Here are the 2011 results for the Scottsdale and Phoenix luxury condo market. The total number of luxury condo sales in 2011 was up to 20, which was up from 16 in 2010 and 11 in 2009.
Scottsdale and Phoenix Luxury Condo Market Statistics – 2011
Here are the combined sales results for these luxury condos. Sales were somewhat level throughout the year. Q1 was the strongest quarter with 6 sales and Q4 was the weakest with 4. Of note is that average discounts off of list price shrunk quarter after quarter. In Q1, buyers enjoyed an average of 17% off of asking price. By Q4, that discount was only 6%. Also, we saw a large drop in days on market for the last half of the year.
Scottsdale Luxury Condo Market Statistics – 2011
Here is the same analysis as above, but this one only includes Scottsdale luxury condo sales. As you can see, Q1 was the best performance for Scottsdale luxury condos, double the activity of the other three quarters. Q1 also saw the lowest average sales price and price per square foot coupled with the largest discount off of asking price.
The majority of luxury condo sales in Scottsdale for 2011 took place at Optima Camelview and Scottsdale Waterfront Residences. However, we did see some different communities making some strides including The Landmark in the Kierland area and the newly re-opened Safari Drive.
Phoenix Luxury Condo Market Statistics – 2011
Here is the recap for the Phoenix luxury condo market. As you can see, there were no sales in Q1 for Phoenix. The middle two quarters enjoyed some activity and then we closed out Q4 with a single sale. Average sales price and price per square foot dropped over the course of the year, but the average discount off of asking stayed pretty level.
There were three communities in the Biltmore area represented in the 2011 condo sales. Esplanade Place had two sales as did 2 Biltmore Estates. The third community was The Residences at 2211 Camelback.
Year Over Year Comparison of Sales – 2009 through 2011
Here are the sales figures for the last three years including number of sales and average sales price. Scottsdale luxury condos have seen a lot of sales growth over the last couple of years, but have also seen average sales price decrease. Sales figures for Phoenix luxury condos have stayed somewhat flat, but we are also seeing price declines over time.
Overall, the luxury condo market had a decent 2011. Sales were up over 2010 and activity was somewhat level from a macro level. However, looking a little more closely, Scottsdale started off very strong in Q1 2011 and then dropped down and stayed there. Whereas, Phoenix had no sales in Q1 and then saw level sales activity for the remaining three quarters.
Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 4/1/2011, 7/1/2011 and 10/1/2011 and 1/1/2012 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 © 2012 Heather Tawes Nelson
