Cave Creek AZ Market Report November 2012

 

 

 

 

Home Sales In Cave Creek

Cave Creek, AZ Market Report November 2012

 – Total Active Listings are up 7% over the past 30 days and 22% since June.

 – Lender Owned (REO) and Short Sales (SS) make up 10.8% of Total Active Listings. Like most of the Phoenix Metro area the number of Short Sales and Lender Owned listings in Cave Creek have steadily declined over the past 6 months.

 – Lender Owned (REO) prices had been declining over the past 6 months but are up sharply in November. This is due, at least in part, to the sale of a $1.5 Million REO property on 20 acres that sold at $449 per square foot. If I remove that one sale the average drops to $126 per square foot, an increase of 19% month over month.

– Lender owned properties are selling quickly in Cave Creek, AZ averaging 70 Days On Market (DOM) and many are receiving multiple contracts even though prices have continued to rise. The chart shows the DOM to be closer to 175 days but once again if I remove the same $1.5 Million property and one other property that sat on the market for more than a year the average drops to 70.

 – Short Sale prices have bounced around over the first half of the year but have remained relatively unchanged over the past 3 months averaging $120 per square foot $6 per square foot below Lender Owned prices. I believe the main reason for this is the challenge buyers face in closing Short Sales.

– As you can see Short Sales Pending in Cave Creek is a much smaller percentage of total sales than other parts of the Valley, and Short Sale Days On Market have decreased from an average of 256 days in May to 106 in November.

 – Normal Sale prices are unchanged month over month and up 10% since May.

-The Average Sale Price of Cave Creek, AZ Homes during the month of November was $310,340-

-The Median Sale Price of Cave Creek, AZ Homes during the month of November was $262,500-

What does this mean for buyers and sellers in Cave Creek, AZ :

 – If you are thinking of buying an Cave Creek, AZ home in the next year or two, why would you wait? Prices will continue to rise and interest rates have no where to go but up.

 – If you are thinking of selling your Cave Creek, AZ home in the next 12 months why not list it now, competition (other active listings) is still very low but, as you can see, increasing each month and if mortgage rates begin to rise the number of eligible buyers for your home will decrease.

 – If you are considering moving from a smaller to a larger home there has never been a better time to do so. Smaller homes are selling quickly and in many cases above list price while there are still some great bargains available in homes larger than 3000 sq.ft.

-Click Here To Find Out What Your Home Is Worth-

-Click Here To Search Homes For Sale in Cave Creek, AZ-

Work with a REALTOR® who truly understands the Cave Creek, AZ  Real Estate Market E-mail Nancy@NancyLaswick.com or call (602) 793-1627.

Whether you are buying or selling a home in Cave Creek, AZ I offer a free customized market report. As an informed buyer or seller you’ll make better decisions.

All content in this post is protected by copyright. © Nancy Laswick 2012. All Rights Reserved.

Please Note:All statistics and figures are reported from the Arizona Regional Multiple Listing Service (ARMLS) and/or The Cromford Report and are deemed to be reliable, but cannot be guaranteed for accuracy. It is recommended that any information of special interest be verified through independent sources.