what is the average length of time a residential property is on the market in Cave Creek,?

Asked by Jules, California Fri Sep 7, 2007

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Paul Slaybau…, Agent, Scottsdale, AZ
Fri Sep 7, 2007
Searching strictly by city name: Cave Creek in August averaged 147 cumulative days on the market for the properties that closed escrow. Currently there are 32 pending sales in Cave Creek with an average of 158 cumulative days on the market. Another category for properties which are under contract is "Active with Contingency," but the problem with using figures from this category is that they tend to be skewed. Because the property remains active in search of backup offers, the days on the market continue to accrue even after the contract is accepted. For this reason, I generally do not reference the stats on such properties. You don't get a true picture of how long it took to secure a contract. One huge caveat when referencing these days on the market stats is that these are only the properties that actually sold. Many properties did not sell and will not sell. Thus the true average time on market will be much greater.

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!
3 votes
Steve Belt, , Scottsdale, AZ
Fri Sep 7, 2007
Paul and Dave have given you very good answers. I'm not sure why someone didn't like Paul's answer....unless they have something against Paul personally. I think he's a nice guy.

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).
2 votes
David Dion, Agent, Mesa, AZ
Fri Sep 7, 2007
I just went into the MLS and ran the report for you. Right now, there are 568 single family homes on the market in Cave Creek. For the lowest priced 250 properties, the average days on the market is 146. For the 88 homes priced over $1,000,000, the average days on the market is 214!!!

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.
2 votes
Mr.P, , Arizona
Fri Sep 7, 2007
Hello Jules,
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
1 vote
Lloyd Fox, , Phoenix, Scottsdale, 85254, 85255, 85258, 85259, 85260, 85020, 85018, 85014, 85032
Mon Oct 15, 2007

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.
0 votes
Elizabeth Ho…, Both Buyer And Seller, Scottsdale, AZ
Tue Oct 2, 2007
hi - i just sold a home in cave creek - it took forever !!!!! appraised orig at 1.05m and had to sell at 860k. plus this is the sad part took over a year. brand new home never lived in top of the line everything on a course too. good luck sorry for bad news but if you price low might get more interest - i lowered and lowered until i finally listed at 899 and got the price i sold at. people want deals out there!!!!! so once you sell put your money into another one so you get the oppty lost in selling now. good luck
0 votes
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