👀Around The Valley

Arizona's Culinary Scene Expands in 2025
The Phoenix metro area is set to welcome seven exciting new restaurants in 2025, offering a diverse range of dining experiences. From upscale eateries to local favorites, these openings promise to enhance the region’s vibrant food scene. Read More Here

Chandler's Legislative Priorities: Housing and Water
As Arizona’s housing and water challenges intensify, Chandler city officials are preparing for the upcoming legislative session. Key priorities include preserving local control, addressing housing shortages, and protecting water rights.

• Housing shortages remain a top concern, with state lawmakers exploring creative solutions, including the controversial "In God’s Backyard" proposal, which would allow religious organizations to bypass zoning regulations to build housing.

Water conservation remains central to Chandler's planning, ensuring sustainable growth amid rising demand.

Buckeye's Transformative Growth Plans for 2025
Buckeye remains one of the fastest-growing cities in the nation, with its population projected to soar to 300,000 by 2040. Despite ongoing water challenges, key projects continue to move forward:

• Verrado Marketplace: A $275 million open-air shopping center bringing over 50 stores, including Target, Safeway, and Harkins Backlot. Expected opening: Early 2026.

• Teravalis Development: This master-planned community, spanning 37,000 acres, aims to house 100,000 homes and 300,000 residents. Its first village, Floreo, is set to open this spring.

• Downtown Buckeye Revitalization: Efforts continue with road improvements, expanded sidewalks, and outdoor dining spaces. Residents can expect landscaping updates in 2025, with public input guiding the theme.

🎉What To Do This Week

Sal Vulcano Live at Celebrity Theatre
Get ready for an evening of laughter with Sal Vulcano, best known from the hit TV show Impractical Jokers. His unique comedic style promises a night full of humor and entertainment.
📍 Celebrity Theatre, 440 N 32nd St, Phoenix
🗓️ Friday, January 10, 7:00 PM
🎟️ Recommended age: 16+
Learn More

PAW Patrol Live! Heroes Unite
Join Chase, Marshall, and the rest of the PAW Patrol team on an exciting adventure live on stage. Perfect for families and little ones who love action-packed fun!
📍 Arizona Financial Theatre, Phoenix
🗓️ January 11 (10:00 AM & 2:00 PM), January 12 (11:00 AM & 3:00 PM)
Learn More

Drunk Shakespeare – A Hilarious Theatrical Experience
Prepare for an unconventional night at the theatre where one actor takes five shots of whiskey and attempts to perform Shakespeare, supported by a talented and equally spirited cast.
📍 Venue details provided upon ticket purchase
🗓️ Ongoing performances
Learn More

🚧Newest Developments

Arizona continues to grow with exciting projects that are reshaping communities. Here’s what’s on the horizon:

Prasada Shopping Center Expansion in Surprise
The Prasada shopping center in Surprise has undergone significant changes, with a 7-acre portion sold for $32 million to Curbline Properties Corp. This deal includes 34,000 square feet of retail space, featuring popular tenants like Shake Shack, Starbucks, Torchy's Tacos, and Portillo's Hot Dogs. Future additions to Prasada North include Target, Nordstrom Rack, and Arizona's first Sierra Trading Post. The shopping center's expansion reflects Surprise's growing retail footprint, catering to the booming West Valley population.
Learn More

Goodyear's Downtown Core Expansion: GSQ Project
Goodyear continues its downtown transformation with new developments at GSQ, including a 13,500-square-foot specialty grocery store and 7,800 square feet of new dining options. While Trader Joe's is a possibility, the retailer has yet to confirm. Other exciting updates include new restaurants, Banner Health’s medical outpatient building, and an upcoming AC hotel by Marriott. These additions position Goodyear as a rising hub for dining, retail, and healthcare in the West Valley.
Learn More

Parts Town Unlimited’s New Glendale Facility
Parts Town Unlimited has opened its largest and most automated distribution facility in Glendale’s C|303 industrial park. Spanning 427,000 square feet, this state-of-the-art facility utilizes automation to process orders four times faster than manual systems. The company plans to expand its workforce to 150 employees by the end of 2025, further bolstering Glendale’s growing industrial and logistics sector.
Learn More

Old Town Scottsdale Office Redevelopment
A $42.25 million property acquisition at 7272 E. Indian School Road marks the beginning of a massive redevelopment in Old Town Scottsdale by George Oliver Cos. The developer, in partnership with Ascentris, envisions transforming six acres into a unique office campus. The project will integrate classic architectural styles with modern features, reflecting Old Town Scottsdale’s heritage. The redevelopment is expected to conclude by the end of 2026.
Learn More

🏡 Real Estate Trends

The Phoenix real estate market is showing early signs of balance as we step into 2025, with both buyers and sellers finding opportunities in a shifting landscape. Here are the key highlights shaping the market:

Supply and Demand Shifts:
Active listings have increased by 37% compared to this time last year, providing buyers with more options. However, supply dipped by 7.3% from last month, following the typical seasonal trend of expired listings in December. The next few weeks will be critical in determining whether these expired listings return to the market, potentially tipping the scales back in favor of buyers.

Sales on the Rise:
Monthly sales numbers are up by 13.4% year-over-year and have also increased 8.4% from last month. This marks a promising sign of market activity, even with mortgage rates remaining stubbornly high.

Home Prices Stay Strong:

• Median Sales Price: $450,000 (up 4.7% year-over-year).

• Average Price per Square Foot: $303.62 (up 6.8% year-over-year).

This growth has been bolstered by increased activity in luxury markets, with high-end homes seeing strong sales driven by confidence in the stock and cryptocurrency markets.

Market Balance Approaching:
The Cromford® Market Index indicates that the Phoenix market has moved back into a balanced zone (90–110 range). While demand is slowly rebuilding, uncertainty remains about how much new supply will hit the market in the coming months.

Builder Flexibility Likely in 2025:
With inventory of completed but unsold homes rising nationally, Phoenix home builders may offer increased flexibility in pricing and incentives for move-in-ready properties during the first half of 2025.

Mortgage Rates Still a Hurdle:
Despite expectations of mortgage rates moderating in 2025, they remain above 7%, which continues to weigh on buyer demand. However, with improving sales figures and stabilizing demand, there’s cautious optimism heading into the new year.

Outlook for Q1 2025:
The next four weeks will be crucial in determining market direction. A limited influx of new listings could stabilize prices and maintain balance, while an oversupply might shift conditions back toward a buyer's market.

As always, the Phoenix market remains dynamic, and buyers, sellers, and investors should keep a close eye on trends in the coming months.

🌵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