Greater Phoenix Luxury Condo Market Report - May 2008
To take a look at what is going on in the luxury condo market in the greater Phoenix area, I pulled some statistics from the Arizona Regional MLS (ARMLS).
At the end of May, there were 103 condos for sale for $1 million or more throughout the valley. Fifty of these condos were in Scottsdale, thirty-nine of them were in Phoenix, and the balance, fourteen, were in Tempe. In May of 2008, eight luxury condos were sold and seven were pending. The communities these condos were sold in include Scottsdale Waterfront, Optima Camelview, Edgewater, Fairway Lodge and Two Biltmore Estates. If we use 8 as an average monthly sales figure, there is an almost 13 month inventory of luxury condos for sale.
Here are is a quick look at the numbers in chart format:
| Valleywide - May 2008 | |
| For Sale: | 103 |
| Pending: | 7 |
| Sold: | 8 |
| Average Sale Price: | $1,752,937 |
| Average Price/Sq. Ft. Sold: | $618.10 |
| |
| Scottsdale - May 2008 | |
| For Sale: | 50 |
| Pending: | 5 |
| Sold: | 4 |
| Average Sale Price: | $1,698,125 |
| Average Price/Sq. Ft. Sold: | $652.62 |
| Communities: | Optima Camelview |
| Scottsdale Waterfront |
| |
| Phoenix - May 2008 | |
| For Sale: | 39 |
| Pending: | 2 |
| Sold: | 3 |
| Average Sale Price: | $2,078,666 |
| Average Price/Sq. Ft. Sold: | $588.86 |
| Communities: | Fairway Lodge |
| Two Biltmore Estates |
| |
| Tempe- May 2008 | |
| For Sale: | 14 |
| Pending: | 0 |
| Sold: | 1 |
| Average Sale Price: | $995,000 |
| Average Price/Sq. Ft. Sold: | $587.02 |
| Community: | Edgewater |
If you have any questions about the luxury condo market or would like to learn more about the communities mentioned above, please feel free to contact me.
Disclaimer:
Information herein deemed reliable but not guaranteed. Data pulled the Arizona Regional MLS (ARMLS) and can change at any time. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2008 Heather Tawes Nelson