The 2014 real estate market in Lucas, Texas demonstrated significant growth and diversity, appealing to a wide array of buyers. With an increase in transaction volume and a variety of property options, the year showcased balanced opportunities, from luxury estates to modern, mid-tier homes. Rising prices and demand for leisure amenities further reflected the market’s robust appeal.

Total Homes Closed

A total of 108 homes were closed in 2014, reflecting a notable increase from 2013. Among these, 45 homes featured pools, emphasizing leisure-focused lifestyles, while 19 new construction homes appeared, providing fresh, modern housing options for buyers.

Property Pricing Insights

Pricing metrics for 2014 highlighted an expansive market accommodating diverse budgets:

• Minimum Price: $200,000, representing a higher entry point than the previous year.
• Maximum Price: $1,950,000, signaling a revival of high-end, ultra-luxury transactions.
• Average Price: $549,353, reflecting a healthier mid-tier segment.
• Median Price: $515,000, reinforcing consistency within mid-range sales.
• Average Price per Square Foot: $139.91, showing increased property valuations.

Property Size and Features

Home sizes and features remained varied, appealing to families and luxury buyers alike:

• Bedrooms: Homes ranged from 2 to 7 bedrooms, with an average of 4 bedrooms.
• Bathrooms: Properties offered 1 to 9 bathrooms, averaging 4 bathrooms.
• Square Footage: Sizes varied between 1,744 sq. ft. to 7,862 sq. ft., averaging 3,860 sq. ft.
• Lot Sizes: Between 0.00 acres and 72.199 acres, with an average of 2.629 acres, showcasing increased interest in both practical and expansive estate properties.

Market Dynamics

The market in 2014 saw improved transaction speed and efficiency:

• Days on Market (DOM): Homes sold in 70 days on average, with a median DOM of 46 days, signaling quick closings.
• ClsPr/LstPr Ratio: Sellers achieved 97.60% of listing prices, indicating strong alignment between list and sale prices.
• ClsPr/OLP Ratio: Original listing prices matched 95.02% of final sale values, suggesting modest price adjustments.

Economic context

Average Electricity Costs in Dallas-Fort Worth in 2014

Electricity prices rose slightly to $0.13 per kilowatt-hour in 2014, up from $0.12 in 2013. This gradual increase added pressure to household budgets, further emphasizing the demand for energy-efficient properties. Sellers with homes featuring solar panels or updated appliances likely had an edge in the real estate market.

Average Price for Regular Gasoline in Texas in 2014

Gas prices decreased to $3.15 per gallon in 2014, down from $3.32 in 2013. Lower fuel costs may have encouraged homebuyers to look at properties in outer suburban areas, knowing transportation expenses were more manageable. This shift could have spurred demand in regions where homes were larger and more economical than urban alternatives.

Average 30-Year Fixed Mortgage Rate in 2014

Mortgage rates edged up to 4.31% in 2014 from the previous year’s 4.16%. This small increase emphasized the importance of timing in home purchases, as homebuyers aimed to lock in favorable terms before rates rose further. Securing pre-approval with a local mortgage loan originator remained a vital step for buyers to gain financial clarity during the purchasing process.

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Summary of Real Estate Market Analysis for Lucas, TX in 2014

The 2014 real estate market in Lucas, Texas demonstrated remarkable growth, diversity, and adaptability, making it an attractive destination for a wide range of buyers. From affordable properties to ultra-luxury estates, the market successfully addressed varying needs while maintaining robust performance metrics.

The increased sales volume, rising property valuations, and faster transaction timelines highlighted its efficiency and appeal. Coupled with the surge in leisure-focused homes and modern construction, Lucas’s market showcased its resilience and ability to evolve with buyer preferences. With strong alignment between pricing expectations and actual sales, the year established Lucas, TX as a dynamic and balanced real estate hub poised for continued growth.

The Importance of Statistical Data in Lucas, Texas Real Estate Market

Did you know that appraisers and Realtors rely on historical statistical data to determine a property’s current value?

Analyzing historical market data is essential for making informed decisions in today’s real estate market. Examining past trends provides valuable insights that facilitate accurate pricing, more strategic negotiations, and a comprehensive understanding of market dynamics.

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A Comprehensive Analysis of Single-Family Residential Housing Market in Lucas, TX: 2003 to Present