Cave Creek & Carefree Update

Welcome back to LUXE BLOG. Back in early October, we posted this Cave Creek and Carefree real estate update. Today, we're here to provide the latest data as of December 2023. All in a simple-to-consume format. Nothing fancy, just good data. Enjoy.

Market Stats Overview

Here’s what’s happening right now:

• Active Listings: Up by 6.2% from last year.
• Sold Listings: Decreased by 11.8% compared to last year.
• Median Price Per Square Foot: Increased significantly by 15.9% from last year, now standing at just over $382.

These figures highlight a market where property values are appreciating steadily despite fewer homes being sold. And OUTPACING many other areas in 'The Valley'.

Median Price Analysis

• Current median price per square foot: $382.59.
• Appreciation rate: Still in the double digits at 15.9%, though not as explosive as the previous years.

Cave Creek and Carefree homeowners are experiencing SUBSTANTIAL GAINS in their property values. A positive sign for the local real estate market.

Real Estate Update For Cave Creek And Carefree - December 2023

Days On Market

Homes are moving faster:

• Current Days on Market: Down by 17.9%, now at 46 days.
• Implication: Homes are selling quicker and for more money, even with a decrease in sold listings.

This indicates a market where, despite less OVERALL ACTIVITY, the demand for available homes remains high.

Months Of Supply

A key indicator of market balance:

• Current Months of Supply: Increased by 20.4% from last year to 4.93 months.
• Market Implication: This points to a more stable market, leaning slightly toward sellers.

We would like to point out that December is typically the SLOWEST MONTH for Arizona real estate. That's important.

The Future

What’s next for Cave Creek and Carefree?

• January Activity: Expected to ramp up as the holiday season ends.
• Interest Rates: Recent downward trends could stimulate more activity.
• Seasonal Trends: With mortgage applications on the rise, we're anticipating a busy start to the new year.

As mortgage applications rise, we anticipate a BUSY START to the new year, with closings peaking in the summer months.

Real Estate Update For Cave Creek And Carefree - December 2023

Supply By Price Point

Different segments, different stories:

• $200,000 - $300,000 Range: Extremely low inventory, a strong seller's market.
• $300,000 - $500,000 Range: Only 1.67 months of supply, indicating a hot seller's market.
• $500,000 - $700,000 Range: Near a seller’s market with 4.11 months of supply.
• $700,000 - $1 Million Range: A solid seller’s market with three months of inventory.
• $1 Million - $3 Million Range: More balanced, leaning slightly towards buyers with 6.57 months of supply.
• Above $3 Million: A buyer’s market with a significant increase in inventory, showing 24 months of supply.

These figures demonstrate how MARKET CONDITIONS vary depending on the price range.

Final Thoughts

As we close the year, Arizona's real estate market continues evolving. Understanding these changes is critical to making good decisions. WLH is here to guide you whether you're considering buying or selling in these areas. For now, you can browse Cave Creek homes for sale here.

Stay tuned for more updates on the real estate market in Greater Phoenix. Reach out to us anytime for PERSONALIZED advice.