As prices decline or single family homes in Greater Phoenix there it will affect prices for townhomes.  I wonder it that is happening already. 

In March 2008, a total of 685 condos and townhomes were sold.  This is 49% lower then last years 1,350 sales. 

The median price for the valley dropped by 9% from $181,000 to $165,000.

	Median Sale Price	Median Sale Price	% Change
	Mar'07	Mar'08	%
VALLEY	$ 181,000	$ 165,000	-9.0%
Phoenix	$ 165,000	$ 149,000	-10.0%
Scottsdale	$ 265,950	$ 236,750	-11.0%
Glendale	$ 148,850	$ 155,000	4.0%
Mesa	$ 158,400	$ 144,000	-9.0%
Tempe	$ 198,500	$ 160,000	-19.0%

 Graphed by Artur Ciesielski from ASU Polytechnic date