It's a sellers market in Casa Grande, AZ!
Current market statistics in Casa Grande show a 3.3 month supply of available homes, according to statistics pulled from the Arizona Regional Multiple Listing System. That's down from a high of 19.9 months of listing inventory in December of 2007, which then dropped to about a 7 month supply through the summer of 2008, hovering between 10 and 13 months supply between Oct of 2008 and December of 2008, and dropping steadly to a low of 3.3 months supply of inventory in April of 2009.
Does that mean it's time to break out the champagne and start dancing in the streets? It certainly is great news to see that there are 34% fewer homes for sale, 56% more homes in escrow, and 32% more closed home sales in April 2009 than in April of 2007. What's caused this huge change? Incredibly low interest rates, an $8000 tax credit for first time homebuyers and dramatically lower sales prices have all caused the surge in buying activity.
The median sales price of properies sold and closed in April of 2009 in Casa Grande was $113,412, down from $184,490 in April 2007 and $167,000 in April of 2008. The median sales price declines have slowed significantly over the first quarter of 2009 and actually increased in April to $113,512 from a median price of $110,000 in February and March of 2009.