Greater Phoenix Luxury Condo Market – June 2009
Here are June’s results for the Greater Phoenix luxury condo market, which includes Scottsdale, Phoenix and Tempe. I am defining the luxury condo market as those condos with list prices in excess of $1 million.
At the end of June, there were 68 condos for sale throughout the valley. Thirty-nine were in Scottsdale, twenty-eight were in Phoenix, and the last one was located in Tempe. The active number of luxury units for sale has been decreasing over the last several months. However, the decrease is not all sale-related. I would venture to guess that much of the decrease can be attributed to asking prices being lowered to under $1M, units being taken off the market and possible foreclosure activity. There were no sales during the month of June.
Here is a quick overview of June 2009's numbers:
Valleywide - June 2009*
For Sale: 68
Pending: 0
Sold: 0
Average Asking Price: $1,760,851
Average Asking Price/Sq. Ft.: $630.50
Scottsdale - June 2009*
For Sale: 39
Pending: 0
Sold: 0
Average Asking Price: $1,799,885
Average Asking Price/Sq. Ft. $686.49
Phoenix – June 2009*
For Sale: 28
Pending: 0
Sold: 0
Average Asking Price: $1,730,086
Average Asking Price/Sq. Ft.: $557.25
Tempe- June 2009*
For Sale: 1
Pending: 0
Sold: 0
Average Asking Price: $1,100,000
Average Asking Price/Sq. Ft. $497.51
To learn more about the luxury condo market in Scottsdale or Greater Phoenix, please feel free to contact me. Please visit my website for more information on Scottsdale AZ real estate and the surrounding areas.
Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 7/1/2009 and can change at any time. The analysis looks at single-family resale condos in Scottsdale, Tempe and Phoenix over the last 12 months. There may be new home inventory in these figures if the developer is using the MLS to market its homes.
Copyright © 2009 Heather Tawes Nelson