Shop Preston Hollow for Great Buys

For prospective buyers shopping new construction in Preston Hollow, the world is your oyster. Comparing listing and closing activity so far this year to the same period last year, it's evident that the buyer's market continues in 75230.

Consider these facts, weeded out of MLS by yours truly:

While 16 new construction homes between $1 million and $1.8 million sold in the first half of 2008, only 5 have sold in the same time period in 2009. That's a 68.7% decrease in sales volume for an historically popular bracket in Preston Hollow.

The average sold price per square foot has dropped an average of $20, with list price per square foot hovering around last years sold price levels.

There are 29 new construction homes active on the market in Preston Hollow (75230). Most have been on the market for 6 months +. Based on area sales volume in 2008, that amounts to 3 properties shy of 2 years of inventory. The selection is amazing, representing every architectural style.

While the average new construction property in the area brought 98% of list price in the first half of 2008, buyers of the 5 properties that have sold in the same period this year have negotiated to an average of just 94.37% of list price.

Preston Hollow is "on sale for a limited time". Housing starts are way down in this bracket, and with the improving economic outlook, the 29 properties available now will shrink steadily over the coming months. Lower inventories will drive higher prices.

Buyers waiting for the market to "bottom out" should consider if the wait is riskier than the grab. Certainty can never go further than today.