Real Estate Report

The housing price slump that has engulfed the rest of the country may well be ending in Lake Highlands, given the average home sales price here through the first five months of this year.
That’s the biggest news in the fourth Advocate Home Price Snapshot, compiled with the help of Ron Burch at Coldwell Banker. Sale prices increased in two of the three ZIP codes in Lake Highlands — the second consecutive six-month period that this has happened in the area.
Our neighborhood was a bright spot in an otherwise gloomy picture in the five communities where we publish magazines. The average sales price declined in 17 of the 23 ZIP codes, compared to 14 declines at the end of 2008. (We used sales figures through May 31 reported to the North Texas Real Estate Information System. A chart with complete figures for all 23 ZIP codes is on our website at advocatemag.com/home_price_snapshot).
The increases weren’t necessarily big, but they were increases in a report that saw double digit declines in prestigious Preston Hollow and Far North Dallas neighborhoods. The 75238 area enjoyed its second consecutive increase, and prices averaged $250,199 — the best number in six years.
One key indicator, homes sold, was down significantly, and looks to finish 2009 well below 2008 levels, if present trends hold. For example, only 22 homes were sold in 75231 through the end of May, compared to 86 last year. On the other hand, the number of homes for sale remained more or less consistent with last year’s figures. There are a couple of possibilities: Buyers were being pickier, or were looking at Lake Highlands for value.
Elsewhere in the neighborhoods where we do magazines:
• Single-family home sale prices in East Dallas and Lakewood fell in all of five of ZIP codes. Four areas declined in 2008, and just one ZIP code fell in January 2007 from 2006 sale prices.
• Preston Hollow, which held its own in 2008 with increases in three of five ZIP codes, finally looks to be slumping. Prices declined in three areas, and each by 11 percent or more. In 75225, the average sale price dropped 17.9 percent to $1.1 million, about the 2006 average.
• Far North Dallas also was hit hard, with prices declining in five of the six areas. In 75254, between Spring Valley and Beltline, prices dropped 20.4 percent to an average $477,472.
• Oak Cliff suffered in the first part of the year, with prices falling in all four ZIP codes we cover between 8 and 10 percent. Average home sale prices in Oak Cliff have almost all retreated to 2003 levels.