Market Conditions for Cave Creek, Arizona Reported by Lyn Trayte, Associate Broker Updated November 9, 2009.

Current Market Rating: 2 1 2 3 4 5 Buyer's Seller's

Current Price Trend: 2 1 2 3 4 5 Falling Rising

The inventory of single family homes on the market in the Cave Creek/Carefree area has increased slightly by just under 6% with the number of sales decreasing by about 14%. There are presently 487 single family homes for sale in the area, with 23% of the active sales being either Foreclosure/bank owned properties or Short Sales (pretty static over the past 6 months). 65% of the pending and/or closed sales during the same period are these same distressed properties, showing a large number of buyers are jumping on these bargains as on traditional sales. The average list price of the homes on the market in the area is actually slightly higher than the previous 3 months with sales prices show a slight decrease of 5%, probably indicating the banks' greater flexibility in accepting offers on their ever increasing inventory of homes for sale. The total number of sales have stayed static over the past couple of months but increased by about 6% over the past quarter,

So what do all these statistics mean for you as a buyer or seller? As a buyer, home prices are much more affordable, having dropped to almost 2001 or 2002 levels with interest rates still comparatively low (though with the bond market dropping that could change in the near future). Though distressed properties seem to be the most desirable, based on the percentage of these sold vs. "normal" seller to buyer sales, these types of properties pose other problems such as multiple offer situations, "as is" conditions needing repairs, and inconsistent closing timelines. Finding a traditional seller willing to sell for a competitive price is still the best way to go. As a seller, selling now is a challenge due to this competition with the lower priced distressed sales. If you do not HAVE to sell right now, it is best NOT to sell unless you are willing to price accordingly.
If you choose to sell your home right now, you MUST be either the best LOOKING home or the best PRICED home to get a sale.

Check out the new tax incentive for first time buyers and 'move up" buyers just put into effect until Spring of 2010. As one realtor said to me regarding the great opportunities in this market....
"it would be a shame to waste a good recession".

Please visit my website, where you may search ALL available properties in the Cave Creek/Carefree area as well as ANY other active property listed in the MLS. Browse through other Valley community sites, research area schools, read my newsletter with up to date Real Estate articles and information, as well as click on links to area cultural & recreational activities, weather conditions, driving directions, or answers to commonly asked Real Estate questions.

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ZIP Codes: 85262, 85331, 85377

Location Characteristics: Originally a very upscale community of retirees and horse properties, Cave Creek & Carefree are now seeing more young families and investors as the growth of the city moves North. Surrounded by beautiful mountains and reaching elevations that see cooler temperatures in the hot summers, Cave Creek continues to be a desirable destination for resort dwellers and homeowners. A very western style town boasts colorful shopping and wonderful restaurants and hosts many art shows throughout the year. Homesites range from multi acre horse properties to new loft-style condominiums.

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