Market Report for July, 2008: Scottsdale Condos and Lofts
The number of July sales for Scottsdale condos and townhomes almost matched the July, 2007 sales, but it’s clear through not only our experience but also the statistics, that buyers are going after the low priced units. The median price for Scottsdale Condo and Townhomes that sold in July is approximately $212,000, while the median list price for the same category is $268,000. Canadian second home buyers and first time home buyers are attracted to these lower-priced units, and they also have the means to buy them through cash and through FHA financing.
The Scottsdale Waterfront, The Landmark, and The Optima Camelview continue to attract a few affluent condo buyers, with one unit in each of these developments selling over the $990,000 mark. But with 88 condos over a million currently for sale, last month’s sales point to a 29 month supply for this market!
Scottsdale condo and loft sales statistics.
July, 2008 July, 2007
#sold 126 133
Average price $263,061 $359,121
Days on Market 146 124
Avg. Price psqft $193.67 $236
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.