Here are the most recent figures for the Greater Phoenix luxury condo market, which is defined as condos with list prices in excess of $1 million.
At the end of April, 90 luxury condos were on the market for sale. Of those, fifty-five were in Scottsdale, thirty-three were in Phoenix, and the remainder, two, were in Tempe. Activity was slow for this market segment in April. Only one unit was pending sale at the end of the month. It was a three bedroom, three bathroom, 3,350 square foot penthouse unit at Esplanade Place in Phoenix.
Here is a quick overview of April 2009’s numbers:
| Valleywide – April 2009* | |
| For Sale: | 90 |
| Pending: | 1 |
| Sold: | 0 |
| Average Asking Price: | $1,778,288 |
| Average List Price/Sq. Ft.: | $662.28 |
| Scottsdale – April 2009* | |
| For Sale: | 55 |
| Pending: | 0 |
| Sold: | 0 |
| Average Asking Price: | $1,826,245 |
| Average List Price/Sq. Ft. | $728.18 |
| Communities: | N/A |
| Phoenix – April 2009* | |
| For Sale: | 33 |
| Pending: | 1 |
| Sold: | 0 |
| Average Asking Price: | $1,666,891 |
| Average List Price/Sq. Ft.: | $542.43 |
| Communities: | Esplanade Place |
| Tempe- April 2009* | |
| For Sale: | 2 |
| Pending: | 0 |
| Sold: | 0 |
| Average Asking Price: | $2,297,500 |
| Average List Price/Sq. Ft. | $827.66 |
| Communities: | N/A |
Disclaimer: Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 5/1/2009 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
