Is there softness in the Cave Creek market?

Last month’s highest-priced home sale in Cave Creek of $985,000 was the first month in almost two years that the highest price home was less than $1,000,000. The highest-priced home was $695,000 in Feb ‘17, but every month since then has been over a million dollars, including 7 months over $1.5 million.

Was this just an inevitable statistical anomaly, or are we seeing the first signs of softness in the market? It’s too early to tell, but we’ll keep our eyes on it in the coming months.

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- Chris Butterworth

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* All chart data represents single-family detached homes only. Information is believed accurate but not guaranteed.