☀️ Happy Tuesday, friends!

It’s one of those weeks where the Valley feels like it’s clearly leaning into its next chapter. Big projects are moving from concept to construction, major employers are doubling down on Arizona, and longtime retail hubs are reinventing themselves for how people actually spend time today.

From Old Town Scottsdale to Casa Grande and across both sides of the Valley, there’s a lot of forward motion worth catching up on.

📰 The Recap

Momentum continues to build across metro Phoenix as development activity stays steady heading into the new year. City boards are approving long planned projects, shovels are hitting the ground on major employment centers, and developers are clearly betting on long term growth across the region.

At the same time, we are seeing clear signals in the housing market. Demand is firming, pricing surprised to the upside this month, and several large cities are quietly shifting back toward seller friendly conditions.

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.}

News & Developments

⚡ Scottsdale City Center Moves Closer to Reality

A major mixed use project at Scottsdale and Camelback roads just cleared a key pre construction hurdle. The Scottsdale City Center development was unanimously approved by the city’s Development Review Board, pushing the long planned project closer to breaking ground.

Plans call for 138 residential units and 35,000 square feet of commercial space spread across four buildings surrounding a publicly accessible plaza. Two 14 story buildings will be set back from the street to reduce pedestrian level impact, with retail and restaurants anchoring the first four floors.

📍 Old Town Scottsdale
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🔥 Semiconductor Supply Chain Expands in Casa Grande

KPPC Advanced Chemicals has broken ground on the first phase of a new ultrapure chemical manufacturing campus in Casa Grande. The $120 million initial investment will support advanced semiconductor manufacturing and create 80 jobs, with production expected to begin in late 2027.

At full buildout, the campus could represent a $500 million investment and employ up to 200 people by 2035, further strengthening Pinal County’s role in Arizona’s rapidly growing semiconductor ecosystem.

📍 Casa Grande
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🍽️ Chandler Fashion Center Plans Major Dining and Entertainment Upgrade

Chandler Fashion Center is launching a redevelopment of its dining and entertainment district near Harkins Theatres. The project will introduce new full service restaurants, expanded patios, a reimagined lawn and event space, and an interactive splash pad.

Notably, Din Tai Fung is slated to open at the center in 2027, marking a major culinary addition for the East Valley. Construction on the new courtyard and walking path is expected to begin in January.

📍 Chandler
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🏗️ Luxury Apartments Coming to North Peoria

Hines has closed on a 14.6 acre site at the Trailhead development near 83rd Avenue and Happy Valley Road. The project will include 336 luxury apartment units across eight buildings, along with a clubhouse and resort style pool.

The development ties into a larger mixed use area that already includes grocery, dining, and trail access to the Sunrise Mountain Preserve. Groundbreaking is expected in January, with leasing beginning in 2027.

📍 Peoria
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🏡 Lennar Opens New Home Collections at Estrella

Lennar has opened three new home collections in the Montecito village at Estrella in Goodyear. Pricing starts in the high $300s and includes a variety of floor plans, including Lennar’s Next Gen design aimed at multigenerational living.

The launch follows Lennar’s recent purchase of hundreds of lots in the community, highlighting continued demand for new housing in the West Valley.

📍 Goodyear
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Real Estate Trends

Local Market Update

Sales activity across Greater Phoenix continues to show signs of life. Annual sales rates are rising in several submarkets, with Apache Junction nearing record transaction levels and Goodyear posting a 35 percent increase in annual sales since mid 2024.

The Cromford Market Index shows momentum shifting toward sellers in many of the Valley’s largest cities. Phoenix, Scottsdale, Mesa, Peoria, Gilbert, Chandler, and Goodyear are now either balanced or in seller market territory as demand strengthens and supply continues to decline.

Pricing surprised to the upside in mid December. Average sales price per square foot jumped to $307, while the median sales price climbed to nearly $460,000. Pending prices suggest modest additional upward pressure heading into the holidays, though the market still overall leans slightly toward buyers.

National Trends

Nationally, existing home sales have trended higher since June as mortgage rates stabilized closer to 6 percent. Inventory remains historically low at roughly 4.2 months of supply, far below levels seen during the 2008 housing downturn.

Home prices continue to post year over year gains, marking nearly two and a half years of consistent price appreciation. While affordability remains a challenge, the broader data continues to show a market that is stabilizing rather than breaking.

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

Big projects are becoming real projects, and the market is responding to improving confidence across both buyers and builders. As we head toward the new year, it’s clear that Arizona’s growth story is still very much in motion.

Thanks for spending a few minutes here with me. More to come next week.

– Brad