The Big Picture. Things are pretty good here on Lower Greenville. Despite the dismal economic news, interest rates are good, prices are mostly holding and homes are selling. Even though Dallas saw a 35% decline in home sales in November compared to November 2007, our neighborhood faired well for the most part. Lot purchases continue to be non-existant and new development condos are moving slower than the developers would like, but the mainstay of our area, the older single family homes, are still moving.
Original Homes: Inventory was reduced considerably in Dec. for the older original homes from 107 to 89 bring us down to 7.5 months of inventory. Considerably better than the Dallas average and not too far off from the ideal level of 5 months. The AVERAGE selling point is still $190/ft for these older homes despite falling lots values.
Newer Construction: Still holding about 10 months of inventory overall for new construction. Not too bad. The new builds are being absorbed a little faster than the pre-existing new construction. Several of the builders have lost their spec homes to foreclosure and I suspect these will put price pressure on the remaining spec homes.
Condos/Townhomes: Condos are still struggling in the area. Only one condo sale in December out of 32 units on the market. The biggest concern is the average Days on Market for condos here up to 284 days. Before you reach for your calculator, that's 9.5 months. Oddly enough, there seems to be no slow down in the number of new projects breaking ground.
Lot Values: If there aren't any lots sold in the next couple of months, I'm going to officially declare the market gone. :-) You can count the number of lots sold in the last six months on one hand. Despite the absence of a market here, the average price being asked has inexplicably risen to $28.09/sqft.
And Now for the Numbers:
| Total on Market | Avg $/sqft | DOM | Sold In Dec | Avg Sold Price | Months Inventory | |
|
New Construction, Single Family (2006 or later) |
31 | $179.79 | 153 | 4 | $745,750 | 7.75 |
| New Construction Resales (after 1975) | 29 | $176.33 | 137 | 2 | $482,595 | 14.5 |
| Older Single Family (Pre 1975) | 89 | $190.46 | 147 | 12 | $331,448 | 7.4 |
| Condo/Townhome | 31 | $210.85 | 284 | 1 | $150,000 | 31 |
| MultiFamily | 15 | NA | 149 | 0 | NA | NA |
| Lots / Teardowns | 13 | $28.09 | 325 | 0 | NA | NA |
LOWER GREENVILLE DEAL OF THE MONTH**
Home of the Month: 5810 Morningside
This is a classic M-streets Tudor. 4 bedrooms, 2455 sqft completely updated mechanicals and cosmetics. Listed at $398,000, that works out to $162/sqft. The updates in this home are comparable to homes listed over $200/ft. The fatal flaw? No garage. The home does have a Porte Coche and a garage could easily be added. The curb appeal is excellent and neighbors are terrific.
**NOTE: Currently listed by Allie Beth Allman and Associates. This property is not my listing. I do not earn commissions or fees of any kind in return for mentioning this listing.
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