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One of the top 10 largest cities in the state, Tempe, Arizona, is a large city of more than 175,000 residents in the East Valley area of the greater Phoenix metro area. It is most notable as home to Arizona State University, the state’s largest and oldest college. As a large city, the Tempe real estate market is vast and offers a wide selection, from large, luxurious single-family homes to more modest homes and a selection of condos. The Arizona real estate market is notorious for seeing some of the worst effects after the downturn of the economy in the housing sector, and Tempe has not been sheltered from ill effects. It has seen prices fall and has seen a large number of houses foreclosed upon as mortgage levels reset and rose and many residents found themselves without a job in a recession.

The number of active listings of Tempe homes for sale began to fall last April until the fall, around September, when it hit a bottom of 407 homes and then began to climb back up. April saw the city with its highest collection of inventory over the past 12 months, with 550 homes for sale, up from last April, when there were 512. Sales activity began a gradual rise last March and hit its peak in July, whereupon it began a gradual descent. In January, it hit a trough and began rising again. In March, there were 102 properties sold, up from last March’s 66 but slightly off July’s high of 138, according to statistics made available by John Hall & Associates.

The price of Tempe homes per square foot has remained relatively consistent throughout the past 12 months, though homes for sale have gradually brought down prices throughout the year. The average price per square foot of a home sold in Tempe in March was $104 per square foot, down slightly from one year ago, when it was $112. The price per square foot of homes for sale was $138 in March, down from $165 one year earlier. Foreclosures have seen an unpredictable path throughout the last year, rising and falling intermittently. The number of foreclosure notices in March was 116, the highest figure over the past 12 months, though off last March’s figure by just one. The number of trustee sales in March was 56, up from one year ago, when there were only 24, and also representing that category’s highest figure in the past 12 months.