Dallas Real Estate News

I've been keeping track of the market statistics in Old Lake Highlands since my return to the neighborhood four years ago.  I remember when I first started looking at the price per square foot and days on market, I was shocked to see how quickly homes here sold and how much they went for on a per square foot basis.  I had been in a market where homes took at least twice as long to sell and even the cream of the crop couldn't command as high a price per square foot as the worst of the worst in the Hexter attendance zone (most of which is Old Lake Highlands). 

I've watched the numbers on a regular basis since, and although the days on market have increased (no surprise to anyone reading this, I'm sure) from an average 30 to 90 days, and although a bit lower than in recent past, wer're still doing much better than areas outside LBJ!  Currently, there are 65 homes active on the market and 13 are pending.  54 homes have sold since May 3rd of this year. 

The average price per square foot price is lower than it has been in the past, but just like every neighborhood in the country, we have suffered the overall market loss caused by a handful of foreclosures that sold way below market.  Regrettably, until the foreclosures are out of the database (6 months history), the discounted prices will have a somewhat negative impact on home values.  That said, keep in mind that the majority of homes in the area still command an average per square foot price in the mid $130's per square foot. 

The market will recover, homes will continue to sell, and the one truism in real estate remains:  location, location, location.  Our proximity to White Rock Lake, Dart Rail and downtown helps the area remain highly desirable.  So, if you are thinking of selling, it's not all doom and gloom if you are in a good location and your home is in good condition.