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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2122 E Radcliffe Drive Tempe, AZ 85283

$569,000

3 Beds

2 Baths

1,647 SqFt

Status Active

MLS # 6757158

Property Type Single Family Residence

Price Type --

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13215 N 30th Place Phoenix, AZ 85032

$569,000

3 Beds

2 Baths

2,017 SqFt

Status Active

MLS # 6741305

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Price Type --

Beautiful updated single level with diving pool is ready for a new owner. Nice open floorplan with formal living room, formal dining room, large great room with wood burning fireplace and a chefs delight for a kitchen. Newer rich wood grain cabinets, granite counters, center island,self closing drawers, and stainless appliances. The primary suite features remodeled bath and separate entrance to the pool out back. good size bedrooms- *3rd bedroom was designed to be two separate bedrooms, so double the size. AC was replaced in 2016, and a complete new roof (tear-off and extra sheathing) in July of 2024, newer double pane windows with blinds. Great location to Hwy 51/101 and shops/theaters close by.

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$569,000

4 Beds

2.5 Baths

2,512 SqFt

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Property Type Single Family Residence

Price Type --

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2409 W Acoma Drive Phoenix, AZ 85023

$569,000

4 Beds

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2,557 SqFt

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Property Type Single Family Residence

Price Type --

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2639 E Hillery Drive Phoenix, AZ 85032

$569,000

4 Beds

2 Baths

2,538 SqFt

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MLS # 6747267

Property Type Single Family Residence

Price Type --

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3055 N 33rd Place Phoenix, AZ 85018

$569,000

4 Beds

2.5 Baths

2,108 SqFt

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2460 S Apache Drive Chandler, AZ 85286

$569,000

4 Beds

2.5 Baths

1,975 SqFt

Status Active

MLS # 6727216

Property Type Single Family Residence

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5720 S Wildrose -- Mesa, AZ 85212

$569,000

2 Beds

2 Baths

1,818 SqFt

Status Active

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Property Type Single Family Residence

Price Type --

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1904 S Dexter -- Mesa, AZ 85209

$569,000

3 Beds

2 Baths

2,233 SqFt

Status Active

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Property Type Single Family Residence

Price Type --

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2527 W Brookhart Way Phoenix, AZ 85085

$569,000

3 Beds

2.5 Baths

2,446 SqFt

Status Active

MLS # 6736947

Property Type Single Family Residence

Price Type --

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17656 E Chevelon Canyon Circle Rio Verde, AZ 85263

Open House

$569,000

2 Beds

2 Baths

1,343 SqFt

Status Active

MLS # 6748886

Property Type Townhouse

Price Type --

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2332 W Arroyo Way San Tan Valley, AZ 85144

Open House

$569,000

4 Beds

2.5 Baths

2,976 SqFt

Status Active

MLS # 6737790

Property Type Single Family Residence

Price Type --

Grand 4-bed, 2.5-bath home with a brand-new POOL. ''appx $50k Backyard Oasis '' Enjoy the extended Paved driveway that leads to the RV gate. Downstairs features low maintenance tile flooring, den/office space, the formal dining room & a desirable great room! The kitchen boasts built-in appliances, granite counters, mosaic tile backsplash, a walk-in pantry, recessed lighting, staggered cabinetry, and an island w/breakfast bar. For added functionality, this gem offers an upstairs loft! Main bedroom has an ensuite with dual sinks & a walk-in closet. Enjoy the large backyard, featuring an extended paver-covered patio, Ramada, putting green, & a sparkling pool w/travertine decking and water feature

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