85193 Casa Grande, AZ Housing Market

Trend

The median listing price, at $542,500, experienced a monthly decline of 1.4% but still shows an 11.9% increase year-over-year. However, this growth is set against a backdrop of rising inventory and slowing demand. Active listings surged by 55.6% year-over-year to 14, while new listings completely ceased, recording a -100.0% YoY change. Median days on market extended significantly by 53.8% year-over-year to 100 days, indicating properties are taking much longer to sell. The pending ratio dropped sharply by 67.5% year-over-year to 0.21, with only 3 pending listings. The median price per square foot experienced a slight decrease of 0.8% year-over-year to $232.

Negotiating leverage

The substantial year-over-year increase in active listings combined with a precipitous decline in the pending ratio suggests significant inventory pressure. The extended median days on market and the absence of new listings indicate a pronounced slowdown in transaction pace. These factors collectively point to a market where sellers will likely need to exercise considerable price discipline to attract interest.

Luxury segment

The average listing price of $796,707 is substantially higher than the median listing price of $542,500, indicating a segment of higher-priced properties within the market. While the median price per square foot is $232, the average price at the top end of the market would influence the overall average listing price but not necessarily reflect broad market strength given the median price behaviors.