YOUR GUIDE TO MARKET UPDATES & LOCAL EVENTS HAPPENING IN MAY/JUNE 2025!
Life & Business Update from Kevin and Sabrina
Hi friends!
We wanted to share a little life and business update with you—it’s been a busy and exciting season for both of us!
On the real estate front, things are moving quickly. We’ve been working hard helping our clients navigate this market—whether buying, selling, or investing.
Sabrina recently purchased a new build herself, so she’s been in the thick of unpacking and settling in. It’s given her a whole new appreciation for what our clients go through during a move—she truly gets it!
Sabrina also just got back from a much-needed trip to Hawaii (and she’s heading back again in June!), finding that perfect balance between work and recharging.
Kevin has had some wonderful family news—his oldest daughter recently got married, and now he’s getting ready to help plan his other daughter’s wedding in the near future. It’s such a special time for his family, and we’re all soaking it in.
Through all the hustle, we continue to feel grateful for the trust you place in us. Whether you’re thinking about a move or just want to catch up, we’re always here.
All the best,
Sabrina & Kevin
Metro Phoenix housing market gains momentum as sales increase
The number of residential home sales rose for the second month in a row. Year-over-year closed home deals for the Metro Phoenix housing market increased 4.1% compared to the first four months of 2024.
“With all the questions about the economy, it’s reassuring to see closings rise again,” said Christy Walker, board president of Phoenix REALTORS®. “New listings are also up again, which gives us a diverse range of prices for homebuyers.”
New listings were up significantly over last year, 15.4%, across the region. Pending sales were down 7% compared to the previous year, reflecting buyer uncertainty. This all means that if a new home is needed, there is a good inventory across Greater Phoenix for the buyer.
Home prices are still rising, albeit more slowly than last year. The year-to-date median single-family home price is up 2.1% to $485,000 from $475,000 in 2024.
“The affordability index this year is still high, but holding at 67, the same as last year,” Walker said. “It’s an encouraging statistic because it says wage increases are catching up with housing prices.”
Recent economic uncertainty may be a driver behind a new trend: an earlier-than-expected drop in pending sales. In past years, pending sales dropped in the third quarter. This year, pending sales started falling in February and have continued downward.
IKEA opens new store, announces third Valley location
On May 7, IKEA Scottsdale at The Promenade, a Plan & order point with Pick-Up, opened its doors, with the company also announcing IKEA Phoenix — a small-format store spanning approximately 75,000 square feet. Customers will be able to choose from 3,000 articles for immediate take-away, primarily consisting of home furnishing accessories and about 75 small furniture items. Larger items like sofas, beds and the entire range will be available to order online, with options for free store pickup or home delivery at a minimal fee.
“We are thrilled to offer Phoenix Metro Area residents more ways to shop and experience IKEA,” said Javier Quiñones, CEO & Chief Sustainability Officer, IKEA U.S. “These new locations highlight our commitment to bring IKEA closer to the many people and make it easier and more affordable to access our home furnishing products and solutions.”
IKEA Phoenix will feature a new Swedish Deli concept, offering a variety of hot and cold food to enjoy in-store or take home for later. The store will be located in the Village Square II shopping center, located at 4643 E. Cactus Rd., across from the redevelopment of Paradise Valley mall.
$120 million The Switchyard breaks ground in Queen Creek
On May 7, Creation, in partnership with Horizon Real Estate Ltd., broke ground on The Switchyard, a $120 million mixed-use project poised to become Queen Creek’s first walkable, design-driven district, uniting sought-after restaurants, retail, offices and future residential.
Joining the restaurant mix are Snooze, an A.M. Eatery, a vibrant breakfast and brunch restaurant founded in Denver and known for its creative, high-quality dishes and welcoming atmosphere, and Shake Shack, a modern burger chain known for its Angus beef burgers and crinkle-cut fries. They complement the previously announced Postino, the all-day restaurant and wine café known for its cult-like following, welcoming hospitality and inspired spaces. Lease negotiations are underway for nearly all remaining spaces, with additional tenant announcements anticipated soon.
“The Switchyard represents Queen Creek’s first true walkable, mixed-use development, marking a milestone in the town’s continued growth and evolution,” said David Sellers, co-founder of Creation. “With construction now underway, we’re eager to see this place come to life, seamlessly blending retail, dining, office spaces, apartments and a vibrant outdoor environment. This will be a distinctive, community-centric destination unlike anything else in Queen Creek.”
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