Real- realPremier Team estate powered by:
Cave Creek Market Report Third Quarter 2023
talk/text with real estate expert Erica Anderson directly @ (480) 599-6811
- Quarterly Market Review -
A Review Of Key Market Differences Year over Year 3rd Quarter 2022 | 3rd Quarter 2023
SINGLE-FAMILY HOMES Q3: 2022
Q3: 2023
Median List Price
$875,000
$949,000
Total Inventory
Median SP/LP Ratio Average SP/LP Ratio Median PP/SqFt
89%
101%
Total Sold
Median Sale Price
$800,000 98%
$275
74
New Listings
$820,000 98%
$294
30
Total Sold
Q3: 2023
233
159
168
New Listings
144 48
Median DOM
2,641
Average Home Size
$20,000 Med. Sale Price
SINGLE-FAMILY HOMES MARKET SUMMARY Official Market Type: Seller’s
Q3: 2022
|
119 114 19
2,709
29
DOM
3rd Quarter 2023
New Inventory down by over 30% is fueling the conditions for a Seller’s Market. Homes are selling for an average of 98% of asking price, the same percentage as this time last year. The median sales price has increased by $20,000. There were 114 SFD sales during Q3 2023: 29 were all Cash and 73 were closed with a Conv. loan. The average home size, recently sold, has increased by a little over 2.5%. None of the sales from either quarter were categorized as distressed sales (Bank Owned, Short Sale, HUD owned, pre-foreclosure etc).
- Quarterly Market Review -
A Review Of Key Market Differences Year over Year
SOLD BY PRICE
3rd Quarter 2022 | 3rd Quarter 2023 Q3: 2022
Q3: 2023
22 18
22 21
$1.1M - $1,199,999
13 19 11 5
11 10 7 5
$1.2M - $1,299,999
5
5
$1.3M - $1,399,999
1
5
$1.4M - $1,499,999
6
4
$1.5M - $1,599,999
2
2
$1.6M - $1,699,999
3
1
$1.7M - $1,799,999
1
2
$1.8M - $1,899,999
1
4
$1.9M - $1,999,999
3
1
$2M - $2,499,999
3
1
$2.5M - $2,999,999
2
3
$3.M - $4M+
1
0
$400K - $499,999 $500K - $599,999 $600K - $699,999 $700K - $799,999 $800K - $899,999 $900K - $999,999 $1M - $1,099,999
2 26
2 8
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.
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A Note from our Team Leader about the future of 85331 residential real estate. Here’s a few reasons to be optimistic about the future of real estate, in the area, regardless of rates.
• Strong Demand: The community continues to attract buyers who recognize the exceptional quality of life, natural beauty, & amenities offered. This sustained demand bodes well for homeowners looking to sell their properties. • Steady Appreciation: Property values have seen steady appreciation, which is great news for homeowners who have invested in the community. This trend suggests a solid return on your real estate investment. • Community Resilience: The sense of community shared in person (& online) has been a source of strength, especially during challenging times. It’s a testament to the bonds built here & the desirability of the area. • Upcoming Developments: Exciting new developments & initiatives on the horizon that will enhance the community further. These developments have the potential to positively impact property values. Contact me directly to hear more details about what’s currently being discussed and considered.
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©2023 All rights reserved. This representation is based on sales & data reported by multiple brokers/agents to the ARMLS for July, August, and September 2022 & 2023. 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.