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Cave Creek, AZ
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Real Estate News in Cave Creek - May 4th, 2016
Pricing is continuing to rise even though demand has been slowing falling. It's a great time for buyers because there are more homes on the market to choose from now than in the year past. Cave Creek & Carefree's old west character and charm coupled with great schools, resorts, spas, world renowned golf courses and the relaxing atmosphere will always make the areas desirable to live in.
National Market Conditions
2017 3rd Quarter Market Report: Home Sales and Prices Hit a Wall

The 3rd quarter of 2017 ended with not much of a change from the 2nd quarter. Home sales are down slightly and home prices continue to rise with median home prices up 4.2% year over year, but down from the second quarter's 6.2% increase. The primary reason for the slow-down in sales is the limited number of homes for sale, higher prices and less buyers being able to afford to buy a home.

The most notable change in the 2nd quarter was a shift in the amount of buyer activity declining 16% from last quarter. Additionally we found a significant change in the amount of price appreciation. Although 91% of the markets reported price appreciation there was an 11% shift from those markets reporting 5-10% appreciation and over 10% appreciation to those markets reporting under 5% appreciation.

According the National association of Realtors (NAR) existing home prices were up 4.2% over last year; the inventory of unsold homes is at a 4.2 month supply and 48% of all homes were sold in under one month. Still home sales dropped overall due to the low inventory of homes for sale.

The data in this report is generated primarily from our survey of HouseHunt.com and MoveUp.com exclusive member real estate agents across the United States. This grass roots approach to studying the housing market gives us a thorough look at where the real estate market is through the eyes and perspective of the local real estate agents who are living and working in the trenches of each community.

Buyer and Seller Activity
The trend in buyer activity is significantly higher than seller activity, however there was a definite downward trend in the number of markets continuing to show increasing buyer activity in the 3rd quarter. Our Realtors reported increasing buyer activity in 73% of the markets - down 16% from last quarter, but up 7% compared to last year. Seller activity was increasing in 49% of the markets in the 3rd quarter which was no change from the 2nd quarter, but up 9% over last year.

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Fall 2017 Market Update
If you can qualify, now is an exceptional time to buy a home in Cave Creek. Low rates coupled with low home prices makes a home purchase a great value! Call now for more information at 480-201-9798
Average Sold Home Price: $675,000

Average Time on Market: 90-120 days

Best Selling Price Range: $350,000 - $399,000

Existing Home Prices for the past 90 days: Increasing

Market Trend: Increasing

Buyer's or Seller's Market: More sellers than buyers

Buyer Activity for the past 90 days: Increasing

Seller Activity for the past 90 days: Increasing

Multiple Offers? No

Multiple Offers Commentary: It is not uncommon to find yourself in a bidding war on more desirable properties in the Cave Creek/Carefree areas.

What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? 0-5%

Is Financing Available For Qualified Buyers? Yes

Housing Inventory: Good Supply

Housing Inventory Comments: Pricing is continuing to rise even though demand has been slowing falling. It’s a great time for buyers because there are more homes on the market to choose from now than in the year past. Cave Creek & Carefree’s old west character and charm coupled with great schools, resorts, spas, world renowned golf courses and the relaxing atmosphere will always make the areas desirable to live in.

Greatest Activity: Repeat Buyers

Best reason to buy or sell: Good economic news

Nearest Metro Area: Phoenix

Contact Information
Rena Chavez
480-201-9798
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30 year fixed rate: 3.88%
15 year fixed rate: 3.20%
30 year jumbo rate: 4.13%
15 year jumbo rate: 3.89%
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Real Estate Professional, Rena Chavez Rena Chavez
HomeSmart
Specializing in Cave Creek Real Estate
8388 E Hartford Dr, Ste 100
Scottsdale, Arizona 85255
480-201-9798
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(Because current market conditions can change rapidly in any given marketplace,
please check with Rena Chavez for current Cave Creek, AZ market conditions before acting on this information.)
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