Cave Creek & Carefree Real Estate Market Update - December 2023

Insights from Dusti Martin, Your Expert Realtor®

December 8, 2023

Welcome to the latest real estate market update for the vibrant towns of Cave Creek and Carefree, Arizona. As we navigate through the end of 2023, the market is showing unique trends and patterns, making this an exciting time for buyers, sellers, and investors alike. I’m Dusti Martin from the Martin Group at Platinum Living Realty, here to guide you through the intricacies of our local real estate landscape.

Market Overview: A Shift in Dynamics

As we compare the current market stats to those of the previous year, we’re seeing a fascinating shift. Active listings in Cave Creek and Carefree have increased by 6.2%, while sold listings have seen a decrease of 11.8%. This change is significant, but what’s even more remarkable is the rise in median price per square foot — a hefty 15.9% increase from last year, indicating a strong appreciation in property values.

What This Means for You

For homeowners in Cave Creek and Carefree, this is encouraging news. Despite a decrease in the number of properties sold, the value of your home has likely increased, offering a potentially higher return on investment.

Trends in Median Prices and Market Supply

Our current median price per square foot stands just over $382, which is a clear indicator of the area’s growing appeal. However, the months of supply has risen by 20.4% compared to last year, currently at 4.9 months. This indicates a stable market that slightly favors sellers.

Buyer and Seller Implications

Sellers might not achieve full listing prices as easily as before but can still expect a favorable market, especially when priced aggressively. Buyers, on the other hand, may find more room for negotiation than in previous months.

The Seasonal Influence on the Market

Real estate in Arizona, particularly in towns like Cave Creek and Carefree, is highly seasonal. December typically marks a slower period, but come January, we expect a surge in activity. This prediction is bolstered by recent trends in mortgage rates, which have been steadily decreasing, leading to an increase in mortgage applications.

Strategic Considerations

If you’re planning to enter the market, whether buying or selling, timing is crucial. Post-holiday months often bring a flurry of activity, making early 2023 an ideal time for making your move.

Diverse Market Dynamics by Price Range

Our analysis dives deep into different price points, revealing varied market conditions:

Under $300,000: This range is extremely limited in inventory, indicative of a sellers’ market.

$300,000 – $500,000: Representing condos and entry-level homes, this segment is experiencing strong seller favorability.

$500,000 – $700,000: The market starts to balance out in this range, leaning slightly towards sellers.

$700,000 – $1 Million: A strong sellers’ market persists, with potential for competitive offers.

$1 Million – $3 Million: Shifting towards a more balanced market, buyers may find more leverage here.

Above $3 Million: This luxury segment shows a significant buyers’ market, with inventory outpacing demand.

Tailored Strategies for Buyers and Sellers

Understanding these nuances is crucial for crafting effective buying or selling strategies. Whether you’re looking for a cozy condo or a luxurious estate, recognizing the market’s pulse at your price point can make all the difference.

Final Thoughts and Next Steps

As we look ahead, it’s clear that the Cave Creek and Carefree real estate markets are dynamic and full of opportunities. Whether you’re a first-time homebuyer, a seasoned investor, or looking to sell your property, now is a fascinating time to be involved in the local real estate scene.

How Can I Assist You?

If you’re curious about what your home could sell for in today’s market, or if you’re considering buying in Cave Creek or Carefree, I’m here to help. With my expertise and deep understanding of local trends, I can guide you through every step of your real estate journey.

Get in Touch:

Phone: 480-717- 9405

Visit My Website: DustiMartinRealtor.com

Remember, real estate is more than just numbers and statistics; it’s about finding your perfect home or making the most out of your investment. Let’s navigate this exciting market together!