The Condo Mania Team
Phoenix Condo ManiaNews > Phoenix Condos Still UP for the Third Quarter 2014
published on 2014-10-23 by Liz Suto
Contrary to all the hullabaloo in the media, Phoenix condo prices had another good quarter for sale price gains.
All statistics are based on sales for condos, townhomes and lofts.
One thing that continues to be abnormally low is the sales volume. There was a significant drop in the number of sales for Phoenix. Resale activity decreased in the 3rd quarter, with 726 sold compared to 851 in the 3rd quarter of 2013. The 3rd quarter activity was down approximately 14.7% over the same quarter the previous year. We're still seeing investors buying property, but not in the numbers like we had in 2011-2012.
Days on market (the number of days units stay on the market until sold) is increasing but is far from what we saw in 2010. The average days-on-market for Phoenix during this period was 76 which is 28.8% above the average days-on-market of 59 from the 3rd quarter in 2013. We're technically still in a seller's market in Phoenix with only 3.8 months of inventory.
Median Sales price had a dramatic improvement in the third quarter. At $114,950, the median condo price rose from $99,000 during the 3rd quarter in 2013 representing a 16.1% increase.
The average price per square foot for the 726 sold condos and townhomes in Phoenix was $107, up from $96 during the 3rd quarter in 2013.
While some communities, like Toscana at Desert Ridge, have plenty of inventory that gives buyers some bidding power, there are many communities that have very little for sale and they go fast when priced at appraisal values.
Fourth quarter is a great time to buy before the snowbirds get here and join the fray. 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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The Valley of the Sun, the sixth most populated city in the country, owes its striking beauty to rugged mountains, desert cactus, and tropical palm trees. Its growing downtown and midtown area is attracting those looking for the urban lifestyle.
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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: 2024-05-07 00:47:57