There’s good news about housing prices in our neighborhood. The final six months of 2009 weren’t quite as bad as the first six months, as measured by the fifth Advocate Home Price Snapshot, compiled with the help of Ron Burch at Coldwell Banker.
The news still isn’t great, but it does look like residential real estate prices have bottomed out. Single-family home sale prices fell in four of the five zip codes where we deliver magazines in East Dallas and Lakewood, compared to falling in all five through the middle of the year. Four areas declined in 2008, and just one zip code fell in January 2007. (We compile the snap shot every six months.)
Meanwhile, the average sale price declined in 15 of the 22 zip codes where we publish magazines. That compares to 17 declines in the first six months of the year, and 14 declines in the 2008 numbers. (For this snapshot, we used sales figures through Nov. 30 reported to the North Texas Real Estate Information System.) Overall, it looks as if the least expensive neighborhoods did the best.
That was true in East Dallas and Lakewood, where home prices increased 16 percent in 75223. Prices declined in the remaining four zip codes, but mostly in the low single digits and not at the rates that showed up in the June numbers. The number of days a home spent on the market increased in all five East Dallas zip codes.
Elsewhere in the neighborhoods where we distribute magazines:
• Lake Highlands continued to be a bright spot, with sales prices increasing in three of the four zip codes. The hikes weren’t much, but this is the third consecutive snapshot where Lake Highlands has done better than the norm.
• Prices continued to decline in Preston Hollow, which had held its own in 2008. The biggest decline came in 75229, where home prices dropped 22 percent from their 2008 level.
• Far North Dallas was hit even harder, with prices declining in all seven zip codes.
• Oak Cliff rallied in the second part of the year, with prices increasing in three of the four areas where we deliver magazines. They had declined in three of four through the middle of the year.
