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The Condo Mania Team

News > 4th Quarter 2014 Phoenix Condo Sales - Up Volume AND Prices

published on 2015-01-17 by Liz Suto

Phoenix condo prices showed a gain for the 4th quarter of 2014. For our quarterly Phoenix Market Analysis reports, 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. ll statistics are based on sales for condos, townhomes and lofts.

Phoenix had a healthy increase in resale activity in the 4th quarter, with 719 sold compared to 669 in 2013. This represents an improvement of almost 7.5% over the same quarter the previous year, but slightly less than the third quarter.  

 

Phoenix condos and townhomes stayed on the market for an average of 74 days, which is 15.6% more than the 64 during the 4th quarter in 2013.  However, 2013 inventory was unusually low.  We're running closer to normal levels now.

 

The median condo price increased from $102,500 during the 4th quarter in 2013, to $115,000 representing a 12.2% gain.  This is a very healthy gain, given that many "experts" thought we might have a drop-off in prices.

 

For the 719 sold condos and townhomes in Phoenix, the average price per square foot during the 4th quarter was $107, which shows an increase from $103 in the 4th quarter of 2013.  Average PPSQFT is definitely leveling off in Phoenix, but with inventory low (only 3 months), there is no sign that prices will decline in any significant manner. 

The highest priced sale occurred at Two Biltmore Estates, which continues to be the place to be in Phoenix for the ultra-high end buyer looking for lock-and-leave.  The condo sold for $2,650,000, at $550 per square foot.

 

© 2015 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: 2024-03-28 00:45:45