Here’s the Latest Scottsdale Condo Market Report
Updated June 6, 2007
Scottsdale Condos, townhomes and lofts over $400,000
Scottsdale condos, lofts and townhomes for sale > $400,000: 477
Pendings: 41
5/1 – 5/31 2007 5/1 – 5/31 2006
#solds 43 47
| Average Sold Price |
$598,608 |
$600,034 |
|
| Average Price per Sq Ft. |
$298.42 |
$315.90 |
|
| Average Days on Market (DOM) |
123 |
64 |
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.
The number of listings for Scottsdale condos and townhomes has decreased in the luxury category in the last 2 months, from 494 in early April to 477 in June.
The prize for highest priced condo or townhome in Scottsdale sold in May goes to a Scottsdale Waterfront condo, which sold for $1,525,000, or $685 per square foot. That seems high, but isn’t even close to some Waterfront units that are currently listing for over $900 per square foot. Sales for Scottsdale condos priced at over a million remains extremely slow, with 79 units in this category for sale, and I’m predicting further softening of prices, especially in the newer high rise condo units.
Scottsdale Condos, Townhomes and lofts under $400,000
Current Listings: 995
Pendings: 120
5/1 – 5/31 2007 5/1 – 5/31 2006
#solds 147 159
Average sold price $243,327 $243,216
Average sold price per sq ft $202.10 $212.79
Average Days on Market 118 82
The under $400,000 category of Scottsdale Condos and Townhomes continues the trend of firming prices in the last few months, with the sold price per square foot virtually unchanged since March. This trend seems to be continuing even though the inventory of condos and townhomes for sale remains high. However, summer is typically a slower season for Scottsdale condo sales, so even a June decrease in sales (as indicated by the number of pending sales) is still not a bad sign for the market.
Average days on market for Scottsdale condos and townhomes sold in May is up significantly from a year ago, but only 6 days longer than 2 months ago.
In my opinion, Scottsdale condos priced under $300,000 won’t see any more erosion in price, unless recent interest rate increases slam the entire real estate market. There are definitely some communities that show more price stabilization than others, mainly because of location or the quality of the community itself.
Report produced by Elizabeth Suto, RE/MAX Integrity REALTORS™
Statistics are based in whole or in part on the data supplied to the Arizona Regional Multiple Listing Service.. ARMLS does not guarantee nor is in any way responsible for its accuracy. Data maintained by ARMLS may not reflect all real estate activity in the market.
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