It took 2 years for the city of Mesa, Arizona to fall below the sales price of $100 per-square foot. Phoenix went under $100 per-square foot in November of 2008. Glendale hit that mark in September 2008. These three cities are mentioned because they comprise three of the four largest cities in the state of Arizona. In case you don't know your Arizona statistics: Phoenix is the largest city, Tucson is the second-largest, Mesa is the third largest, and Glendale is the fourth largest city.
Read the chart this way: 3,519 homes were available for sale in Mesa on December 1, 2008. 415 sold ( 11.8% of the total) creating 8.5 months of inventory. The average "sold" home was 1,801 square feet and sold for $172,749. 105 days was the market time. The average price per-square foot was $96.
source: Arizona regional MLS; January 5, 2008
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