Scottsdale Condo Mania

Median Scottsdale Condo Sales Price Rises 5.3% in the Third Quarter

published on 2016-10-08

8.7% more Scottsdale condo buyers showed up in the third quarter of 2016 than the same quarter last year.  The increased buyer activity meant higher prices as well.  The median condo sold price rose 5.3% to $219,000.

Who are the buyers?  It's certainly not the Canadians who have been selling at a slow pace because of the strong dollar.  At the low end, it's the investors - two-thirds of the 100 lowest priced condos (not including co-ops) that sold in the third quarter are classified as "rental residential."  Around the $200,000 mark, investors drop off to less than a third of all sales - still significant but not surprising given the strength of the Scottsdale rental market.

The most expensive sold last quarter was a penthouse with mountain views at Optima Camelview, which closed at $1.4 million/$608 per square foot.

Third and fourth quarter Scottsdale condo sales are usually slower than the rest of the year. Activity starts to pick up later in the fourth quarter giving sellers the upper hand for pricing.

For more statistics, check out our Scottsdale Condo Sold Report page.

 

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Last Updated: 2018-09-25 05:46:16