Good news, no luxury condo priced $500,000 and above, that sold in Phoenix, AZ this past quarter was a distressed property.
36 luxury condos came up for sale in Phoenix during the first quarter of 2013 compared to 21 during the same time last year in 2012.
This past February saw the most number of luxury condos (20) put up for sale in the past 3 years.
This could be attributed to luxury condos owners seeing some equity back in their properties. Phoenix is still seeing a much lower than usual inventory of Luxury Condos for sale. Here is the Phoenix Luxury Home Market Update for the past quarter as well
How well are the luxury condos in Phoenix, AZ USA selling?
The luxury condo market in Phoenix does not show trends like the single family homes.
In the past quarter, 10 luxury condos sold in Phoenix, AZ which was the same number that sold same time last year.
The most significant difference was the fact that all the condos that sold this year were normal sales, they were not foreclosures or short sales. 2 out of the 10 that sold same time last year were short-sales.
About 40% of the luxury condos listed for sale during the first quarter were actually bought and closed on successfully, on the average.
This was not as great as the previous quarter.
How much are luxury condos selling for in Phoenix, AZ USA
Luxury Condo Prices are rising in Phoenix and buyers are paying more than they did at the end of last year. Luxury condominiums sold during a regular sale between the price band of $500,000 to a $1,000,000 saw an average sales price of $258.93 per square foot up from an average of $226.86 for the last 3 months of 2012. The most expensive condo bought in Phoenix last quarter, sold for $1,000,000, after being on the market for just 41 days at $150,000 below the original asking price. This condo unit was in the Fairway Lodge at the Biltmore with approximately 2992 square feet of living space. This unit was bigger than the average unit in Fairway Lodge at the Biltmore, which has 75 units.
The above Luxury Condo Market update reflects only the activity in the City of Phoenix, AZ. Contact Dorette Oppong-Takyi, A Luxury Home Market Specialist in Phoenix, AZ, USA to find out more about the luxury condo market for Scottsdale, Paradise Valley, Chandler and more.