According to the latest Zillow Real Estate Market Reports, home values in Irving decreased 10.6% in the first quarter of 2009, compared to the first quarter of 2008.
U.S. home values continued to slide for the ninth consecutive quarter, declining 14.2 percent from a year ago, and falling 21.8 percent since the market peak in 2006. Additionally, one-fifth (21.9%) of all homeowners in the United States is in negative equity, and one in five homes sold in the past 12 months was a foreclosure.
Zillow Q1 Real Estate Market Reports track 161 metropolitan statistical areas (MSAs) throughout the U.S., identifying market trends including, but not limited to: five and 10-year annualized change, negative equity, short sales and foreclosure transactions.
Despite the decrease, new construction in Irving has been picking up with new neighborhoods being developed south of Shady Grove near Beltline and another at Rochelle between Esters Rd. and State Highway 161. Las Colinas keeps on building new homes and townhomes north of Northwest Highway on Riverside, such as Avalon Square and Positano at Las Colinas.
Many homeowners have been frustrated with the Dallas Appraisal District and the values they place on their homes. It is obvious that the Appraisal District has not adapted to the current decrease in values and the weaker economy. The District has not decreased values which in turn would drop property taxes and give much needed tax relief, but instead they have either left the same value as last years or increased it.
As of May 29th 2009, there are 615 Irving properties on the market with 116 of these under contract. In May, 77 properties have closed.
