November 21, 2024 4:18 pm
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New condo sales, prices take a dip in metro Phoenix

By Catherine Reagor | Arizona Republic

Metro Phoenix’s new condominium craze took a breather last year.

Overall, condo sales inched up in the Valley during 2018, but new condo sales fell almost 11 percent.

Condo prices climbed in about half of Valley neighborhoods but dropped in many areas including downtown Phoenix, which isn’t a bad thing.

Despite developers putting up thousands of new condos during the past few years, the slowdown appears to be from not enough affordable new condos for first-time buyers and too few pricier condos for baby boomers downsizing.

Both groups want to buy in the Valley’s most popular central areas: downtown and midtown Phoenix, central Scottsdale, Kierland and downtown Tempe.

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