Below is a quick review of the Luxury Condo Market in the Greater Phoenix area in May. Before I get started, how am I defining the Luxury Condo Market? I am looking at condos that are listed for sale for $1 million and up. Currently, there are three locations that have condos for sale of this caliber -Scottsdale, Phoenix and Tempe.
The Scottsdale luxury condos are mainly located in the Old Town/Waterfront area as well as Kierland. The Phoenix luxury condos are found primarily in the Biltmore corridor and the Tempe luxury condos are found in the Tempe Town Lake are that is being heavily developed.
Currently, there are 103 condos on the market with an asking price of $1 million or more. About half of these, 50, are in Scottsdale, 39 are in Phoenix and the remainder, 14, are in Tempe. In May of 2008, eight of these luxury condos sold and there were 7 pending sales. The average sales price was $1,752,937 and the average square footage of the sold units was 2,836, resulting in a price per square foot of $618.10.
To take a look at what is going on in the luxury condo market in the greater Phoenix area, I pulled some statistics from the Arizona Regional MLS (ARMLS).
At the end of May, there were 103 condos for sale for $1 million or more throughout the valley. Fifty of these condos were in Scottsdale, thirty-nine of them were in Phoenix, and the balance, fourteen, were in Tempe. In May of 2008, eight luxury condos were sold and seven were pending. The communities these condos were sold in include Scottsdale Waterfront, Optima Camelview, Edgewater, Fairway Lodge and Two Biltmore Estates. If we use 8 as an average monthly sales figure, there is an almost 13 month inventory of luxury condos for sale.
Here are is a quick look at the numbers in chart format:
Disclaimer:If you have any questions about the luxury condo market or would like to learn more about the communities mentioned above, please feel free to contact us.
Information herein deemed reliable but not guaranteed. Data pulled the Arizona Regional MLS (ARMLS) and can change at any time. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2008 Heather Tawes Nelson
