The Condo Mania Team
News > 2nd quarter Phoenix Condo Prices Rise but Sales Drop
published on 2014-08-13 by Liz Suto
Phoenix condo prices had a big 2nd quarter gain when compared to the same quarter last year. The bigger story in Phoenix, which is matching the rest of the area real estate market, is the marked decrease in buyers that came to the party. We think that the decrease in investors and Canadians factored into the decrease in buying activity. Prices stayed strong during the quarter in spite of the lack of activity.
All statistics are based on sales for condos, townhomes and lofts.
The number of condo, loft and townhome sales for the 2nd quarter declined 12.1% with 859 sold compared to 977 in 2013. Second quarter is our strongest time period, and indeed the number of sales did outpace the activity in the first quarter.
However, listings stayed on the market longer. The average days-on-market rose 32.1% from 56 in the 2nd quarter in 2013 to 74. This is more of a "normal" amount though, and now buyers have enough inventory to be able to "pick" rather than rushing to put an offer as soon as a new listing comes on the market.
The median Phoenix condo price improved 14.1% during the 2nd quarter from $92,500 in 2013 to $105,500.
Price by square foot followed a similar gain as the median price. The average price per square foot for the 859 sold condos and townhomes in Phoenix during the 2nd quarter improved 11.6% from $95 in 2013 to $106.
For buyers gave up last year because of no inventory, its time to go shopping before the activity picks up with snow-birds in the winter. There's now 5 beautiful lofts available at Orpheum Lofts, 3 luxury residences at the Fairway Lodge in the Biltmore and some affordable choices for buyers at Dakota at Camelback. More choices mean getting what you want.
© 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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The Fair Housing Act prohibits discrimination in housing based on color, race, religion, national origin, sex, familial status, or disability.
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: 2024-04-17 00:46:14