Phoenix and Scottsdale AZ Luxury Condo Market Sales- March 2010
Here are March’s sales results for the luxury condo market in Scottsdale, Phoenix and Tempe. I define the luxury condo market as condos with list prices in excess of $1 million.
March was another decent month for luxury condo sales in Scottsdale and Phoenix, with three closed units and another two pending sales at the end of the month. At the end of March, there were 71 luxury condos on the market. The bulk of the offerings, 94% of them, were located in Phoenix and Scottsdale and the remaining 6% were located in Tempe.
There were three luxury condo sales in March, one in Scottsdale and the other two in Phoenix. The Scottsdale sale was a three bedroom, two and one-half bathroom, 2,389 square foot unit on the 6th floor at Optima Camelview. It sold for $1,150,000. The other two sales were at The Residences at 2211 Camelback and Esplanade Place. The 2211 Camelback sale was a two bedroom, three and one-half bathroom, 3,650 square foot unit for $1,210,000. The Esplanade sale was a two bedroom, three bathroom, 3,000 square foot unit for $1,600,000.
The two pending sales at the end of March were divided equally between Scottsdale and Phoenix. The Scottsdale pending sale is for a two bedroom, two bathroom unit at the Scottsdale Waterfront Residences and the Phoenix pending sale is at Esplanade Place and it is for a two bedroom, three bathroom unit.
| Luxury Condo Market - March 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 | 71 | 36 | 31 | 4 |
| - Average Asking Price | $1,736,277 | $1,835,692 | $1,654,865 | $1,472,500 |
| - Average Asking Price Per Sq. Ft. | $597.67 | $691.96 | $513.72 | $399.65 |
| - Average Days on Market*- Active | 285 | 240 | 356 | 141 |
| - Number of Units Pending | 2 | 1 | 1 | 0 |
| - Average Pending Price | $1,500,000 | $1,550,000 | $1,450,000 | N/A |
| - Average Pending Price Per Sq. Ft. | $518.58 | $627.78 | $409.37 | N/A |
| - Number of Units Sold | 3 | 1 | 2 | 0 |
| - Average Sales Price | $1,320,000 | $1,150,000 | $1,405,000 | N/A |
| - Sales Price to List Price | 90% | 96% | 88% | N/A |
| - Average Sold Sq. Feet | 3,013 | 2,389 | $3,325 | N/A |
| - Average Sales Price per Sq. Ft. | $448.74 | $481.37 | $432 | N/A |
| - Average Days on Market* - Sold | 116 | 142 | 103 | N/A |
| - Highest Sale Price | $1,600,000 | $1,150,000 | $1,600,000 | N/A |
| - Lowest Sale Price | $1,150,000 | $1,150,000 | $1,210,000 | N/A |
| - Percentage of Total Sales | 100% | 33% | 67% | 0% |
* Cumulative Days on Market | | | | |
Here is a quick overview of sales activity for these condos for the first quarter of 2010. There were no sales in Tempe. | Luxury Condo Market - 1st Quarter 2010 | |
| Phoenix & Scottsdale AZ | | |
| | All Luxury Condos | Scottsdale Luxury Condos | Phoenix Luxury Condos |
| Luxury Condo Sales | | | |
| - Number of Units Sold | 6 | 3 | 3 |
| - Average Sales Price | $1,347,500 | $1,200,000 | $1,495,000 |
| - Sales Price to List Price | 85% | 87% | 84% |
| - Average Sold Sq. Feet | 2,998 | 2,484 | $3,513 |
| - Average Sales Price per Sq. Ft. | $457.48 | $483.16 | $ 431.81 |
| - Average Days on Market* - Sold | 189 | 247 | 131 |
| - Highest Sale Price | $1,675,000 | $1,250,000 | $1,675,000 |
| - Lowest Sale Price | $1,150,000 | $1,150,000 | $1,210,000 |
| - Percentage of Total Sales | 100% | 50% | 50% |
| * Cumulative Days on Market | | | |
Overall, luxury condo sales in Scottsdale and Phoenix performed well in March and over the first quarter of 2010. There were six sales by the end of March, which is twice what is was for Q1 2009 at three sales. The pending sales indicate that April should also be a decent month as well. Inventory was also down by a few units. Tempe continues to see little or no activity.
Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 4/1/2010 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. This is the final month that Tempe will be included in this analysis. Going forward, only luxury condos in Scottsdale and Phoenix will be tracked.
Copyright © 2010 Heather Tawes Nelson