Condos, townhomes and lofts over $400,000

Current Listings: 494

Pendings: 48

3/1 – 3/31 2007 3/1 – 3/31 2006

#solds 37 47

Average Sold Price	$565,103		$584,095
Average Price per Sq Ft.	$296.18		$301.24
Average Days on Market (DOM)	140		54

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.

As usual, the price per square foot change doesn’t tell the whole story. Older condos and townhomes in the luxury category (1990 or older) declined the most year-over-year, from $297.70 per square foot last year to $275.91 per square foot in March of this year. Newer condos held their own in year-over-year comparisons.

The prize for highest priced condo sold in March goes to a DC Ranch townhome, which sold for $1,125,000. No other condo or townhomes sold for over a million in March. 82 condos in Scottsdale are currently on the resale market in that category.

Condos, townhomes and lofts under $400,000

Current Listings: 1013

Pendings: 142

3/1 – 3/31 2007 3/1 – 2/31 2006

#solds 124 188

Average sold price $243,643 $242,913

Average sold price per sq ft $202.03 $220.63

Average Days on Market 112 64

The under $400,000 category fared much better than the luxury condo market. Scottsdale condos and townhomes are selling at about the same pace as February, well off of last years pace. Average price per square foot for March solds was slightly better than last months $201.10, but still off of last years numbers.

Average days on market is up significantly from a year ago, but better than last months number of 120. Last month, I predicted that prices wouldn’t continue their dive and this months statistics support that opinion. Pendings are above March’s solds, which is good news for firming prices in this category. Buyers looking to low-ball sellers in this category need to head up to the over-$300,000 price, where buyers start to become scarce. Units with “problems” are ripe for a low offer as well, but I don’t recommend them in this market unless the problems are cosmetic.

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.

The Fair Housing Act prohibits discrimination in housing based on color, race, religion, national origin, sex, familial status, or disability.

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