If you’d asked me in February what I thought of the Scottsdale condo market, I would have told you it was dead, and that the lack of FHA financing was really hurting sales.
It’s totally amazing how quickly times have changed. Condos are selling like crazy. Inventory is dropping, and list prices are definitely creeping up. Multiple offers are more common for well-priced condos in all areas of the city.
For a quick look at some of the improvements, I checked median list price and median list price per square foot, along with inventory (number of house listed for sale) and days on market (days to get a contract).
Improvements can be seen in all areas on Scottsdale.
While condo prices are still dropping in South Scottsdale (85257), the number of properties for sale has dropped dramatically over the past year.
In the downtown zip code of 85251, listing price per square foot is definitely on the rise, and days to market is declining, dropping almost 20% since the beginning of the year.
Condo listing prices in mid-town Scottsdale, just north of Fashion Square Mall are just now starting to increase, due in part the the significant drop in inventory over the last six months.
Condo inventory continues to drop in the McCormick and Gainey Ranch areas (85258).
And, condo listing prices in the upper price ranges are definitely on the rise in the Kierland Commons area.
Prices are now on the rise in 85260, home to the Scottsdale Air Park.
Even in higher priced North Scottsdale, inventory is dropping steadily.
DC Ranch, Greyhawk, and McDowell Mountain Ranch condo listing prices are also seeing and increase.
Condo listing prices are definitely on the rise in North Scottsdale 85266, home to Terravita.
And, the price per square foot for condos in North Scottsdale zip 85262, is definitely on the rise.
Anyone who’s put an offer (or two or three) in on a condo lately knows that the market is moving. Well-priced properties are selling quickly. Investors and second home buyers are a big part of the mix.
If you have a condo that you’ve been thinking about selling, feel free to contact me for a market assessment. I can definitely give you a much more detailed view of what prices are doing in your area, as well as give you a sense of what your property might sell for. In today’s market, your condo is definitely becoming a hot commodity!
For a map of the zip code areas: see the Scottsdale zip code map.
Up-to-date Condo Stats for: