The Condo Mania Team
Scottsdale Condo ManiaNews > Scottsdale Condo Prices Rise in the 3rd Quarter...Modestly
published on 2014-10-24 by Liz Suto
While Scottsdale condo sales prices are up, the amount of time sold properties have stayed on the market is back to 2010 levels.
There was a significant drop in the number of sales for Scottsdale. Resale activity decreased in the 3rd quarter, with 492 sold compared to 521 in the 3rd quarter of 2013. The 3rd quarter activity was down approximately 5.6% over the same quarter the previous year.
Condos and townhomes are staying on the market longer before they are sold. The average days-on-market for Scottsdale during this period was 103 which is 41.1% above the average days-on-market of 73 from the 3rd quarter in 2013. Even though condos are staying on the market longer, we still only have a little less than 5 months of inventory, which shows a fairly balanced market.
At $192,250, the median condo price rose from $178,000 during the 3rd quarter in 2013 representing a 8% increase. Median price rose more dramatically than the Avg PPSQFT (see below), so this increase could mean that buyers were picking larger condos and townhomes. For example, Cachet at McDowell Mountain Ranch had 4 sales with an average square footage of 1656 sq. ft, and Santa Fe in McCormick Ranch had 5 sales at an average of 1883 sq. ft.
The average price per square foot for the 492 sold condos and townhomes in Scottsdale was up slightly $162, up from $160 during the 3rd quarter in 2013.
Fourth quarter is a slower time of year for Scottsdale, so is a good time to shop for real estate bargains before the snowbirds arrive. If you're looking for a deal, don't wait to jump into the fray with everyone else in February - May. Contact us for more info.
© 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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Scottsdale is easily one of the most affluent cities in the country. It's also one of the most beautiful and exciting places to visit and live. Tourism is Scottsdale's major industry and millions visit the city each year, eager to stay in the many high-end resorts and hotels.
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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: 2024-04-19 05:15:34