Happy Tuesday, friends!

We are officially halfway through August and the Valley continues to see no shortage of movement whether it is billion dollar projects major shopping centers or cities reshaping entire neighborhoods. This week’s updates include new rezoning pushes in Phoenix a billion dollar mixed use project in Gilbert Buckeye’s retail boom a forty million dollar facelift for Old Town Scottsdale and plenty of insight into what is happening across Pinal County. On top of that we have the latest Cromford® Report numbers that give us a clearer picture of where the housing market is trending. Let’s dive in.

The Recap

If you blinked this week you might have missed a lot. Phoenix is setting the stage for more housing right along future light rail and bus lines. Out in Buckeye the new Verrado Marketplace is filling up fast with everything from sandwich shops to ice cream spots and it is shaping up to be a huge draw once it opens in 2026. Gilbert just gave the green light to The Ranch a billion dollar mixed use development that is going to transform the east side of town. Scottsdale is putting serious money into Old Town with new garages and spruced up streetscapes. Buckeye has another big land auction coming that could unlock even more commercial growth along I 10. And down in Pinal County leaders are focused on housing water and how to keep up with all the new jobs and people moving in. All while the housing market itself is still leaning toward buyers but showing some signs of shifting as we head into fall.
_{Click here for live mortgage rates 
Rates vary based on credit score, loan type, and lender policies. For the most accurate estimate, consult with a lender.}

News & Developments

Phoenix Rezoning Moves
The City of Phoenix is looking to rezone two different sites for future housing. One is a cluster of parcels near 35th Avenue and McDowell positioned next to a planned light rail extension and bus rapid transit line. The other is a 5.5 acre site at Broadway and Central in South Phoenix that sits right next to the light rail. Both are meant to create higher density housing but development plans will only move forward once rezoning is finalized _{(read more)}

Verrado Marketplace Takes Shape in Buckeye
The 500000 square foot Verrado Marketplace continues to add big names. New tenants include Sourdough & Co See’s Candies CityVet NextCare and Great Clips joining already announced anchors like Target Harkins and Safeway. Restaurants like Shake Shack Handel’s Ice Cream and Salt Tacos + Tequila are also on the way. The center is set to open May 2026 and will bring around 1500 permanent jobs _{(read more)}

Gilbert’s Billion Dollar Mega Project Clears Final Hurdle
Gilbert’s Planning Commission signed off on The Ranch a 311 acre mixed use development near Elliot and Power Roads. Backed by Power Ranch Land Co and partners it will bring 3 million square feet of light industrial 34 acres of retail and 729 multifamily units. Phase one includes Harvest Village a 51000 square foot lifestyle retail center. Developers say the project will generate nearly 9000 jobs and 31 million in annual tax revenue _{(read more)}

Scottsdale’s Forty Million Dollar Old Town Overhaul
Ahead of the city’s 75th anniversary Scottsdale is pouring 40 million into Old Town upgrades. This includes two 15 million dollar parking garages streetscape improvements along Main Street and the “Spruce Up Old Town” initiative to refresh high traffic areas. Expect cleaner streets improved wayfinding and more pedestrian friendly upgrades this fall. New hotels restaurants and offices are also being added to the mix further strengthening Old Town’s pull _{(read more)}

Buckeye Land Auction Could Transform I 10 Corridor
Sunbelt Investment Holdings is eyeing 272 acres at I 10 and Verrado Way right next to the booming Buckeye Commons for a massive mixed use commercial project. The minimum bid is 42 million and if Sunbelt wins the land would likely be part of Buckeye’s larger The Landing master plan. With over a million square feet of retail already underway nearby this area is shaping up to be a major employment and retail hub _{(read more)}

Pinal County Growth in Focus
At the Pinal County Growth Summit leaders spotlighted the surge in multifamily housing across Maricopa Queen Creek and Casa Grande. Maricopa now has nearly 2800 apartment units planned or under construction after having virtually none just a few years ago. Queen Creek continues to issue over 100 single family permits per month while diversifying with more multifamily projects. Water remains a top concern but local officials say new agreements and programs will keep housing pipelines moving _{(read more)}

🏡 Real Estate Trends

Let’s talk about what is happening in the housing market right now because it is giving off some mixed signals.

Prices have been sliding a bit. The average price per square foot across the Valley came in at about 283 dollars in mid August which is down from last month and almost three percent lower than June. Forecasts say we could see another small dip by mid September.

On the supply side we are seeing fewer homes hit the market compared to July but overall inventory is still way higher than it was this time last year. A lot of sellers are pulling their listings which actually gives the ones who stay on the market a little less competition.

Demand is still sluggish. Pending sales are down and closed sales are off as well. Buyers who are out shopping right now have the upper hand and they are taking their time to make sure they get the right deal.

We are also starting to see a small uptick in distress. Foreclosures are still very low compared to the crash years but the number of homes going back to lenders hit its highest level since 2019. That is something we will want to keep an eye on.

And finally the higher end of the market has cooled off for the summer but places like Paradise Valley Scottsdale and Cave Creek are holding steadier than most just because there is so little available inventory there.

The takeaway is this Buyers have more room to negotiate right now but with supply thinning out and mortgage rates easing a bit we could see momentum shift as we head into the fall season.
Check current mortgage rates
_{Mortgage rates vary based on individual qualifications, including credit score, loan type, and lender policies. For a personalized rate estimate, it’s best to consult with a lender.}

🌵See You Next Week in the Desert

That wraps up this week’s Desert Real. The Valley is buzzing with new projects and city investments while the housing market itself is still giving buyers the upper hand. If you are thinking about making a move now is one of those rare times when you can take your time and actually negotiate. At the same time we are watching inventory dip and rates tick down which means the balance could shift again once fall hits.

If you have questions, spot something interesting, or just want to talk through what all of this means for your next move hit reply. We are always here to help!

See you next week!

– Brad