Real Estate on the Up and Up

There’s good news for housing prices in Oak Cliff. The final six months of 2009 were much better than the first six months, as measured by the fifth Advocate Home Price Snapshot, compiled with the help of Ron Burch at Coldwell Banker.

Home prices increased in Oak Cliff in 2009 in three of the four zip codes where we distribute the magazine. That compares to declines in three out of four zip codes through the middle of the year. In this, the increases were bigger and more widespread than in every other neighborhood where we publish magazines.

That’s because 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. We compile the snapshot every six months. A chart with complete figures for all 22 zip codes is on our website at advocatemag.com/home_price_snapshot.) Overall, it looks as if the least expensive neighborhoods did the best.

Elsewhere in the neighborhoods where we distribute magazines:

• In East Dallas and Lakewood, home prices increased 16 percent in 75223. Prices declined in the remaining four zip codes, but most percentage drops were 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.

• 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 in which we deliver.


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