The real estate market in Blue Ridge, TX, during 2003 showcased a dynamic landscape with a wide range of property types and prices. This analysis provides a closer look at market data, highlighting key trends and insights that characterized the residential market during this period.

Total Homes Closed

A total of 14 single-family residences were sold in Blue Ridge, TX in 2003. This figure provides a snapshot of the year’s activity within the local market for residential properties.

Property Pricing Insights

The pricing for homes in Blue Ridge, TX varied significantly throughout 2003, reflecting the diversity in property offerings. Here’s a breakdown:

• Minimum Price: $45,000 – Representing entry-level options or properties requiring significant updates.
• Maximum Price: $647,000 – Highlighting the upper tier of the market.
• Average Price: $166,146 – Offering an overview of the typical property price in the area.
• Median Price: $132,500 – Providing insight into mid-market affordability.

This range signifies that Blue Ridge, TX provided opportunities for a variety of buyers, from first-timers to those seeking higher-end homes.

Property Size and Features

The residential properties sold in 2003 offered diverse configurations in terms of size and features:

• Average Bedrooms: 3
• Average Bathrooms: 2
• Average Square Footage: 2,109 SqFt

These figures suggest that the average home was a comfortable size for families, with enough space to accommodate both smaller and larger households.

Market Dynamics

Several key metrics offer insights into how properties performed and the overall health of the market during 2003:

• • Days on Market (DOM):
    • Average DOM: 98 days
    • Median DOM: 78 days
      Homes typically sold within two to three months, signaling moderate demand and market absorption.
  • Average ClsPr/LstPr (Close Price to Listing Price) Ratio: 96.92%
    Sellers generally received just under their asking price, suggesting a balanced market with negotiations slightly favoring buyers.
  • Average ClsPr/OLP (Close Price to Original Listing Price) Ratio: 94.11%
    This indicates that price adjustments were common before reaching a final sale agreement.
  • Average Price per SqFt: $76.47
    This figure provides a rough guide to the overall value of homes in Blue Ridge, TX during 2003, with prices influenced by a range of factors such as location, condition, and amenities.

Insights into the Most Expensive Blue Ridge, TX Property Sold in 2003

The most expensive property sold in 2003 was a luxurious 5-bedroom, 5-bathroom home with 4 full baths and 1 half bath. This 4,708-square-foot residence, situated on an 18.070-acre lot, sold for $647,000.

• Price Per Square Foot: $137.43
• DOM: 168 days
• ClsPr/LstPr Ratio: 92.44%
• ClsPr/OLP Ratio: 92.44%
• Year Built: 1986

This property represented the high-end of the market, offering ample space and exclusivity.

Economic context

The economic environment in Blue Ridge, TX during 2003 played a crucial role in shaping the real estate market.

Average Electricity Costs in Dallas-Fort Worth in 2003

Electricity costs during the year averaged $0.09 per kilowatt hour, creating a favorable scenario for both homeowners and renters. These low energy costs made it more affordable to maintain larger homes, such as properties with higher square footage, including luxury homes like the most expensive property sold that year. With an average property size of around 2,109 square feet, homeowners didn’t face prohibitive expenses from utilities, increasing the overall appeal of home ownership and potentially encouraging long-term investments.

Texas Average Gas Prices in 2003

With the average price of gasoline at $1.45 per gallon, transportation costs were relatively affordable, which likely benefited suburban and outskirt areas of the city. Low fuel prices made commuting manageable for homebuyers, encouraging them to consider properties further from the city center. This could have contributed to a healthy diversity in property options across various neighborhoods, making the market more attractive to different buyer segments.

Average 30-Year Fixed Mortgage Rate in 2003

The average 30-year fixed mortgage rate of 5.89% provided moderate borrowing conditions for buyers. While not historically low, this rate gave buyers a feasible pathway to finance their home purchases. Paired with the closed-to-list price ratio of 96.92%, buyers generally paid close to asking prices, which aligns with the stable borrowing environment. This interest rate reinforced the affordability of the market, ensuring that families could manage monthly payments for properties ranging from entry-level homes to upper-tier residences.

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Overall, these economic factors collectively supported steady activity in Blue Ridge, TX’s real estate market during 2003.

Summary of Real Estate Market Analysis for Blue Ridge, TX in 2003

The real estate market in Blue Ridge, TX in 2003 demonstrated a healthy mix of affordability and exclusivity, with a wide pricing spectrum and diverse property features. The sale of 14 homes highlighted a stable market, bolstered by efficient dynamics, where homes sold at nearly listed prices within an average of 98 days. Key economic conditions, such as affordable electricity, relatively low gasoline prices, and a steady 30-year mortgage rate, created a favorable environment for both buyers and sellers.

For buyers, this meant access to homes across varying price ranges and sizes, meeting different needs and budgets. For sellers, the market’s efficiency and fair valuation trends provided opportunities to close deals successfully.

Overall, 2003 marked a balanced real estate year in Blue Ridge, TX, offering insights into a mutually beneficial marketplace for all participants.

Why Statistics Data is Important

Understanding past market data is essential for making informed decisions in today’s real estate landscape. Historical statistics provide a foundational perspective on trends, aiding in fair pricing and negotiation.

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