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Cave Creek & Carefree Real Estate Market Data – October 2023

Cave Creek & Carefree

It's time for a fresh market update for the towns of Cave Creek and Carefree. As the seasons change, so does the real estate landscape. While we don't go over a TON of Cave Creek and Carefree stats on, we do LOVE and actively sell properties in both of these markets. Below you will find the latest real estate data, per the MLS, as of October 2023.

Active & Sold Listings

  • Active listings down 23.7% from last year.
  • Sold listings decreased by 23.6% compared to last year.
  • Median price per square foot increased by 0.3%.

Despite the decrease in active listings, the number of homes sold also dropped proportionally. This suggests that the availability of homes directly influences sales.

Market Trends

  • Many cities show a half percent increase or decrease.
  • The market is relatively flat compared to last year.
  • Prior years saw significant drops, now stabilizing.

The real estate market has seen a correction. Normal appreciation rates are between 2 to 4%. After several years of double-digit appreciation, the current minor changes are not surprising.

Months Of Supply & Median Days On Market

  • Months of supply is at 2.98, down by 0.01% from last year.
  • Median days on market decreased to 43 days from 51 days.

Homes are selling at similar prices but faster due to reduced inventory. In a balanced market, homes would typically take about 90 days to sell.

Also Read: 10-Year AZ Housing Trends Released – Stats You Need To Know

Photo of Cave Creek, Arizona.

Latest Market Info For Cave Creek & Carefree - October 2023

Supply & Demand By Price Range

Lower Price Range

  • $200,000 - $300,000 range has limited inventory.
  • $300,000 - $500,000 range shows two months of inventory, indicating a hot seller's market.

For sellers in this price bracket, it's essential to be selective about offers due to high contract dropout rates. Buyers should expect competition.

Mid Price Range

  • $500,000 - $700,000 has an inventory of 1.62 months.
  • $700,000 - $1 million range also shows a two-month inventory.

Both ranges suggest a seller's market, but buyers need to maintain regular contact with their real estate agents and brokers.

Higher Price Range

  • $1 million - $3 million range has 4.32 months of supply.
  • Above $3 million shows no recent sales but has 14 available homes.

The higher price ranges, especially above $3 million, lean towards a buyer's market, especially during the summer months. However, as winter approaches, activity is expected to increase.

Final Thoughts

The current market conditions in Cave Creek and Carefree offer opportunities for both buyers and sellers. Typically, the coming months would see a shift as seasonal residents return, and the holidays conclude, leading to more activity in the new year. Due to high interest rates, will that be the case in 2024? Only time will tell. Here at WLH, we NEVER predict the market. What DO we do? We utilize our 150+ years of combined experience to help our clients. It's that simple. We know the market and how to negotiate. But most importantly, we LOVE helping our clients win.

Want to learn the local market more? You can browse Cave Creek homes for sale here. If you find anything you like, feel free to reach out. We can go over comps, latest local housing trends, share our honest thoughts, and much more. Thank you for reading LUXE BLOG.

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