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Greater Phoenix Luxury Condo Market Performance - August 2009

August was a slow month for the Greater Phoenix luxury condo market. I define the luxury condo market as those condos with list prices in excess of $1 million in Scottsdale, Phoenix and Tempe.

At the end of August, there were 56 condos for sale with list prices of $1 million or above. Thirty-one were in Scottsdale, twenty-three were in Phoenix and the final two were in Tempe. Again, the number of luxury condos continues to decrease, but as I have said before, I would attribute this to units being taken off of the market or list prices are dropping below the $1 million threshold, versus sales activity fueling the drop.

There were no luxury condo sales in August of 2009 and no pending sales.

Here are August 2009's numbers:

Valleywide - August 2009*         
For Sale:          56
Pending:           0
Sold:                0
Average Asking Price:    $1,786,355
Average Asking Price/Sq. Ft.:    $620.30

Scottsdale - August 2009*
For Sale:           31
Pending:           0
Sold:                0
Average Asking Price:    $1,809,306
Average Asking Price/Sq. Ft.     $675.00

Phoenix – August 2009*
For Sale:           23
Pending:           0
Sold:                 0
Average Asking Price:    $1,780,322
Average Asking Price/Sq. Ft.:    $555.58

Tempe - August 2009*     
For Sale:           2
Pending:           0
Sold:                 0
Average Asking Price:    $1,500,000
Average Asking Price/Sq. Ft.     $544.06

To learn more about the luxury condo market in Scottsdale or Greater Phoenix, please feel free to contact me. Or, 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 9/1/2009 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

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