The Condo Mania Team
Scottsdale Condo ManiaNews > Second quarter 2014 condo sales - Slow but Higher
published on 2014-07-26 by Liz Suto
Scottsdale condo prices showed a gain for the 2nd quarter of 2014 even though volume was low. More information on statistics for Scottsdale condos for sale is included below. All statistics are based on sales for condos, townhomes and lofts.
The resale activity in Scottsdale for the 2nd quarter declined 18% with 587 sold compared to 716 in 2013. The number of solds is lower than any second quarter volume we've had since BEFORE 2011. What is contributing to this decline in sales volume? There are several factors, but we believe most of our drop-off in volume is because of fewer investor sales along with the decrease in Canadian buyers that have been very active in the last few years.
The number of condos for sale (inventory) has crept up to just below 5 months of inventory, but this is still within the "normal market" range.
The average days-on-market rose 16% from 75 in the 2nd quarter in 2013 to 87. We're working in a more normal market now, and even though the DOM is higher this quarter, it is still within the historical norms.
Even though the volume of sales was off, the median condo price improved 2.6% during the 2nd quarter from $190,000 in 2013 to $195,000. This small increase is hardly a doorbuster but again shows that we are moving into a more normal market.
The average price per square foot for the 587 sold condos and townhomes during the 2nd quarter improved 2.4% from $170 in 2013 to $174. This mirrors the gain in the median condo price.
Second quarter is our traditionally busy sales season in Scottsdale because buyers that visit in the winter tend to make buying decisions in April and May. As the summer progresses, sales will slow and prices dip a little, making our third quarter an excellent time for buyers looking for bargains.
We compare the current quarter to the same quarter a year ago in order to make sure that there aren't any seasonality changes that would affect our statistics.
© 2014 ARMLS and FBS. All information deemed accurate but not guaranteed.
Though not guaranteed, information and statistics in this article have been acquired from sources believed to be reliable.
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Information Deemed Reliable But Not Guaranteed. The information being provided is for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This information, including square footage, while not guaranteed, has been acquired from sources believed to be reliable.
Last Updated: 2024-04-15 05:13:35