Luxury Condo Sales in Scottsdale and Phoenix – May 2023
The Scottsdale/Phoenix luxury condo market had another excellent month of sales in May.
In this analysis, we look at luxury condo sales in Scottsdale and Phoenix. To be a part of this report, the condo had to have a list price of one million dollars or more.
| Luxury Condo Market - May 2023 | |||
| Phoenix and Scottsdale AZ | |||
| All Luxury Condos | Scottsdale Luxury Condos | Phoenix Luxury Condos | |
| Units on the Market | |||
| - Number of Units for Sale | 48 | 44 | 4 |
| - Average Asking Price | $2,121,870 | $2,165,335 | $1,643,750 |
| - Average Asking Price Per Sq. Ft. | $911.57 | $939.12 | $608.55 |
| - Average Days on Market*- Active | 99 | 97 | 117 |
| UCB Sales (Under Contract - Accepting Backup Offers) | |||
| - Number of Units UCB | 4 | 4 | 0 |
| - Average UCB Price | $2,690,250 | $2,690,250 | N/A |
| - Average UCB Price Per Sq. Ft. | $884.56 | $884.56 | N/A |
| Pending Sales | |||
| - Number of Units Pending | 67 | 65 | 2 |
| - Average Pending Price | $2,691,698 | $2,728,519 | $1,856,625 |
| - Average Pending Price Per Sq. Ft. | $844.99 | $853.59 | $589.33 |
| Luxury Condo Sales | |||
| - Number of Units Sold | 12 | 9 | 3 |
| - Average Sales Price | $1,883,770 | $1,892,818 | $1,856,625 |
| - Sales Price to List Price | 98.2% | 98.6% | 97.0% |
| - Average Sold Sq. Feet | 2,462 | 2,270 | 3,037 |
| - Average Sales Price per Sq. Ft. | $828.98 | $908.87 | $589.33 |
| - Average Days on Market* - Sold | 81 | 93 | 47 |
| - Highest Sale Price | $2,995,000 | $2,995,000 | $2,800,000 |
| - Lowest Sale Price | $1,074,875 | $1,182,815 | $1,074,875 |
| - Percentage of Total Sales | 100% | 75% | 25% |
ACTIVE LISTINGS AT THE END OF MAY
Inventory fell again in May, closing out at 48, compared to 60 at the end of March and 54 at the end of April. The vast majority of listings (44) were located in Scottsdale.
The highest-priced listing has held this spot for a couple of months now. Located in The Plaza Lofts at Kierland, this penthouse comes with three bedrooms, three and one-half bathrooms and 4,059 square feet. It was listed for $5,650,000.
The lowest-priced listing was located in the Scottsdale Waterfront Residences community. It was a two bedroom and bathroom unit with 1,439 square feet. The asking price was $1,199,900.
UCB* LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
UCB contracts were the only place we saw a decrease in May. The month ended with four UCBs in the pipeline and all of them were located in Scottsdale.
UCB Condos in Scottsdale
- Portico Condominiums– Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,657,000.
- Optima Kierland – Three bedrooms, two and one-half bathrooms, 2,487 square feet. Asking price was $1,939,000.
- Scottsdale Waterfront Residences
- Two bedrooms, two and one-half bathrooms, 2,265 square feet. Asking price was $1,665,000.
- Three bedrooms, three and one-half bathrooms, 3,860 square feet. Asking price was $5,500,000.
PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
Pending sales were up quite a bit in May. They jumped up to 67 the end of the month. This large backlog is due to a number of projects currently being built out in Scottsdale.
Scottsdale Pending Luxury Condos
- Optima Camelview – Three bedrooms, two bathrooms, 1,727 square feet. Asking price was $1,499,000.
- Optima Kierland – Two bedrooms and bathrooms, 1,258 square feet. Asking price was $1,150,000.
- Scottsdale Waterfront Residences – Two bedrooms, two and one-half bathrooms, 2,117 square feet. Asking price was $1,795,000.
- Portico Scottsdale Condominiums – This is a new development in North Scottsdale.
- Two bedrooms, two and one-half bathrooms, 1,939 square feet. Asking price was $1,025,000.
- Two bedrooms, two and one-half bathrooms, 1,939 square feet. Asking price was $1,060,000.
- Two bedrooms, two and one-half bathrooms, 1,939 square feet. Asking price was $1,064,650.
- Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,425,600.
- Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,431,000.
- Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,444,500.
- Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,582,200.
- Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,637,100.
- Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,658,500.
- Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,660,000.
- Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,669,000.
- Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,695,000.
- Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,695,600.
- Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,728,000.
- Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,738,000.
- Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,814,400.
- Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,879,000.
- Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,890,000.
- Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,899,000.
- The Reserve – This community is under construction.
- Two bedrooms, two and one-half bathrooms, 2,639 square feet. Asking price was $1,012,450.
- Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,159,000.
- Two bedrooms, two and one-half bathrooms, 2,639 square feet. Asking price was $1,271,450.
- Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,279,900.
- Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,349,000.
- Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,447,500.
- Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,532,900.
- Ascent at the Phoenician – This is another fantastic development underway.
- One bedroom, one and one-half bathrooms, 1,698 square feet. Asking price was $1,475,000.
- Two bedrooms, two and one-half bathrooms, 1,847 square feet. Asking price was $1,600,000.
- Two bedrooms, two and one-half bathrooms, 2,374 square feet. Asking price was $2,050,000.
- One bedroom, two bathrooms, 1,677 square feet. Asking price was $2,195,000.
- Two bedrooms, two and one-half bathrooms, 2,679 square feet. Asking price was $2,285,000.
- Two bedrooms, two and one-half bathrooms, 2,679 square feet. Asking price was $2,395,000.
- Two bedrooms, three bathrooms, 2,157 square feet. Asking price was $2,425,000.
- Two bedrooms, three bathrooms, 2,592 square feet. Asking price was $3,100,000.
- Three bedrooms, three and one-half bathrooms, 3,867 square feet. Asking price was $3,975,000.
- Three bedrooms, three and one-half bathrooms, 3,996 square feet. Asking price was $4,100,000.
- Three bedrooms, three and one-half bathrooms, 3,996 square feet. Asking price was $4,450,000.
- Three bedrooms, three and one-half bathrooms, 3,996 square feet. Asking price was $4,500,000.
- Three bedrooms, three and one-half bathrooms, 3,996 square feet. Asking price was $4,750,000.
- Three bedrooms, three and one-half bathrooms, 3,996 square feet. Asking price was $4,895,000.
- Three bedrooms, three and one-half bathrooms, 3,945 square feet. Asking price was $4,950,000.
- ICON at Silverleaf – Currently under construction.
- Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $1,995,000.
- Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,150,000.
- Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,500,000.
- Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,625,000.
- Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $2,700,000.
- Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $2,750,000.
- Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $2,800,000.
- Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,900,000.
- Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $2,900,000.
- Three bedrooms and bathrooms, 3,157 square feet. Asking price was $2,995,000.
- Three bedrooms, three and one-half bathrooms, 3,170 square feet. Asking price was $2,995,000.
- Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $3,175,000.
- Two bedrooms, two and one-half bathrooms, 2,752 square feet. Asking price was $3,195,000.
- Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $3,195,000.
- Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $3,200,000.
- Three bedrooms, four bathrooms 3,157 square feet. Asking price was $3,350,000.
- Three bedrooms, three and one-half bathrooms, 3,867 square feet. Asking price was $3,600,000.
- Four bedrooms, four and one-half bathrooms, 6,288 square feet. Asking price was $6,900,000.
- Four bedrooms, four and one-half bathrooms, 6,288 square feet. Asking price was $7,700,000.
- Four bedrooms, four and one-half bathrooms, 6,288 square feet. Asking price was $7,718,000.
- Four bedrooms, four and one-half bathrooms, 5,534 square feet. Asking price was $8,000,000
- Four bedrooms, four and one-half bathrooms, 6,288 square feet. Asking price was $8,350,000.
Phoenix Pending Luxury Condos
- One Lexington – Two bedrooms, two and one-half bathrooms, 2,288 square feet. Asking price was $1,295,000.
- The Residences at 2211 Camelback – Two bedrooms, three bathrooms and 3,000 square feet. Asking price was $1,695,000.
LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
Sales continued to be strong. There were twelve sales in May, up from eight in April.
Scottsdale Luxury Condo Sales
- ICON/Sterling at Silverleaf – Three bedrooms, three and one-half bathrooms, 3,170 square feet. Asking price was $2,995,000 and it sold for list price.
- Optima Kierland
- Two bedrooms and bathrooms, 1,365 square feet. Asking price was $1,295,000 and it sold for $1,280,000.
- Two bedrooms, two and one-half bathrooms and 2,000 square feet. Asking price was $1,875,000 and it sold for $1,790,000.
- The Reserve
- Two bedrooms, two and one-half bathrooms, 2,639 square feet. Asking price was $1,011,500 and it sold for $1,182,815.
- Three bedrooms and bathrooms, 2,675 square feet. Asking price was $1,063,000 and it closed for $1,222,550.
- Seven at Desert Mountain
- Three bedrooms, three and one-half bathrooms, 2,721 square feet. Asking price was $2,090,000 and it sold for $2,040,000.
- Three bedrooms, three and one-half bathrooms, 2,721 square feet. Asking price was $2,395,000 and it sold for $2,225,000.
- Optima Camelview – Three bedrooms, two bathrooms, 1,915 square feet. Asking price was $2,250,000 and it sold for $2,000,000.
Phoenix Luxury Condo Sales
- One Lexington – Two bedrooms, two and one-half bathrooms and 2,835 square feet. Asking price was $1,695,000 and it closed for list price.
- Esplanade Place – Two bedrooms and bathrooms and 2,417 square feet. Asking price was $1,199,875 and it closed for list price.
- Two Biltmore Estates – Three bedrooms, three and one-half bathrooms, 3,860 square feet. Asking price was $2,800,000 and it sold for list price.
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Disclaimer: Days on market figures are cumulative days on market. Information herein deemed reliable but not guaranteed. Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 6/1/2023 and can change at any time. The analysis looks at resale luxury condos in Scottsdale and Phoenix over the past 12 months. Information deemed reliable, but not guaranteed. There may be new condo inventory in these figures if the developer is using the MLS to market its homes. This post represents the opinion of the author. No warranties express or implied.
Copyright ©2023 Heather Tawes Nelson | Joyce Tawes
