Scottsdale Condo Mania

The latest Scottsdale condo and townhome resale statistics.

Which has more appreciation over time: newer Scottsdale condos or older Scottsdale condos? That’s a question I get quite often when buyers are looking to buy not only a place to live, but an investment.

Days on Market for Sold condos and townhomes in Scottsdale decreased in May from 2 months ago, but is still double over this time last year. Price per square foot for solds in the luxury category of townhomes and condos is down from this month last year.

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.

According to the Arizona Republic’s Real Estate Report, Scottsdale condo sales have enjoyed a 5.2% rise in 2006 compared to the year before, based on median sales price. Is the condo market healthy according to these statistics, or are we being manipulated by an outdated set of meaningless statistical compilations?
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