated home boasts 4 spacious bedrooms, 2 bathrooms, & a host of premium features including granite countertops, stylish laminate wood flooring, an upgraded garage floor & ceiling fans in every room! Enjoy the added benefits of solar panels on a new roof, and the convenience of an option to purchase fully furnished for a seamless transition. With no HOA & easy access to freeways, plus a mere 15-minute drive to PHX Airport, this property offers both luxury and convenience.

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6073 W Caribe Lane Glendale, AZ 85306

$587,500

4 Beds

2.5 Baths

1,996 SqFt

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Property Type Single Family Residence

Price Type --

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3570 E Meadowview Drive Gilbert, AZ 85298

$587,500

4 Beds

3 Baths

2,536 SqFt

Status Active

MLS # 6742594

Property Type Single Family Residence

Price Type --

***SELLER WILLING TO CONTRIBUTE $10,000 TOWARD BUYER CLOSING COSTS AND/OR RATE BUY DOWN w/ accepted offer & successful COE* Great GILBERT location! 4 beds, 3 baths, a 2-car garage. Tons of natural light, neutral paint, archways, and tile & wood-look flooring in all the right places. Discover a welcoming living & dining room combo adorned with a high ceiling that makes a grand impression! The inviting family room, with a media center, seamlessly flows onto the kitchen. SS appliances, recessed lighting, ample cabinetry, a center island, and a cozy nook make up the culinary space. The den can be an office or play area. One bedroom & one bathroom downstairs. Upstairs, the large main bedroom awaits you! It is a true retreat with a double-door entry, a sitting room, and an attached balcony. The ensuite boasts a separate tub/shower, dual sinks, & a walk-in closet. Check out the spacious backyard with a full-length covered patio, a huge storage shed, and a play area! NO neighbors behind as it backs to a common area! Enjoy the Community amenities, including playgrounds, greenbelts, a golf course, sports courts, pools, spas, and much more. Conveniently located close to schools, shopping, restaurants, and freeway access. What a rare find!

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13330 W Milton Drive Peoria, AZ 85383

$587,000

2 Beds

2 Baths

1,760 SqFt

Status Active

MLS # 6700963

Property Type Single Family Residence

Price Type --

LIKE NEW! 2021-built 'Vibrant' with 9.25 kW SOLAR LEASE for huge savings, PLANTATION SHUTTERS & NO CARPET! 2BR/2BA with large multi-use den. Beautiful curb appeal enhanced w/PAVERS on driveway & front porch. Many outstanding upgrades/features - GRANITE SLAB on kitchen counters & large island, stainless GE PROFILE appls. w/5-burner GAS cooktop & GE French-door refrigerator, walk-in pantry. NEW 2024 LUXURY VINYL PLANK FLOORING in bedrooms & den; tile flooring in main areas. Inviting private backyard ideal for alfresco dining or entertaining has HUGE PAVER PATIO, faux grass, attractive landscaping w/lighting & is FENCED including a wall behind. The 2-car garage w/EPOXY FLOOR has overhead storage racks & pedestrian door to an EXTERIOR TRASH ENCLOSURE. SHORT DISTANCE to DOG PARK & MITA CLUB. Additionally, the primary suite has a large bedroom with no carpeting, double sinks, shower, toilet room & large walk-in closet. Guest bedroom with no carpeting & bath are split from primary suite providing privacy for you and your guests. POST TENSION SLAB. Gutters & downspouts. Extra area in garage can be used for storage, motorcycle, or golf cart. $2.40 IS THE AVERAGE FOR APS BILLS THE PAST 12 MONTHS! Gas line was installed for use in backyard. This home is located in award-winning gated, 55+ Trilogy at Vistancia with 5-star-resort style amenities at the 35,000 SF Kiva Club with indoor & outdoor pools, fitness center, day spa, cafe, billiards, meeting rooms, library, tennis courts, pickle ball, bocce ball, events & a plethora of activities to choose from. Outstanding Gary Panks-designed golf course is woven throughout the original part of the neighborhood. The Mita Club has additional outstanding community amenities. Easy access from Trilogy to the 303, shopping, restaurants, entertainment, Lake Pleasant & Paloma Park, Peoria's huge community park loaded with amenities.

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2831 S Perkinsville Road Williams, AZ 86046

$586,900

3 Beds

2 Baths

2,198 SqFt

Status Active

MLS # 6676334

Property Type Single Family Residence

Price Type --

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4320 Sawbuck Way Wickenburg, AZ 85390

$586,671

2 Beds

2 Baths

1,648 SqFt

Status Active

MLS # 6770325

Property Type Single Family Residence

Price Type --

Welcome to the Dream Floor Plan, thoughtfully personalized in the Shea design studio. This 1,648 sq ft residence offers 2 beds & 2 baths, featuring GE built-in stainless steel appliances, including a gas cooktop, & brushed nickel accents throughout. The primary bath boasts a heavy glass shower enclosure & upgraded granite countertops in both the kitchen & baths. Enjoy custom mosaic tile details, 42'' kitchen cabinets with pullouts, soft-close cabinets & drawers, under-cabinet lighting, & a 15ft sliding glass wall in the living room. Additional highlights include prewired fans in the den & patio, upgraded electrical, smart home features, an extended covered patio, & a 250-gallon underground propane tank. Visit the Shea sales office for current incentives.

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