According to Arizona Regional Multiple Listing Service statistics, sellers are still usually getting on average over 95% of their asking price, and in many zip codes, the percentage is over 97%. That shocks some out-of-state bargain seekers that think they’ll swoop in to get properties at 50 cents on the dollar.
Days on Market continue to increase in the luxury condo market, with sold condos on the market for an average of 140 days, which was 38 days longer than last month and over almost triple the average last year at this time. This factor is driving prices down in the luxury category.
Many HOA fees for low to mid-priced condo developments are approximately $150 to $200 per month, not a bad deal considering it usually includes water, sewer, garbage, outside building maintenance, pool maintenance and landscaping. However, you’ll find that HOA fees quickly get up there when a condo is in a gated community.