Cave Creek Real Estate September 2020

While the weather in Cave Creek might be starting to cool off, the real estate market only seems to be getting hotter and people are talking about it. In last month’s report, we saw increasing inventory, quicker sales and rising prices. What did September have in store for Cave Creek real estate? Let’s take a look!

What Happened To Cave Creek Real Estate In September?

A Second Consecutive Month Of Increasing Inventory

Cave Creek Inventory Trends

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Source: Arizona Regional Multiple Listing Service 09/2018 – 09/2020

 

September brought with it a 2.9% MoM increase in housing inventory which is a slight improvement for buyers. This is the second month that we have seen more homes added to MLS in Cave Creek. This brought the total number of active listings for the month to 148.

We Are Still Burning Through That Inventory Fairly Quickly

Back in our July report we discussed the metric known as months inventory. As a refresher, that number tells us how quickly we would burn through inventory if supply and demand remained constant. In September, months inventory for Cave Creek hit a two year low of 1.42. Homes continue to sell more quickly than they can be added. In September Cave Creek saw 70% of active listings sold. 

Prices Are Still High But Show Signs Of Leveling Out

Cave Creek Sale Price Trends

Source: Arizona Regional Multiple Listing Service: 09/2018 – 09/2020

One piece of good news is that we saw the average sales price of homes in Cave Creek start to level off slightly. The average sales price for homes in Cave Creek in September was $678,865 which was up 2.5% month over month. While that’s still an increase, it’s a far cry from the prior month’s increase of 14% month over month. 

Cave Creek Market Has You Stuck?

Let’s set up a private consulation and discuss your options for buying or selling in Cave Creek today!

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Madison Wetter
Realtor®
My Home Group

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