– Scottsdale and Phoenix Luxury Condo Market Statistics – 2010 –
Here is an overview of the luxury condo market in Scottsdale and Phoenix for 2010. The year started off strong with sales averaging a little over 2 per month. However, in the second half of the year, sales activity stalled. Although, we did see the highest priced condo sale of the year in December.
Here are the results for both cities for the year. Things started off strong with 82% of the sales happening in the first two quarters. As the year went on, sales activity dropped sharply. However, the most expensive condo sale for the year, at $2,250,000, occurred in Q4.
Here is a quick snapshot that compares luxury condo sales performance between 2009 and 2010. As you can see, sales were up 5 units over 2009, which is positive. However, average sales price slipped about $100K. This is something we saw throughout the market for all home types; Sales were up but average sales price was down. The good news is that even though sales price was down, average price per square foot was up relative to 2009.
Scottsdale Luxury Condo Market Statistics – 2010
Here is the same analysis as above, but this one only includes Scottsdale luxury condo sales.
As we saw before, sales activity was decent at the beginning of the year, with 90% of sales occurring in the first two quarters. The final two quarters were dismal for Scottsdale though.
The bulk of sales in Scottsdale took place at Optima Camelview and Scottsdale Waterfront Residences.
Phoenix Luxury Condo Market Statistics – 2010
Here is the analysis for the Phoenix luxury condo market. Half of Phoenix’s condo sales took place in the first quarter and then there was only a single sale per quarter for the rest of the year.
Three Biltmore-area communities were home to the 2010 sales. The first was Esplanade Place and the other were The Residences at 2211 Camelback and 2 Biltmore Estates. The year’s most expensive luxury condo sale was a beautiful unit at 2 Biltmore Estates.
Overall, the luxury condo market performed better relative to 2009. The beginning of the year was really impressive from a sales standpoint, but the last two quarters were a struggle. Hopefully, the sales momentum will pick up and continue in to 2011.
Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 4/1/2010, 7/1/2010 and 10/1/2010 and 1/1/2011 and can change at any time. The analysis looks at resale luxury condos in Scottsdale 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. Some rounding in the percentage figures may result in figures not adding to 100%.
Copyright © 2011 Heather Tawes Nelson
