👀A Quick Look

• Developments
  Rosewood Concepts is set to elevate Scottsdale’s dining scene with "The Belmont," while Logisticus Group opens a major logistics facility in Glendale. Macy's announces the closure of its Mesa location, and new projects like Nextwave Tempe and Lennar’s Blossom Rock expansion highlight growth across the Valley.

• What to Do This Week
  Explore Scottsdale's "New Year, New Beginnings" ArtWalk, catch the comedy The Somewhat True Tale of Robin Hood in Fountain Hills, or celebrate cultural diversity at Chandler’s Multicultural Festival with live performances and global cuisine.

• Real Estate Market Trends
  Active listings rose 4.1% this week, and contracts signed increased by 4.4%, reflecting a stable start to 2025. December showed strong resale growth and rising median home prices, while the Cromford® Market Index highlights improving conditions for sellers in key cities.

🚧Newest Developments

North Scottsdale Welcomes Elevated Dining with The Belmont

A new high-end dining destination is coming to North Scottsdale, with The Belmont, the first venture by Rosewood Concepts. This restaurant, set to open in early 2025 at the La Mirada shopping center, promises upscale dining in a relaxed atmosphere. With a craft cocktail program and a seasonally inspired menu, The Belmont aims to become a go-to spot for casual lunches, special dinners, and weekend brunches. The La Mirada center is also undergoing renovations, further elevating the area's dining and shopping experience.
Learn more here.

Logisticus Group’s New Hub in Glendale

Logisticus Group LLC has leased a 483,300-square-foot facility at the Park303 industrial project in Glendale. This facility will support the logistics firm’s growing operations in Arizona, including projects in alternative energy. Park303’s amenities—like pickleball courts and outdoor seating areas—make it a standout for employees. With this lease, Glendale continues to cement its reputation as a logistics and industrial hub.
Full details here.

Blossom Rock Community Expansion in Apache Junction

Homebuilder Lennar Corp. has significantly expanded its presence at Blossom Rock, a 1,400-acre master-planned community. Lennar purchased additional lots and plans to build over 850 homes ranging from 1,200 to 2,500 square feet. Blossom Rock offers impressive amenities, including parks, a water system for landscaping, and views of the Superstition Mountains. Lennar’s homes will complement the community’s amenities and proximity to employment hubs, making it a desirable location for new homeowners.
Explore Blossom Rock.

Former Big Surf Site in Tempe Gets a New Life

The iconic Big Surf Wave Park in Tempe is being transformed into Nextwave Tempe, a 689,000-square-foot industrial development. This Class A industrial park, slated for completion by the end of 2025, is targeting tenants in aerospace, advanced manufacturing, and logistics. Located near Loop 101, Loop 202, and Phoenix Sky Harbor Airport, the site offers a strategic location for innovative businesses.
Read more about this transformation.

Macy’s Closure in Mesa Signals Retail Shifts

Macy’s is closing its store at Superstition Springs Center in Mesa as part of a nationwide downsizing effort. Clearance sales have begun, and the closure is expected to complete by the end of Q1 2025. Macy’s plans to shift its focus to smaller-format stores and e-commerce while introducing more luxury retail concepts like Bloomingdale’s and Bluemercury.
Find out more here.

🤔What to Do This Week!

New Year, New Beginnings ArtWalk

Start 2025 with artistic inspiration at Scottsdale’s Gold Palette ArtWalk. Enjoy extended gallery hours, complimentary wine tasting, live music, and entertainment as part of the "New Year, New Beginnings" theme.
📍 Where: Scottsdale Art Galleries
📅 When: Thursday, January 16, 2025, 6:30 – 9:00 p.m.
Discover more about the ArtWalk.

The Somewhat True Tale of Robin Hood

Experience a comedic twist on the classic Robin Hood story at the Fountain Hills Youth Theater. This lighthearted play is perfect for all ages and filled with “Monty Python-esque” humor.
📍 Where: Fountain Hills Youth Theater
📅 When: January 17–26, 2025
🕒 Showtimes: Fridays & Saturdays at 7:00 p.m., Sundays at 2:00 p.m.
🎟️ Tickets: Available online or by phone. Discounts available for groups.
Get tickets here.

Chandler Multicultural Festival

Celebrate diversity at Chandler’s 30th Annual Multicultural Festival, featuring live music, global cuisine, a custom car show, interactive kids' activities, and a Naturalization Ceremony. This free event honors the community's heritage and the legacy of Dr. Martin Luther King Jr.
📍 Where: Dr. A.J. Chandler Park: Stage Plaza, Downtown Chandler
📅 When: Saturday, January 18, 2025, 11:00 a.m. – 6:00 p.m.
💵 Admission & Parking: Free!
Find out more here.

🏡 Real Estate Trends

The first week of 2025 brought modest changes to the Phoenix real estate market, with active listings and contracts showing slight increases. However, the overall trends signal a steady, balanced market without dramatic shifts in favor of buyers or sellers just yet.

• Active Listings: Increased by 4.1% from 19,776 to 20,583.

• Listings Under Contract: Rose 4.4% from 5,496 to 5,737.

• Contract Ratio: Marginal improvement from 27.79 to 27.87.

While it’s encouraging that contracts are rising faster than active listings, the change is minimal. Compared to this time last year, active listings are growing at a faster rate, while contract growth is slower, reflecting a cautious market influenced by high mortgage rates.

Cromford® Market Index (CMI)

The Cromford® Market Index shows improving conditions for sellers across most of the Valley, with 15 out of 17 major cities seeing an increase over the past month.

• Average CMI Change: Up 10.4% in the last month.

• Cities in Seller's Markets: Increased to 11 cities (e.g., Scottsdale, Chandler, Goodyear).

• Balanced Markets: Only 1 city remains balanced.

• Buyer's Markets: Down to 5 cities, including Surprise and Maricopa, which still have some ground to cover.

December 2024 Market Performance

The end of 2024 revealed strong year-over-year growth, especially in resale transactions. Here’s what December data revealed:

• Closed Transactions:

  • Overall: 5,803, up 16% from December 2023.

  • Resales: 4,414, up 22% year-over-year.

  • New Homes: 1,389, virtually flat year-over-year but up 7.2% from November.

• Median Sales Prices:

  • Overall Median: $482,733, up 4.9% year-over-year.

  • Resale Median: $458,100, up 4.1% but slightly down from November.

  • New Home Median: $533,000, up 5.3% year-over-year and 5.7% from November.

New homes continue to lose market share, with a decline from 27.7% in December 2023 to 23.9% in December 2024. However, the resale market remains strong, with increasing transaction volumes and stable pricing.

Outlook

With mortgage rates still high and inventory slightly growing, the market remains in a delicate balance. The next few weeks will be critical in determining whether supply and demand trends create more favorable conditions for buyers or sellers.

🌵See You Next Week in the Desert

Thank you for joining us this week on The Desert Real! We’re thrilled to have you as part of our growing community!

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-Brad