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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24460 N Plum Road Florence, AZ 85132

$464,900

4 Beds

2.5 Baths

3,032 SqFt

Status Active

MLS # 6665208

Property Type Single Family Residence

Price Type --

JUST FAIL FROM ESCROW ON 3/16/24 SO IF YOU ARE LOOKING FOR A BIG HOUSE, WITH LOTS OF SPACE, AND A WHOLE LOT LESS IN PRICE THAN MOST 3000 SQUARE FOOT 2 STORY HOMES, THEN LOOK NO FURTHER. SELLER WILL HELP WITH FEES AND MAY CONSIDER A LEASE PURCHASE WITH 5% DOWN. OPEN FLOOR PLAN WITH 4 BEDROOMS AND 2.5 BATHS, WITH LARGE TANDEM 3 CAR GARAGE, LARGE COVERED PATIO AND BIG PLAY POOL.

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11566 W Apache Street Avondale, AZ 85323

$464,900

4 Beds

3 Baths

2,790 SqFt

Status Active

MLS # 6683149

Property Type Single Family Residence

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Great Location, Unlimited Potential! This two-story home is located in a desirable area, boasting ample living space. This great family home provides comfortable accommodations for all. Upon entering, you are greeted by a welcoming foyer that flows seamlessly into the main living area, ideal for entertaining guests or relaxing with family. The well-appointed kitchen has plenty of cabinet space for storage. Upstairs, the loft space is perfect for any need. The master suite has dual sinks and a large separate bathtub and shower combo. The backyard has a large sparkling pool, with an RV Gate and space to park your toys. This house just needs some of your personal touches. *Home is being sold ''as is''

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17596 W Columbine Drive Surprise, AZ 85388

$464,900

4 Beds

3 Baths

2,761 SqFt

Status Active

MLS # 6673047

Property Type Single Family Residence

Price Type --

Step into your spacious sanctuary! A grand foyer leads to a formal living/dining room with vaulted ceilings. The open kitchen seamlessly connects to the family room. Downstairs hosts one guest bedroom and bathroom, while upstairs offers 3 bedrooms and a loft. The main bedroom boasts an ensuite bathroom with double sink vanity, separate shower/tub, and walk-in closet. North/South exposure, with a backyard perfect for a pool. Conveniently situated near schools, shopping, and parks.

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1620 N San Marcos De Niza Drive Sierra Vista, AZ 85635

$464,900

3 Beds

2 Baths

2,048 SqFt

Status Active

MLS # 6677482

Property Type Single Family Residence

Price Type --

Clear Mountain views! Three bedroom, two bathroom split, floor plan,granite countertops,updated master bathroom with large walk-in closet, private backyard with hot tub and two 300 gal tank rain water harvesting, on over an acre, RV gate and FULL RV Hook Up, two car garage, two Storage sheds one has AC, lots of cabinet space, Owned solar, Voluntary HOA, and ample Distance from neighbors, ideally situated on 1.6 acres, 2048 sq. ft. only $464,900,000. See Today, Offer Today, LOVE Living soon!

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