The latest real estate data for Cave Creek, Arizona, provides valuable insights for those interested in the single-family home market, particularly properties priced at $1.5 million and above. These metrics were obtained from the Cromford Report and are updated and accurate as of 12/28/2023.
At a high level, we are observing a decrease in the number of listings, an increase in median sales price, and continued growth in homeowner appreciation. Below are more highlights on each of the particular stats. As your Cave Creek Realtor and expert, I welcome questions or comments whenever they should arise.
Market Overview
Active Listings: As of December 28th, there were 161 active listings in Cave Creek, showing a slight decrease from the previous month (166) but an increase from the last quarter (141).
Under Contract (UCB) & CCBS Listings: The number of listings under contract (UCB) and in contingent or pending status is 17, slightly up from last month (15) but lower than the last quarter (27).
Pending Listings: There are 12 pending listings, representing properties in the final stages of the transaction process.
Listings Under Contract: A total of 29 listings are currently under contract, indicating active interest and ongoing negotiations.
Sales and Pricing
Sales per Month: The market saw 25 sales in December, with a marginal decrease from the previous month (26) and a more significant decline from the last quarter (39).
Days on Market: Properties sold in an average of 72 days, showing a slight increase from the previous month (53) but a decrease from the last quarter (56).
Average Sale Price: The average sale price stands at $1,101,946, with a decrease from the previous month ($1,018,143) but an increase from the last quarter ($963,114).
Median Sale Price: The median sale price for this month is $912,500, indicating a rise from both the previous month ($805,000) and the last quarter ($900,000).
Market Appreciation and Trends
Price per Square Foot: The price per square foot for active listings is $496.18, showing a slight increase from the last month ($493.71) and a more noticeable rise from the last quarter ($466.86).
Appreciation Rates: Monthly appreciation rates have shown a positive trend, with a monthly appreciation of 4.5%, indicating a robust market.
Listing Success Rate: The listing success rate is 61.0%, reflecting the percentage of successfully closed transactions.
Supply and Demand
Months of Supply: The months of supply for active listings (excluding UCB) is 5.8, maintaining consistency from the previous month but highlighting a strong demand.
Annual Change in Supply: The supply has seen a 20.0% increase annually, indicating a growing inventory in the market.
Annual Change in Sales Rate: Despite a -25.0% annual change in the sales rate, the market remains active with ongoing transactions.
Annual Change in Under Contract Listings: A -34.1% annual change in under-contract listings suggests a decrease in properties moving through the transaction pipeline.
Dollar Volume
Monthly Dollar Volume: The total dollar volume for this month is $28 million, slightly up from the previous month ($26 million) but lower than the last quarter ($38 million).
Annual Dollar Volume: The annual dollar volume remains strong at $474 million, showing resilience in the market.
Is It A Buyer's or Seller's Market
The Cromford report analyzes real time market data to create the Cromford Market Index. An index of 100 means that the market is perfectly balance. Anything over 100 is considered a seller's market and anything below 100 is considered a buyer's market.
The Cromford Market Index for Cave Creek ended 2023 at 84.3, a drop from 88.2 in November 2023 indicating that we have fallen more into buyer market territory recently. We will likely see more price improvements on listings and a potential increase in seller concessions. However, decreases in rates and the low inventory in Cave Creek could keep demand in a healthy place.
In Conclusion
Cave Creek's real estate market maintains its dynamic nature, offering a mix of active listings, ongoing transactions, and positive appreciation rates. The current trends suggest a vibrant market with some opportunities for both buyers and sellers. There are also a number of unique property types in the Cave Creek area that can always impact what a buyer is willing to pay.
It's aways a good idea to work closely with a real estate professional to buy or sell in the area so that you have access to the most up-to-date information when strategizing around your real estate goals.
