The real estate market in Blue Ridge, TX for 2006 offers a comprehensive snapshot of residential single-family home transactions. This analysis highlights the trends in housing prices, property features, and market performance, providing valuable insights for buyers, sellers, and real estate professionals. A year-over-year comparison with 2005 further deepens our understanding of how the market evolved during this time.
Key Takeaways and Trends from Blue Ridge’s 2006 Real Estate Market
Pricing Range: The increase in maximum pricing underscores the availability of high-end properties, while declines in average and median pricing point to broader affordability.
Market Efficiency: A shorter DOM and slightly reduced ClsPr ratios indicate quicker transactions, albeit with minor price adjustments.
Unique Outliers: The most expensive property highlighted unique attributes, including large acreage and a high price per square foot, marking it as a premium offering in a mostly mid-priced market.
Total Homes Closed
A total of 24 residential single-family homes closed in 2006, slightly fewer than the 27 homes sold in 2005. This decrease may reflect subtle shifts in market demand or inventory availability.
Property Pricing Insights
Minimum Price: $27,500 (up from $22,500 in 2005)
Maximum Price: $326,000 (up from $264,000 in 2005)
Average Price: $99,380 (down from $116,814 in 2005)
Median Price: $80,500 (down from $105,500 in 2005)
The data shows a higher price cap but lower average and median pricing, revealing potential variability in buyer preferences and sale outcomes.
Property Size and Features
The homes sold in 2006 catered to varying preferences with dimensions and features beneficial for families or individuals:
- Average Bedrooms: 3
- Average Bathrooms: 2
- Average Square Footage: 1,644 sqft
Properties ranged from a modest 960 sq. ft. to a spacious 2,564 sq. ft., offering flexibility across buyer requirements and price ranges.
Market Dynamics
Several key metrics offer insights into how properties performed and the overall health of the market during 2006:
- Average Days on Market (DOM): 80 days.
- ClsPr/LstPr Ratio (Close Price to Listing Price): 96.59%.
- ClsPr/OLP Ratio (Close Price to Original Listing Price): 93.98%.
- Average Price per Square Foot: $59.23.
Insights into the Most Expensive Blue Ridge, TX Property Sold in 2006
The most expensive property sold in 2006 had distinct features, positioning it at the top of the market.
Highlights of the Property:
Price: $326,000
Bedrooms: 3
Bathrooms: 3 (2 full, 1 half)
Square Footage: 2,224 sq. ft.
Price per Square Foot: $146.58
Lot Size: 16.000 acres
Days on Market (DOM): 71 days
ClsPr/LstPr Ratio: 93.17%
ClsPr/OLP Ratio: 93.17%
Year Built: 1998
This home featured a luxurious layout and substantial acreage, which is ideal for buyers seeking premium value.
Economic context
The economic environment in Blue Ridge, TX during 2006 exhibited notable shifts that influenced the local real estate market.
Average Electricity Costs in Dallas-Fort Worth in 2006
The electricity cost in 2006 rose to $0.13 per kilowatt hour, reflecting a modest increase from 2005. This slight uptick would have contributed marginally to household utility expenses.
Texas Average Gas Prices in 2006
The gas price averaged $2.47 per gallon, up from $2.18 in 2005. While still reasonable, this rise may have impacted transportation and home heating budgets for homeowners.
Average 30-Year Fixed Mortgage Rate in 2006
The average mortgage rate climbed to 6.47%, compared to 5.93% in 2005. This increase could have steepened financing costs for buyers.
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Summary of Differences Between 2005 and 2006 Real Estate Data for Blue Ridge, TX
The real estate market in Blue Ridge, TX experienced several notable changes from 2005 to 2006. Here are the key differences:
Pricing Trends
The minimum close price increased significantly from $22,500 in 2005 to $27,500 in 2006, showing a possible upward trend in baseline property values.
The maximum close price jumped from $264,000 in 2005 to $326,000 in 2006, reflecting a higher ceiling for luxury properties.
The average price dropped from $116,814 in 2005 to $99,380 in 2006, indicating more mid-range sales relative to the previous year.
The median price decreased from $105,500 in 2005 to $80,500 in 2006, further reinforcing the focus on moderately priced homes.
Property Features
The range for bedrooms (2–4) remained consistent between both years.
The bathrooms range also remained stable between 1 and 3 across both years.
Average square footage decreased slightly from 1,660 sq. ft. in 2005 to 1,644 sq. ft. in 2006. This points to a small shift toward smaller homes.
The maximum lot size slightly increased from 14.000 acres (2005) to 16.000 acres (2006), reflecting broader land size options.
Market Dynamics
Average Days on Market (DOM) showed improvement, dropping from 104 days in 2005 to 80 days in 2006, indicating quicker sales.
ClsPr/LstPr Ratio fell from 98.40% in 2005 to 96.59% in 2006, suggesting sellers accepted offers closer to listing prices in the prior year.
ClsPr/OLP Ratio also declined from 94.85% in 2005 to 93.98% in 2006, consistent with the above trend.
The price per square foot (Pr$/SqFt) saw a decrease from $69.43 in 2005 to $59.23 in 2006, indicating more accessible pricing per unit area.
Year Built Trends
The earliest property year built rose from 1930 in 2005 to 1935 in 2006, hinting at slightly newer stock.
The latest property year built shifted from 2004 in 2005 to 2005 in 2006, reflecting a steadiness in new construction availability.
The average year built ticked up marginally from 1985 in 2005 to 1987 in 2006, showing an incremental modernization of inventory.
Overall, while 2006 showcased higher upper-end property values and more accessible per-square-foot pricing, the average transaction amounts and property sizes decreased slightly. The faster sales pace (reduced DOM) suggests stronger buyer activity, even as sellers negotiated lower ratios for listing and original list prices.
Summary of Real Estate Market Analysis for Blue Ridge, TX in 2006
Blue Ridge, TX’s real estate market in 2006 reflected steady demand with improved sell-through rates and lowered average pricing. Despite fewer transactions, the market catered to a wide range of buyers, balancing affordability and premium options.
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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Discover Yearly Real Estate Market Trends for Blue Ridge, TX
Blue Ridge, TX Real Estate Market in 2003
Blue Ridge, TX Real Estate Market in 2004
Blue Ridge, TX Real Estate Market in 2005
Blue Ridge, TX Real Estate Market in 2006
Blue Ridge, TX Real Estate Market in 2007
Blue Ridge, TX Real Estate Market in 2008
Blue Ridge, TX Real Estate Market in 2009
Blue Ridge, TX Real Estate Market in 2010
Blue Ridge, TX Real Estate Market in 2011
Blue Ridge, TX Real Estate Market in 2012
Blue Ridge, TX Real Estate Market in 2013
Blue Ridge, TX Real Estate Market in 2014
Blue Ridge, TX Real Estate Market in 2015
Blue Ridge, TX Real Estate Market in 2016
Blue Ridge, TX Real Estate Market in 2017
Blue Ridge, TX Real Estate Market in 2018
Blue Ridge, TX Real Estate Market in 2019
Blue Ridge, TX Real Estate Market in 2020
Blue Ridge, TX Real Estate Market in 2021
Blue Ridge, TX Real Estate Market in 2022
Blue Ridge, TX Real Estate Market in 2023
Blue Ridge, TX Real Estate Market in 2024
This market analysis is intended solely for educational purposes. This market analysis is based on data sourced from NTREIS, Inc. This analysis is exclusively focused on single-family homes and does not account for other property types. The total number of real estate transactions within the specified period and location may vary. This market analysis does not account for all new construction home sales. If you need detailed information about recorded property sales or other public records, please contact the appropriate city or county office.