The Impact of Increased Home Inventory in
Carefree, Cave Creek & N. Scottsdale Arizona
Click to see Increased Home Inventory Chart
1. Home Inventory Growth:
• The media will report a 39% increase in Home Inventory. That is comparing to last year, which had a record setting low inventory.
• A more realist viewpoint:
2024 has witnessed a modest 16% increase in Luxury Homes for sale compared to the last "Normal Market" of 2020.
• Any uptick in inventory influences the local real escape landscape. Following are some of the topics.
2. Slightly Softening Seller Position, However Home Values Holding Steady:
•The increase in inventory has led to a slightly softened position for Sellers compared to 2023, as they face more competition in attracting Buyers.
•Despite this, Home values in Carefree, Cave Creek & N. Scottsdale are holding steady, (following record-high appreciation), providing Sellers with reassurance amid the changing market dynamics.
•Sellers may need to adjust their expectations regarding timelines and condition expectations, but the overall stability in Home values offers a degree of confidence in the Market.
3. Factors Driving Inventory Increase:
•Return of Seasonal Sellers: Seasonal Sellers are back in town and ready to move, contributing to the rise in inventory.
•Boomer Sellers Downsizing: Baby Boomers are taking advantage of the peak selling season to downsize, adding more luxury properties to the market.
•Investor Sellers Exiting Rental Market: Some investors are shifting focus away from rentals, opting to sell their luxury properties instead.
4. Impact on Seller Strategy:
•Sellers may need to adjust their pricing and negotiating strategies to attract Buyers in a more competitive market.
•A well-positioned Home listing price, intended to be the next best value in its class, will result in higher competition for the ‘hovering buyers,’ resulting in a quicker sale, often with favorable terms for the Sellers.
6. Considerations for Buyers:
•Buyers now have a broader selection of luxury properties to choose from, providing more negotiating leverage.
•This may result in more favorable terms and opportunities for Buyers to secure their dream Homes.
7. Looking Ahead:
•Monitoring Market Trends and adapting strategies will be essential for both Sellers and Buyers.
•While the Market may favor Buyers slightly more with increased inventory, Sellers can still capitalize on steady demand, due to the desirability of living in our beautiful area.
In Summary, as the market continues to evolve, staying informed and adapting to changing conditions will be paramount for Sellers looking to
capitalize on this opportune moment in Carefree and Cave Creek's real estate market.
Call us with your questions!
Debbie& Susan
480-375-1522 480-540-4410
