We are seeing a slight edge for the seller’s this week on both condo and home sales in Cave Creek, 85331, and Carefree, 85377.
As of Wednesday, March 8, the median list price for Cave Creek, AZ 85331 is $1,190,000. Inventory has decreased to 107 homes. The condominiums are slightly stronger for the seller, with a median price of $639,742. This is a hard thing for me to get my head around. Condos have traditionally lagged behind single family homes for desirability. It may just mean an aging market in this zip code. Or the buyer is feeling they are getting much more value for their dollar.
For Carefree homes this week, the median list price is $1,822,500 and 32 active homes. The condos are $614,900 with an inventory of 32 active homes on the market.
The medium list price in Scottdale 85266 (Scottsdale) is $1,495,000 Inventory has decreased to 61 for single family homes. Condos are This week the median list price for Scottsdale, AZ 85266 is $750,000 with only 7 actives for inventory.
Supply and Demand, again, will drive our prices in our market. While its true the higher interest rates have driven a lot of investors out of the market, there still isn’t a large supply of homes.
One thing that I read in many articles is that because the interest rates are higher, the sellers have to come down in price to compensate. I believe that is not true. The buyers will just get less for their money than if they had a lower interest rate. Supply and Demand will drive the market prices. Many homeowners are sitting on 3% loans. They are not motivated to sell. So while some buyers are out of the market, some sellers are also.
Remember to call The Mohr Group, Realty Executives for all your Real Estate Needs. We have our finger on the pulse. Kendal, 303-549-8224, Ryan 480-204-2619, Janet 602-980-7653
MEETING NOTICE
March 23, 2023, at 6:30 PM, Frontier Town,
6245 E Cave Creek Rd, Cave Creek, AZ 85331, in the Tent
Thanks to Marc Peagler
Our speaker for March will be JUSTIN HARRIS and he will speak specifically on Fentanyl.
Harris has served in the Arizona Law enforcement community for 30 years. During his tenure he worked as a Field Training Officer, SWAT operator, General Instructor, Gang Task force officer, Crime Scene Officer, Background Investigator, and Recruiter. He obtained certification from the Department of Homeland Security in Weapons of Mass Destruction (WMD) for incident command. He was also trained in criminal interdiction, narcotics, terrorism, human trafficking, illicit currency, and identity theft prevention.
He is a native of the Valley. He’s served as the president of the police association with the Glendale Law Enforcement Association (GLEA) since 2008, and he currently serves as President of the Arizona Police Association (APA), the state’s largest law enforcement association. In his free time, he serves as a youth football coach in lower income neighborhoods and works with veterans and officers who are working to overcome their fight with PTSD.
I have had the pleasure of hearing Justin speak previously. I am sure you will find the information he shares very interesting. Please invite your neighbors.
With Special Guest – Abe Hamadeh
