Cave Creek Market Report
First Quarter 2024
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Erica Anderson directly @ (480) 599-6811
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- Quarterly Market Review -
A
SINGLE-FAMILY HOMES
Market
$132,440
Official Market Type: Buyer’s
The inventory of homes for sale has risen beyond pre-pandemic levels, paralleled by a decline in buyer engagement, as evidenced by both total sales and pending sales data. This shift is fostering a market that increasingly favors buyers.
There were 111 SFD sales during Q1 2024: 43 were all Cash and 51 were closed with a Conv. loan.
The average home size, recently sold, has increased by a little over 1.3%.
1 of the sales from Q1 2023 was categorized as distressed sales (Bank Owned, Short Sale, HUD owned, pre-foreclosure etc.) There were none in Q1 2024.
Review Of Key
Differences Year over Year 1st Quarter 2023 | 1st Quarter 2024
Median List Price $791,400 $899,000 Median Sale Price $766,560 $899,000 Median SP/LP Ratio 97% 100% Average SP/LP Ratio 97% 97% Median PP/SqFt $272 $344 Total Inventory 163 203 New Listings 184 220 Total Sold 105 111 Median DOM 132 26 Average Home Size 2,657 2,692 Q1: 2023 Q1: 2024 Q1: 2023 Q1: 2024
| 1st Quarter 2024 Total Sold 6 Med. Sale Price
SINGLE-FAMILY HOMES MARKET SUMMARY
New Listings 36 AVG DOM 11
- Quarterly Market Review
A Review Of Key Market Differences Year over Year
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1st Quarter 2023 | 1st Quarter 2024 SOLD BY PRICE Q1: 2023 Q1: 2024 Under $499,999 10 3 $500K - $599,999 11 9 $600K - $699,999 22 21 $700K - $799,999 12 13 $800K - $899,999 11 10 $900K - $999,999 12 13 $1M - $1,099,999 4 6 $1.1M - $1,199,999 4 7 $1.2M - $1,299,999 6 7 $1.3M - $1,399,999 2 1 $1.4M - $1,499,999 2 5 $1.5M - $1,599,999 2 2 $1.6M - $1,699,999 0 2 $1.7M - $1,799,999 2 1 $1.8M - $1,899,999 0 3 $1.9M - $1,999,999 0 2 $2M - $2,499,999 3 4 $2.5M - $2,999,999 2 0 $3.M - $4M+ 0 2 Some of the data used to create this brochure is from the Cromford® Report. The data used to create the Cromford® Report is obtained from public records and obtained under license from the Arizona Regional Multiple Listing Service, Inc (ARMLS). Cromford Associates LLC and ARMLS expressly disclaim and make no representations or warranties of any kind, whether express, implied or statutory, as to the accuracy of the data used or the merchantability or fitness for any particular purpose.
A Note from the Team Leader...
As we embrace the second quarter of 2024, it’s important to remain optimistic about our local real estate market in Cave Creek. Despite current challenges, including a buyer’s market with higher interest rates and an increasing number of homes for sale, there are hopeful signs on the horizon. The possibility of rate adjustments by the Federal Reserve during this election year offers a glimpse of a more favorable market ahead, potentially enhancing property values even amidst these conditions.
For homeowners considering selling, this environment underscores the importance of strategic planning and the value of experienced guidance. By partnering together, focusing on strategic pricing, and leveraging the latest market insights, we can navigate these times effectively. I am committed to supporting your real estate goals with unparalleled service and optimism, aiming for a prosperous 2024 for us all. If you would like to talk about this in further detail, feel free to give me a call.
Warmest regards,
Erica Anderson
©2024 All rights reserved. This representation is based on sales & data reported by multiple brokers/agents to the ARMLS for January, February and March 2023 & 2024. Listings & sales may not be those of Erica Anderson or Real Premier Team of RE/MAX Fine Properties. The National Association of Realtors®, ARMLS and/or the Cromford Report do not guarantee the accuracy of this data, which may not reflect all the real estate activity in the area. E&OE. This market report is not intended to solicit properties already listed for sale nor intended to cause a breach of any existing agency relationship. Our real estate market report derives data primarily from the local Multiple Listing Service (ARMLS), public records & the Cromford Report. We employ statistical analysis, expert review, & qualitative insights to ensure the report’s accuracy. While we strive for reliability, market fluctuations & regional variations may impact the data’s precision. To find out how this data directly relates to your property’s value, contact us. Real Premier Team powered by:
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