Before we dive into the latest market trends, let me take you behind the scenes of a recent conversation I had with a potential seller here in Cave Creek. Picture this: two charming horse properties, side by side, on over two acres of land combined. The kind of listing that gets any real estate agent’s heart racing — and I was no exception.
This opportunity came from some of my most valued past clients, and I was pumped. Not only because of the properties themselves but because referrals like these are a testament to the trust and relationships I’ve built over time. But, as with all good stories, there was a twist.
When it came time to talk numbers, things took an unexpected turn. The seller’s expectations were a solid 20-30% higher than what my market analysis suggested. Ouch. This wasn’t just a difference of opinion; it was a gap that could sink the whole deal.
Now, these situations can be a bit tricky. Sellers often have deep emotional ties to their homes — memories, dreams, and years of hard work all wrapped up in those walls. That emotional connection can sometimes lead to higher price expectations, and honestly, who can blame them? But as a real estate agent, my role is to provide a realistic market assessment and guide my clients toward informed decisions.
I know some agents might have taken the listing, anyway, hoping the market would eventually catch up or that the seller would come around to a more realistic price. But that’s just not my style. I’ve lost plenty of listings by sticking to my guns on pricing (although that was not that). And you know what? I’m okay with that. I believe my transparency and commitment to fair pricing are what make me a trusted advisor.
When I do a market assessment, I dive deep — I pull a thorough comparative market analysis, review the latest data, and inspect comparable properties to ensure I’m giving my clients the most accurate picture of the market. My goal is always the same: to help my clients achieve their real estate dreams in a fair and straightforward way.
So, when this conversation with the seller ended because we couldn’t hit their price, I realized there was more to share — not just with them but with you, too. I want to give you the rundown I would have shared with that seller if we’d kept talking: the latest trends and insights from the Cave Creek real estate market. So, buckle up, because here we FING GO…!
And let me tell you, the market here is anything but boring.
August 2024 Cave Creek Real Estate Market Trends
To make smart decisions about selling your Cave Creek property, it’s crucial to understand the interplay between different real estate metrics. Here’s a quick breakdown of what’s going on in the Cave Creek real estate market right now.
- Months Supply of Inventory: Currently, it stands at 7.28 months. This number tells us how long it would take to sell all the homes currently on the market, assuming no new listings are added. A lower number favors sellers, while a higher number suggests a buyer’s market. Right now, we’re leaning a bit towards the buyers.
- 12-Month Change in Months of Inventory: We’ve seen a whopping increase of +168.63% in the past year! This tells us there’s more inventory now than before, which means more competition for sellers.
- Median Days on the Market: The average home has now on the market for 77 days. A shorter duration means homes are selling quickly, while a longer duration can mean that properties are sitting a bit longer.
- List to Sold Price Percentage: Sitting at 97.2%, this metric shows that sellers are getting pretty close to their asking price. It’s a good indicator of negotiation trends and the general health of the market.
- Median Sold Price: The median sold price is currently $815,000. This figure represents the midpoint of all home sales and helps gauge where your property might stand compared to others on the market.
What Does All This Mean for Cave Creek Home Sellers?
These numbers suggest that while there’s more inventory available (hello, competition!), homes are still moving relatively quickly, and sellers are getting close to their asking prices. If you’re thinking of listing your property, it’s essential to consider these trends when deciding on a price and crafting your selling strategy.
So, if you’re looking to sell your home in Cave Creek, remember understanding the market dynamics is key. Price your home competitively, be patient, and you might just find yourself with a great offer before you know it!
Feel free to reach out if you have any questions or need a market assessment. If you prefer to stay anonymous, feel free to comment below on which area of the Phoenix market update you’d like to see next — it might just be our next blog post! For the full August 2024 Cave Creek Market Update report, scroll down to the PDF below.
And there you have it! A peek into the Cave Creek market and a story of how staying grounded in reality can be the best approach — even if it means walking away sometimes. 🌵
AriZona Real Estate insider! 
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