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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3305 E Mountain Vista Drive Phoenix, AZ 85048

$568,999

3 Beds

2 Baths

1,963 SqFt

Status Active

MLS # 6752617

Property Type Single Family Residence

Price Type --

Cul-de-sac home in popular Lakewood! This single-level home is move-in ready. Updated 2021 inside and out. Beautiful vinyl plank flooring & baseboards throughout; white quartz countertops & white cabinets; large island; SS appliances; kitchen sink & faucet; built-in corner bench with storage; extra storage in garage; ceiling fans in all rooms, and much more. The HVAC was replaced in 2018 (Trane) & there's a large back yard. Walking distance to Kyrene Schools plus Lakewood HOA amenities including boat docks, walking paths, events, playground, BBQs. Easy commute via Loop 202 at 32nd St plus restaurants, shopping nearby. Sellers are related to Listing Agent. Loan is assumable if you are a qualified Vet and can transfer the entitlement.

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15221 N Clubgate Drive Unit 2125 Scottsdale, AZ 85254

$568,998

2 Beds

2 Baths

1,340 SqFt

Status Active

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11938 W Parkway Lane Avondale, AZ 85323

$568,995

4 Beds

3 Baths

2,480 SqFt

Status Active

MLS # 6759753

Property Type Single Family Residence

Price Type --

Explore this dynamic Townsend home, ready for quick move-in! Included features: a covered front porch; a quiet study and convenient powder room off the entry; an expansive great room with center-meet patio doors; a gourmet kitchen showcasing 42'' cabinets, quartz countertops, stainless-steel appliances, a large island, a walk-in pantry and an adjacent nook; a formal dining room; an eye-catching primary suite offering additional windows, a walk-in closet and a private bath with double sinks; two secondary bedrooms; a shared hall bath; a convenient laundry and a welcoming covered patio. This home also boasts dramatic 10' ceilings, a tray ceiling at the entry, wood laminate flooring, cultured marble bath countertops, front yard landscaping and concrete pavers at the driveway and walkway.

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19026 W Stella Avenue Waddell, AZ 85355

$568,990

4 Beds

2.5 Baths

2,399 SqFt

Status Active

MLS # 6745705

Property Type Single Family Residence

Price Type --

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3131 N Central Avenue Unit 3016 Phoenix, AZ 85012

$568,933

2 Beds

2 Baths

1,125 SqFt

Status Active

MLS # 6596296

Property Type Apartment

Price Type --

*Construction completed* 5% BUYER INCENTIVE! Introducing Edison Midtown Phase 2 with 60 new construction condominiums. This spacious two bedroom condo offers ten ft. ceilings, an open floor plan, and large master bedroom with ensuite bathroom. Chefs kitchen offers expansive cabinetry, quartz countertops and stainless steel appliances including a gas range. Edison Midtown features incredible amenities for that perfect Urbanite lifestyle. A beautiful pool and lap pool, 2000 sq. ft. fitness center and lounge, and gated parking garage.

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25203 S Kansas Avenue Sun Lakes, AZ 85248

$568,500

4 Beds

3 Baths

2,021 SqFt

Status Active

MLS # 6767478

Property Type Single Family Residence

Price Type --

Beautiful 3bd/2 bath main house(1621sf) with a lovely **GUEST HOUSE**! (400sf) = 2021sf total living space! Guest house has a living room, full kitchen, large bath with shower and safety seat. Bedroom accommodates a twin bed, nightstand and dresser. Large closet. Main house has been extensively renovated. Kitchen has new cabinets and lovely quartzite countertops. Both baths have tiled showers and new vanities and toilets. Tile flooring throughout. Backyard has been landscaped with artificial grass and a large gazebo. Great place for a firepit and outside seating. All in the busy community of Sun Lakes for 55+. Loads of activities ,pools, club house with the Sunset Grill and library. This is a great multi-generational home.

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2522 N 11th Street Phoenix, AZ 85006

$568,495

3 Beds

2 Baths

1,111 SqFt

Status Active

MLS # 6742322

Property Type Single Family Residence

Price Type --

MOTIVATED SELLERS!!! Negotiable 2/1 buy down! Discover your dream home in the Coronado Historical District. This newly renovated gem features new windows, flooring, and tile throughout. The stunning kitchen boasts custom Euro-style cabinetry, quartz countertops, and new stainless steel appliances. Enjoy updated bathrooms and an enclosed laundry room with cabinetry and a built-in seating area, perfect for an artist studio or more. Open French doors for seamless indoor-outdoor entertaining in the courtyard. The home also offers a brand-new roof with a 10-year warranty, a new hot water heater, turf grass, and front-yard irrigation. Located on a quiet street, yet close to downtown, Roosevelt Row, and Phoenix Country Club. Modern comfort meets historic charm!

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8728 W Medlock Drive Glendale, AZ 85305

$568,000

3 Beds

3 Baths

1,970 SqFt

Status Active

MLS # 6750288

Property Type Single Family Residence

Price Type --

MLS#6750288 Ready Now! The Sapphire in Stonehaven Encore was thoughtfully designed, offering 3 bedrooms, 3 baths and study. A spacious kitchen with a large island opens to the gathering room and dining area, perfect for staying connected with family or entertaining friends! A private bedroom is near the foyer - ideal for overnight guests. Primary suite is privately located in back of the home with dual sinks, large shower and walk in closet. Structural options include: 10' x 8' sliding glass door, study in lieu of bath 4, super shower at primary suite, and soft water loop.

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12320 W Luxton Lane Avondale, AZ 85323

$568,000

4 Beds

3 Baths

2,272 SqFt

Status Active

MLS # 6678265

Property Type Single Family Residence

Price Type --

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4550 E Olney Avenue Gilbert, AZ 85234

$568,000

3 Beds

2 Baths

1,881 SqFt

Status Active

MLS # 6747316

Property Type Single Family Residence

Price Type --

I dare you to find something this clean! Immaculately maintained, this home offers exceptional privacy with no two-story neighbors on either side or behind, ensuring a secluded backyard. Inside, enjoy high-end features like plantation shutters throughout and luxurious quartz countertops in the kitchen—a must-see! In photos labeled front room currently being used as a sitting room could easily be formal dining, office or guest room as well. The property includes a spacious 3-car garage and gated extra parking, perfect for low-profile toys. Sellers have found their replacement home. Priced to sell quickly, this home won't last long! Agents please see the attached list of upgrades and repairs.

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12386 W Cassia Trail Peoria, AZ 85383

$568,000

4 Beds

3 Baths

2,374 SqFt

Status Active

MLS # 6752908

Property Type Single Family Residence

Price Type --

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20323 E Happy Road Queen Creek, AZ 85142

$568,000

3 Beds

2 Baths

2,080 SqFt

Status Active

MLS # 6754931

Property Type Manufactured Home

Price Type --

Spacious and bright 3-bedroom, 2-bathroom modular home on just over an acre of land in Queen Creek, AZ with large bedrooms, walk-in closets and large storage closets. Luxury vinyl plank (LVP) installed throughout entire house in 2019. New roof installed September 2021. Acre is perimeter and cross fenced and within riding and walking distance of Santan Mountain Regional Park. 16' x 32' galvanized steel 2-stall shed row for horses and huge paver patio for outdoor enjoyment yet property is minutes away from Equestrian Center, Fry's Grocery, Fat Cats, Caldwell County BBQ and more.

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