Here are the July 2010 figures for the Phoenix and Scottsdale luxury condo sales. For this report, I consider the luxury condo market as condominiums for sale with list prices in excess of $1 million.
The Phoenix area luxury condo market had a very poor month in July. There were no sales and no new pending sales. Up until this month, the Phoenix and Scottsdale luxury condo market was seeing an average of just over two sales per month.
There was one pending sale at the end of July and it was at the Scottsdale Waterfront Residences. This is the same unit that was pending at the end of June. The condo in question is a 2,287 square foot unit that is listed for $1,290,000. It has two bedrooms and two and one-half baths.
Overall, there was no positive news for the luxury condo market in Scottsdale and Phoenix in July, although we did see inventory decrease by 8 units from June. The lack of new pending sales does not bode well for August sales as there is nothing new in the pipeline. Ideally, we will see some activity this month to get things moving again.
View Scottsdale Waterfront Residences condos for sale
Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 8/1/2010 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.
Copyright © 2010 Heather Tawes Nelson
