Phoenix Condo Mania

First Quarter Phoenix Condo Sales Blasted Out of the Park

published on 2017-04-15

The first quarter of 2017 saw a huge increase in number of sales and prices.  19.5% more condos sold than the same quarter last year, and the median price rose 22% as well. 

Investors are buying up the low end.  Approximately 90% of the 100 lowest priced condos that sold are categorized as "Rental Residential." 

The high-end was busy too.  34 condos and townhomes sold for over $500,000 vs. just 15 in the first quarter.  Some of the high-end sales are from new condos in downtown Phoenix, like Portland on the Park, a favorite among our clients.

Months of inventory is 2.24, which is as low as it has been in at least the last 2 years.  Inventory is especially tight for condos between $100,000 and $300,000. If you are looking in this price point, contact us early so we can start looking for you.

See the whole Phoenix Condo Real Estate Report here.

 

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Last Updated: 2017-09-21 06:32:42