The Casa Grande real estate market continues to show strength in what are normally the slower winter months of the year. With employers bringing new well paying jobs to the area we are seeing many of those workers choosing to live close to their employment and buy a home in the Casa Grande area. Let’s take a look at some of the numbers from February to see what happened in the Casa Grande real estate market.
Homes for Sale in Casa Grande, AZ
For the month of February, the median sales price in the Casa Grande real estate market was $347,529. This is a 10.3% increase over the January 2022 median sales price of $314,945. Active listings for the month increased slightly to 166 properties, and the days on market for properties for sale increased slightly to 38 days.
During the month of February, we saw multiple properties receive strong offers to purchase relative to their list prices so that was one factor contributing to the higher February median sales price. Another factor continues to be the Achilles heel of many real estate markets and that is inventory, or a lack of it. Casa Grande is the same as other local real estate markets in that we need to have more homes for sale to meet buyer demand.
The real estate market in Casa Grande continues to remain firmly in the control of sellers that are selling their homes. Well maintained properties in nice communities are at a premium and buyers are willing to step up with strong offers when these properties come on the market.
We are starting to see some of the local Builders in Casa Grande come through with more inventory. We work closely with Scott Communities located at Arroyo Grande in Casa Grande and they had recently released several more homes that were snapped up by eager buyers. It might be worth a visit to their community if you are ready to buy now – please let them know I sent you.
Jobs in Casa Grande and their effect on Housing
The strong job market in Casa Grande is a big contributor to the increased demand for homes that we are seeing in the area. Some employers like Lucid have started hiring in earnest in Casa Grande and many of these employees that are joining Lucid are choosing to live close to work and are competing for homes in the Casa Grande area.
Lucid now employs 2,000 people in Arizona and expects to hire another 1,000 by the end of this year. About one-half of those jobs will be filled by production teams that are building sedans at the Lucid Casa Grande facility. The remainder will be engineers, technicians, managers, and more.
Kohler has now begun construction on its $300 million Casa Grande manufacturing facility that is expected to bring 425 jobs to the area when it opens in August 2023. Local authorities have projected that the Kohler project in Casa Grande is expected to create $1.1 billion in economic output and will directly create $166.8 million in personal income.
With all of this growth coming to Casa Grande, the real estate market is expected to remain robust for all of 2022, and continue to remain strong in 2023 and 2024 as new residents move to the area and want to purchase a home to settle down. The local real estate market is not expected to decrease at all, rather we should see steady price increases that will only slow down when we see a major change in homes for sale and the large number of buyers chasing a small number of available homes for sale.
If you would like to set up a FREE Mortgage consultation, or if you would like to get pre-qualified to buy a home, please feel free to reach out to me anytime either via email at steveATthehomebuyinghub.com or via phone at 480 365-8978.
Here is a link to last months Casa Grande Real Estate Market Update for January 2022. Read the article by clicking HERE.
Recent Comments