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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23500 W Galpin Road Buckeye, AZ 85326

$575,000

3 Beds

2 Baths

2,240 SqFt

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$575,000

5 Beds

3.5 Baths

3,799 SqFt

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MLS # 6699865

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5526 S Grenoble Street Mesa, AZ 85212

$575,000

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2,020 SqFt

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$575,000

3 Beds

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MLS # 6708257

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3862 E Narrowleaf Drive Gilbert, AZ 85298

$575,000

4 Beds

3 Baths

1,940 SqFt

Status Active

MLS # 6747524

Property Type Single Family Residence

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This charming home, located in the highly sought-after Bridges at Gilbert, is brimming with character and ready for its next owner. Meticulously maintained and turn-key ready, this residence features an open-concept floor plan that seamlessly combines a spacious living area with upgraded plank tile flooring, soaring vaulted ceilings, granite countertops, and modern cabinetry. The generously sized primary bedroom, tucked away at the rear of the home, offers privacy and direct access to the backyard. A Jack and Jill bathroom serves an oversized secondary bedroom, providing convenience and functionality. The split and open floor plan enhances the home's cozy yet private atmosphere. The RO system and Water softener are owned and convey with the property. With professional low-maintenance landscaping, impressive curb appeal, practical updates, community amenities, and an unrivaled location, this property is the perfect place to call home.

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142 W Ivanhoe Place Chandler, AZ 85225

$575,000

3 Beds

2 Baths

1,619 SqFt

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MLS # 6711592

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3956 W Salter Drive Glendale, AZ 85308

$575,000

4 Beds

4 Baths

3,590 SqFt

Status Active

MLS # 6718663

Property Type Single Family Residence

Price Type --

Seller may consider buyer concessions if made in an offer. Welcome to your future home! This BASEMENT property features 4 bedrooms and 4 baths with an open floor plan. In the kitchen, a functional island offers extra counter space and storage. The primary bathroom boasts double sinks, a separate tub, and a shower for added luxury. The primary bedroom includes a practical walk-in closet for ample storage. Outside, the patio provides a relaxing space to unwind or entertain, surrounded by a fenced-in backyard for privacy. Recent updates include partial flooring replacement, giving the home a fresh, modern feel. Every detail of this property has been meticulously planned to create a welcoming space for your memories. Come and see this beautiful home, which could be yours. Don't miss out on thi

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9624 E Thunderbolt Avenue Mesa, AZ 85212

$575,000

5 Beds

3 Baths

1,934 SqFt

Status Active

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Property Type Single Family Residence

Price Type --

BETTER THAN NEW Single-Level 5 Bedrooms & 3 Full Baths! Professionally Landscaped Backyard has low maintenance synth Grass & Pavers! Wood-Plank tile throughout entire home. Carpeted Bedrooms. Gorgeous Kitchen has white Cabinets with dark hardware, an upgraded Gas Stove/Range, HUGE Breakfast Bar, Quartz Counters, BIG Pantry! Private Split Bedroom & Bathroom is perfect for an Office or Guests. High-end Lighting fixtures & Ceiling fans! Designer touches everywhere! 9+ foot & vaulted Ceilings. Garage overhead Storage Racks. Tankless water heater. N/S exposure. Water Softener. Cadence HOA amenities - multiple lap & play Pools with water slides, Tennis/Basketball/Volleyball/Bocce Sport Courts, Fitness & Community Centers, Playgrounds, Dog Park. Schools close by. Don't miss this one!

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7513 E Mckinley Street Scottsdale, AZ 85257

$575,000

3 Beds

2 Baths

1,312 SqFt

Status Active

MLS # 6736664

Property Type Single Family Residence

Price Type --

Lovely 3 Bedroom 2 Bath Scottsdale home with NO HOA. NO Carpet. Large Covered Patio. Home updates 2020/2021: Kitchen Cabinets, Kitchen Countertops, Kitchen Appliances, Porcelain Tile Flooring throughout, Bathrooms, Water Heater, Large Primary Closet, Plumbing, Electrical and Electrical Panel. Patio Roof was redone July 2024. Minutes from Sky Harbor, Old Town, Fashion Square, ASU, Desert Botanical, Phoenix Zoo, 101, 202 and more! Can be turn-key as furnishings can be purchased on a separate bill of sale. Buyer to verify all facts and figures.

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5095 N Grand Drive Apache Junction, AZ 85120

$575,000

3 Beds

2 Baths

1,705 SqFt

Status Active

MLS # 6733476

Property Type Single Family Residence

Price Type --

Enjoy awesome Goldfield and Superstition Mountain views from this 3 bedroom, 2 bath home situated on 1.25 acre. The open floor plan is enhanced with lots of natural light, vaulted ceiling and tile floors. Kitchen is complete with ample cabinets, granite counters, center island, wine bar and all appliances. Master suite offers large walk-in closet, spacious tile shower, dual vanities and exit to the extended front patio...A perfect place to enjoy amazing sunrises and sunsets while relaxing in the hot tub. The block fencing ensures privacy and defines multiple areas for additional garage space, horse facilities or room to roam.

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1327 N Joplin Circle Mesa, AZ 85207

$575,000

3 Beds

2 Baths

1,809 SqFt

Status Active

MLS # 6734841

Property Type Single Family Residence

Price Type --

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18118 W Golden Lane Waddell, AZ 85355

$575,000

5 Beds

2.5 Baths

3,548 SqFt

Status Active

MLS # 6735575

Property Type Single Family Residence

Price Type --

Nestled near the highly desirable White Tank Mountains, this wonderful home offers a perfect blend of country charm and city convenience. With over 3,500 square feet, it provides ample space for a large family. The home features a formal living room, dining room, family room, and a spacious loft. The generous-sized bedrooms include a downstairs master suite with a large walk-in closet. The expansive kitchen is a chef's delight, boasting an island and granite countertops. The backyard is primed for outdoor enjoyment, with enough space for a pool and a deck equipped with an electric movie screen, ideal for family movie nights. Additional highlights include a workshop, RV gate, 3-car garage, and a large laundry room. This home truly has it all for comfort and convenience. Solar too !

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