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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17798 W Running Deer Trail Surprise, AZ 85387

$465,995

4 Beds

3 Baths

2,040 SqFt

Status Active

MLS # 6658921

Property Type Single Family Residence

Price Type --

This single level Saphire is so inviting and well thought out. The home features 4 Beds, 3 Baths with a bonus den/teen room and a 3-car garage. The Sapphire floor plan welcomes guests with pavers and a covered entry. Off the foyer, you'll find two bedrooms and a full bath. Heading towards the great room you will find the fourth bedroom and den/teen room with a dedicated bath. The home features 9 ft ceilings, 8'6'' paneled interior doors and an extended entry which leads to an open layout kitchen featuring a large upgraded center island, 42-inch upper cabinets, gas SS oven range and a convenient dining area. The great room is nicely sized with a center-meet double sliding door giving the space a light and open feel gracefully leading to the covered patio. The split floor plan features an owner's suite with two walk-in closets and an attached bath. Located in the fantastic community of Desert Oasis features parks, playgrounds and a community pool. Close to the new Frys marketplace with convenient access to the Loop 303 and US-60, nearby Lake Pleasant, Surprise Stadium, Wildlife Zoo, Aquarium & Safari Park in the fast-growing NW Valley. This beautiful home is done right and has so much to offer!

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40930 W Agave Road Maricopa, AZ 85138

$465,990

4 Beds

3 Baths

2,142 SqFt

Status Active

MLS # 6641288

Property Type Single Family Residence

Price Type --

START PACKING... It's the Castellano.. This home has 4 bedrooms, 3 baths and 3 car garage. Large walk-in shower at owner's bath. Multi slide door that leads out to the covered patio perfect for entertaining. Gas range for the cook in the family. Benton painted white cabinets with 42'' kitchen uppers and pull out trash drawer with two bins. DT One Quartz Evening Gray countertops in the kitchen and at the enhanced kitchen island. DT Marble Attache Matte kitchen backsplash and stainless steel undermount kitchen sink. 8' tall interior doors throughout the home. Upgrade flooring includes MZ Norwood Oak 6x24 tile in all areas of the home except bedrooms/closets. Gas drop to dryer, gas stub for BBQ, 8' garage door, garage service door and so much more.

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12565 N 175th Drive Surprise, AZ 85388

New

$465,900

3 Beds

2 Baths

1,836 SqFt

Status Active

MLS # 6688259

Property Type Single Family Residence

Price Type --

Beautiful property nestled on a desired corner lot! This gem displays a well-maintained front yard and a 2-car garage for your vehicles. The delightful interior features a spacious open floor plan, highlighting tall ceilings, a soothing palette, tile flooring, and soft carpet in all the right places. The kitchen is fully equipped with ample counter space, a walk-in pantry, rich wood cabinetry, recessed lighting, and an island with a breakfast bar, great for morning conversations. Double doors reveal a generous main retreat, offering a private bathroom with dual sinks and a large walk-in closet. Out the back, you'll find a covered patio for relaxing evenings after a busy day. Conveniently situated near schools, shopping, and parks. Stop searching!

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1131 E Lowell Avenue Gilbert, AZ 85295

$465,900

3 Beds

2.5 Baths

1,575 SqFt

Status Active

MLS # 6673558

Property Type Single Family Residence

Price Type --

The interior boasts an inviting open floorplan, encompassing 3 bedrooms, 2.5 baths, and a 2-car garage. Revel in the charm of beautiful wood and tile flooring, complemented by a tasteful two-tone paint scheme. The well-appointed kitchen includes a pantry, and all bedrooms feature spacious walk-in closets, with the master bedroom boasting an impressive two walk-in closets. Updated blinds and ceiling fans enhance each bedroom. Enjoy the home's North/South exposure and take advantage of its proximity to a playground, tennis courts, and an elementary school within walking distance. Spectrum, a highly coveted community in Gilbert, offers convenient access to amenities such as the 202 Expressway, San Tan Mall, Old Town Gilbert, golf courses, and much more!

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