Canyon Crest Real Estate For Sale

Canyon Crest Housing Market Update

As of September 2023, the Canyon Crest housing market exhibits a moderate level of competitiveness. The median sale price of a home in the area stands at $680,000, reflecting a negligible increase of 0.1% compared to the previous year. This marginal growth suggests a market that is largely stable, with neither sharp increases nor decreases in home values, thereby presenting a balanced landscape for both buyers and sellers.

The median sale price per square foot in Canyon Crest has seen a more pronounced increase, rising by 8.5% to $357 compared to last year. This substantial growth in price per square foot may signal a higher valuation of space in this neighborhood, indicating that while overall home prices have remained stable, the demand for quality space has intensified.

On the subject of market dynamics, homes in Canyon Crest are generally on the market for an average of 26 days, an improvement from 31 days in the previous year. Some homes even receive multiple offers, indicating pockets of higher demand within the overall landscape. Typically, homes sell for around the listing price and go pending in approximately 33 days. However, those considered "hot" on the market can sell for about 2% above the list price and go pending in a considerably shorter time frame of around 15 days.

It's noteworthy that the number of homes sold has declined significantly, from 65 in September of last year to 35 this year. This sharp decrease could be attributed to a variety of factors, such as economic conditions, interest rates, or a limited housing inventory, and warrants further investigation for those interested in the Canyon Crest market.

Given the variety of factors that can influence any housing market, including Canyon Crest, prospective buyers and sellers would benefit from keeping abreast of current trends and perhaps consulting with a real estate professional who specializes in the area.