The 2016 real estate market in Lucas, Texas witnessed impressive growth and diversification, offering options for a broad spectrum of buyers. With a higher transaction volume, expanded luxury listings, and an upswing in property values, the market displayed resilience and vibrancy. Adding to its allure were more new builds and properties flaunting leisure-enhancing amenities like pools, creating an aspirational yet adaptable market environment.

Total Homes Closed

A total of 131 homes closed in 2016, highlighting an increase in activity compared to the 124 homes sold in 2015. Among these, 27 were new constructions, a substantial rise reflecting continued enthusiasm for contemporary designs. Meanwhile, 59 homes featured pools, showing a sustained demand for properties with added lifestyle features.

Property Pricing Insights

The 2016 pricing data unveiled a remarkable range and strength in valuations:

• Minimum Price: $150,000, indicating fewer lower-end options compared to the previous year.
• Maximum Price: $1,850,000, showcasing a resurgence in high-value transactions.
• Average Price: $652,136, reflecting significant appreciation in property values.
• Median Price: $600,000, confirming robust mid-tier buyer interest.
• Average Price per Square Foot: $163.62, an uptick that signals heightened valuations in the market.

Property Size and Features

Properties catered to diverse preferences, with sizes and configurations to match:

• Bedrooms: Ranged from 2 to 8, with a market average of 4 bedrooms.
• Bathrooms: Varied from 2 to 8, averaging 4 bathrooms.
• Square Footage: Homes ranged from 1,374 sq. ft. to 7,508 sq. ft., with an average of 4,038 sq. ft. reflecting larger living spaces compared to prior years.
• Lot Sizes: Properties spanned 0.00 to 25.00 acres, averaging 1.996 acres, indicative of increased availability for estate-style homes.

Market Dynamics

Efficiency remained a hallmark of the 2016 market, as seen in:

• Days on Market (DOM): Homes averaged 74 days on the market, up slightly from 67 days in 2015; however, the median DOM fell to 39 days, pointing to faster mid-tier transactions.
• ClsPr/LstPr Ratio: Sellers earned 97.58% of listing prices, reflecting strong buyer and seller alignment.
• ClsPr/OLP Ratio: Declined slightly to 94.85%, suggesting moderate pricing adjustments.
• Price per Square Foot: At $163.62, the market demonstrated clear appreciation and growing buyer demand.

Economic context

Average Electricity Costs in Dallas-Fort Worth in 2016

Electricity prices continued to decrease, settling at $0.11 per kilowatt-hour in 2016, down from $0.12 in 2015. This steady decline further incentivized interest in larger homes, which naturally consume more power. The trend also nudged developers to prioritize energy efficiency in new housing projects.

Average Price for Regular Gasoline in Texas in 2016

Gas prices dropped further to $1.91 per gallon in 2016, down from $2.17 in 2015. This decline reduced commuter expenses, inspiring homebuyers to explore housing options further from city centers. Properties in areas with good road infrastructure likely became more desirable, as homebuyers factored in affordable fuel costs.

Average 30-Year Fixed Mortgage Rate in 2016

Mortgage rates fell slightly again, settling at 3.79% in 2016, compared to 3.99% the prior year. This favorable environment for financing encouraged many homebuyers to jump into the market. Getting pre-approved with a local mortgage loan originator ensured buyers could seize opportunities quickly and position themselves in a competitive market.

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Summary of Real Estate Market Analysis for Lucas, TX in 2016

The 2016 real estate market in Lucas, Texas, showcased remarkable growth, diversity, and adaptability, solidifying its ability to appeal to various buyer segments. With an increased number of transactions, rising property values, and expanded offerings from suburban homes to luxurious estates, the market demonstrated both resilience and vibrancy.

The addition of new construction homes and the continued popularity of pool properties highlighted evolving buyer priorities. At the same time, the emergence of high-value sales, such as the $1.85 million equestrian ranch, exemplified the market’s potential for standout luxury listings. Supported by favorable economic conditions, including lower mortgage rates, Lucas’s 2016 market delivered a balanced and thriving real estate environment, paving the way for sustained engagement and 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