Happy Tuesday, friends!

You can feel it. Things are starting to heat up around here and I do not just mean the temps. From big resort decisions and a long awaited Trader Joe’s finally arriving in Goodyear to a high end new community in north Scottsdale and more apartment proposals along the Phoenix Scottsdale border, there was a lot happening this week. The market? We will talk about that too.

The Recap

This week’s updates bring a mix of high end housing and major commercial news. A new 52 home luxury community is breaking ground in north Scottsdale with prices starting at 2 point 5 million dollars. An upscale 302 unit apartment proposal near Scottsdale Road and Bell could spark controversy along the Phoenix Scottsdale line. Mesa is reviewing plans for a school expansion and Queen Creek just approved a 14 point 9 million dollar park land purchase.

On the West side, Glendale voters are deciding on two measures that could impact the massive VAI Resort project. Goodyear residents finally got their wish for a Trader Joe’s at GSQ. A potential 3 point 2 billion dollar rail hub in Wittman has sparked serious backlash from locals. And a major 267 acre Goodyear site was rezoned to industrial and business park use.

The market? Active listings keep climbing. Prices are still softening. And buyers are staying patient with the summer slowdown right around the corner.
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.}

East Valley News & Developments

The Edge at Joy Ranch Breaks Ground in North Scottsdale
Camelot Homes has officially launched The Edge at Joy Ranch, a new 52 home luxury community tucked up against the Tonto National Forest at Joy Ranch Road and Lone Mountain Parkway. Homes will range from three thousand four hundred to five thousand square feet with prices starting around two point five million dollars. Expect high end finishes, modern desert design, and optional casitas, game rooms, and wine walls. Model homes are under construction now.
📍 Northeast corner of Lone Mountain Parkway and Joy Ranch Road, Scottsdale
🔗 Read More

302 Apartments Proposed at Bell and Scottsdale Roads
A proposed luxury apartment community called Residences at Scottsdale Crossing could bring 302 new units to the Phoenix side of the Scottsdale Road and Bell Road intersection. The seven story project includes studios, one bedroom, two bedroom, and three bedroom apartments along with a pool deck, fitness studio, walking paths, and a dog run. It is designed to complement nearby low density neighborhoods with a gradual step down in height toward surrounding properties. The project still needs city approval and may face pushback from anti density groups.
📍 Bell and Scottsdale Roads, Phoenix
🔗 Read More

Mesa School Expansion Up for Approval
Polaris Academy is requesting city approval for a new two story, eighteen thousand five hundred square foot classroom building on their existing campus at East Hampton and South Clearview Avenues. The expansion would include outdoor play areas. No neighborhood opposition has been filed. A city council vote is expected soon.
📍 East Hampton Avenue and South Clearview Avenue, Mesa
🔗 Read More

Queen Creek Council Approves Fourteen Point Nine Million Dollar Park Land Purchase
Queen Creek just secured thirty acres of land near Meridian Road and Queen Creek Wash for a future community park. The land will be used to meet growing park demand as the area continues to expand. The site is expected to serve long term recreation needs and will be fully funded by growth related impact fees.
📍 Southeast of Meridian Road and Queen Creek Wash, Queen Creek
🔗 Read More

West Valley News & Developments

VAI Resort Vote Could Delay Opening Again
The long delayed one point two billion dollar VAI Resort in Glendale could face new setbacks. Glendale voters have until May twentieth to decide on two measures that would impact rezoning approvals tied to the resort’s employee parking and planned area development. The outcome could determine whether the project continues on schedule or faces further legal and political hurdles.
📍 Glendale Sports and Entertainment District
🔗 Read More

Trader Joe’s Coming to Goodyear
Goodyear finally secured one of its most requested stores. Trader Joe’s is opening a new thirteen thousand five hundred square foot location at the GSQ development near McDowell Road and Bullard Avenue. Black Rock Coffee Bar and Firebirds Wood Fired Grill have also announced new locations at the same project. Opening dates are still pending.
📍 GSQ, Goodyear
🔗 Read More

Three Point Two Billion Dollar Rail Hub Proposal Sparks Controversy in Wittman
BNSF Railway is seeking to rezone over four thousand acres near Wittman and Surprise for a massive new intermodal and logistics hub. Local residents are pushing back hard over concerns about noise, traffic, and the impact on rural life. The Maricopa County Board of Supervisors will vote on the project in August.
📍 Wittman, Northwest Valley
🔗 Read More

Goodyear Approves Rezoning for Two Hundred Sixty Seven Acre Industrial Park
The Goodyear City Council unanimously approved a rezoning request that will convert a large site near Citrus Road and Interstate Ten from residential to industrial and business park use. The property could accommodate up to four million square feet of industrial space and sits within a high demand corridor with direct freeway access.
📍 Southwest corner of Citrus Road and Interstate Ten, Goodyear
🔗 Read More

🏡 Real Estate Trends

Inventory keeps climbing and prices are slipping.

Here is where the market stands as of May first.
Active listings excluding UCB and CCBS are up fifty three percent year over year to twenty six thousand one hundred ninety homes. That is also a four point eight percent increase from just last month. Pending listings are down two point nine percent compared to last year but have ticked up slightly from April.

Prices? They are moving the other way. The average price per square foot dropped to two hundred ninety nine dollars and thirty cents, down two point four percent year over year and down three point seven percent from last month. The median price now sits at four hundred forty five thousand dollars, down one point one percent year over year and down three point two percent from last month.

What is driving it?

• More buyers are focusing on the lower price ranges

• High end activity has cooled significantly

• Buyers are taking back control of negotiations

We also saw a big slowdown in new multifamily permits. Only two thousand one hundred ninety five permits were filed across Maricopa and Pinal counties last quarter, the lowest total since early twenty nineteen. This points to developers pulling back on big rental projects as demand softens.

The Cromford Market Index fell to seventy seven this week. That is the lowest reading since two thousand nine. The index shows a market tilting in favor of buyers. Supply growth has started to flatten a little but demand remains weak.

Bottom line
The summer slowdown is kicking in early. Prices are softening and buyers have more options than at any time in the past year. Most experts now believe a further price decline through summer is very possible.
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’s a wrap for this week’s edition of The Desert Real.
I appreciate you being here and staying plugged in with what’s going on around the valley. Whether you’re thinking about making a move or just like being in the know, we’ve got you covered.

If you ever spot something interesting in your neighborhood or have a question about anything you see here just hit reply and let me know. we’d love to hear from you.

See you next week!

-Brad