Real Premier Team
Cave Creek Market Report 2nd Quarter 2024
- Quarterly Market Review -
A Review Of Key Market Differences Year over Year
SINGLE-FAMILY HOMES
SINGLE-FAMILY HOMES MARKET SUMMARY | 2nd Quarter 2024
Official Market Type: Stable but leaning towards Buyer’s
Contributing to Buyer’s market conditions: Sales are down 16% compared to this time last year while inventory is up by almost 83%.
It’s taking, on average, a little more than 2.5 months to sell a home in 85331.
Out of the 130 SFD sales during Q2 2024: 37 were all Cash & 78 were closed with a Conv. loan.
None of the sales from Q2 2024 was categorized as distressed sales (Bank Owned, Short Sale, HUD owned, Pre-Foreclosure etc.) There was 1 from Q2 2023.
Size of homes selling have decreased, on average, by a little over 1% when comparing to this time last year.
- Quarterly Market Review
Real Premier Team
Note from the Team Leader...
As we move into the 3rd quarter of 2024, it’s encouraging to see that property values in Cave Creek are holding strong. Despite higher interest rates contributing to buyer’s market conditions, the average $/SQFT has increased by almost 7% from this time last year (from $357.19 to $381.51). This trend highlights that the historically low inventory is continuing to help property values.
For homeowners considering selling, this is an excellent time to act. The key to success in these market conditions is having a proactive agent like myself, who will not only custom tailor a marketing plan for your home but also provide honest, strategic pricing advice.
I am dedicated to supporting your real estate goals with unparalleled service and optimism. Let’s work together to make the most of these conditions and ensure a prosperous outcome for you. If you would like to discuss this further, please feel free to give me a call.
Sincerely,
Erica Anderson
