Greater Phoenix Luxury Condo Market - July 2009
Here are July's numbers for the Greater Phoenix luxury condo market. I define the luxury condo market as those condos with list prices in excess of $1 million. The luxury condo communities are located in Scottsdale, Phoenix and Tempe.
At July's end, there were 60 condos for sale with asking prices in excess of $1 million. Of these, 32 were in Scottsdale, 26 were in Phoenix and the last 2 were in Tempe. The inventory of these condos continues to decrease, but as I alluded to in last month's post, this decrease is not based wholly on sales, but rather units are being taken off of the market or the list prices are dropping below the $1 million threshold.
In July of 2009, there was one luxury condo sale. It was at the Scottsdale Waterfront and it was a 3 bedroom, 2.5 bathroom, 2,227 square foot unit that sold for $1,322,500. It had originally been listed for 1,450,000.
Here is a quick review of July 2009's numbers:
Valleywide - July 2009*
For Sale: 60
Pending: 0
Sold: 1
Average Asking Price: $1,734,182
Average Asking Price/Sq. Ft.: $617.38
Scottsdale - July 2009*
For Sale: 32
Pending: 0
Sold: 1
Average Asking Price: $1,750,891
Average Asking Price/Sq. Ft. $671.97
Phoenix – July 2009*
For Sale: 26
Pending: 0
Sold: 0
Average Asking Price: $1,731,631
Average Asking Price/Sq. Ft.: $555.84
Tempe- July 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. 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 8/1/2009 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