Phoenix and Scottsdale AZ Luxury Condo Market Sales- February 2010
Here are the sales figures for the luxury condo market in Scottsdale, Phoenix and Tempe for February 2010. For the purposes of this analysis, I am defining the luxury condo market as condos with list prices in excess of $1 million. There was continued activity during the month of February, following a decent month of luxury condo sales in January. At the end of the month, there were 75 units on the market. Forty of the units, or 53%, were located in Scottsdale. Phoenix came in with thirty-one units or 41% of the market. The remaining 4 units, or 5% were in located in Tempe.
Two luxury condo units sold in February. The first sale was located in the Scottsdale Waterfront Residences and was for a two bedroom, two and one-half bathroom, 2,469 square foot unit. It sold for $1,200,000. The second sale was in the Two Biltmore Estates community in Phoenix. It was a three bedroom, three and one-half bathroom second floor unit with 3,890 square feet that went for $1,675,000.
On top of the two sales, there were also two pending sales at the end of the month. The first was in The Residences of 2211 Camelback in the Biltmore area of Phoenix. This condo has two bedrooms, three and one-half bathrooms and is 3,650 square feet. It is currently listed for $1,500,000. The second pending sale is at Esplanade Place, also in the Biltmore corridor in Phoenix. This unit has two bedrooms, three bathrooms and has 3,000 square feet. Its listed price is $1,695,000.
| Luxury Condo Market - February 2010 | | |
| Phoenix, Tempe and Scottsdale AZ | | | |
| | All Luxury Condos | Scottsdale Luxury Condos | Phoenix Luxury Condos | Tempe Luxury Condos |
| Luxury Condo Sales | | | | |
| - Number of Units for Sale | 75 | 40 | 31 | 4 |
| - Average Asking Price | $1,736,968 | $1,842,098 | $1,633,510 | $1,487,475 |
| - Average Asking Price Per Sq. Ft. | $596.52 | $680.07 | $513.60 | $403.61 |
| - Average Days on Market*- Active | 264 | 237 | 318 | 110 |
| - Number of Units Pending | 2 | 0 | 2 | 0 |
| - Average Pending Price | $1,597,500 | N/A | $1,597,500 | N/A |
| - Average Pending Price Per Sq. Ft. | $487.98 | N/A | $487.98 | N/A |
| - Number of Units Sold | 2 | 1 | 1 | 0 |
| - Average Sales Price | $1,437,500 | $1,200,000 | $1,675,000 | N/A |
| - Sales Price to List Price | 79% | 83% | 76% | N/A |
| - Average Sold Sq. Feet | 3,180 | 2,469 | $3,890 | N/A |
| - Average Sales Price per Sq. Ft. | $458.31 | $486.03 | $431 | N/A |
| - Average Days on Market* - Sold | 182 | 175 | 189 | N/A |
| - Highest Sale Price | $1,675,000 | $1,200,000 | $1,675,000 | N/A |
| - Lowest Sale Price | $1,200,000 | $1,200,000 | $1,675,000 | N/A |
| - Percentage of Total Sales | 100% | 50% | 50% | 0% |
| * Cumulative Days on Market | | | | |
Overall the luxury condo market in Scottsdale and Phoenix is off to a good start in 2010. Sales are pacing well as are pending sales. Plus, inventory is staying level. Tempe has seen minimal activity over the last year. so it will be interesting to see if it progresses in 2010.
Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 3/1/2010 and can change at any time. The analysis looks at 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 © 2010 Heather Tawes Nelson