Additional food for thought: there are currently 603 active listings in Cave Creek. There are 42 pending sales and actives with contingency. That's a 14:1 ratio. If you are a seller, price it right!
For Cave Creek, I think I did a slightly different search, looking for single family homes in pending, and found 25. Average days on market for those 25 homes was 114 days. And over the last 6 months, properties that have closed escrow took 115 days.
If you could see the data like I can, you'd see the vast majority of properties are selling in under 90 days, even in this market. Therefore, if you haven't sold in 90 days, you must take a very hard look at your price and/or the condition of the property and make a drastic change to one or the other or both! Buyers are out there, and they are buying the good stuff, either because it's a great price or it's a fabulous property (1 of a kind).
There are currently 36 homes pending or under contract in all of Cave Creek right now. These homes have been on the market about an average of 200 days.
So far in 2007, there have been 359 homes sold. It appears these were on the market an average of approximately 150 days. This shows that homes that are priced correctly will sell and those overpriced will sit.
Hope this helps. I am working on a Cave Creek website. See link below.
Great answer Dave, you are quick.
To help clarify. There are 195 active properties priced from 600,000 thru 1 million with a average Days on market is 163 day.
I hope this helps Jules.
Nice Website Dave, besure to check out mine
Here is a recent update to your question so you can see the trends from month to month. Currently there are 594 single family dwellings actively available in Cave Creek and average market time is 164 days. You can assume that days on market rises as does the price. The current record holder is 958 days on market as of October 15th and the average list price is $557,000 for sold properties and on average they received $534,000 for their place. This demonstrates that people get close to asking when they have it priced right.