The real estate market in Lucas, Texas for the year 2003 showcased a dynamic mix of affordability, luxury, and lifestyle options. With 65 single-family homes sold, the market offered diversity in property features and pricing, catering to a range of buyers from first-time homeowners to those seeking upscale estates.

Total Homes Closed

A total of 65 homes were closed in 2003. This included 18 homes with pools, illustrating a strong interest in premium lifestyle amenities. Additionally, 26 of these sales were new construction homes, signaling a healthy demand for contemporary designs and modern features.

Property Pricing Insights

• Minimum Price: $126,700
• Maximum Price: $849,000
• Average Price: $354,008
• Median Price: $345,000

The pricing data reveals a broad spectrum, accommodating both budget-conscious buyers and those looking for high-end properties.

Property Size and Features

The homes sold showcased a variety of sizes and configurations to suit diverse needs:

• Bedrooms: Ranged from 3 to 6, with an average of 4.
• Bathrooms: Spanned 2 to 6, averaging 4.
• Square Footage: Properties ranged from 981 sq. ft. to 6,005 sq. ft., averaging 3,405 sq. ft.
• Lot Sizes: Sizes varied widely, between 0.5 acres and 10 acres, with an average of 2.189 acres.

These numbers highlight the availability of compact homes for smaller families and sprawling estates for buyers seeking space.

Market Dynamics

• Days on Market (DOM): The average property remained on the market for 121 days, with a median of 81 days, reflecting moderate turnaround times.
• ClsPr/LstPr Ratio: On average, homes sold for 96.15% of their listing price, with a median of 97.32%, indicating fair market efficiency.
• ClsPr/OLP Ratio: The average closed price stood at 94.39% of the original listing price, suggesting a marginal need for price adjustments.
• Price per Sq.Ft.: Averaged at $101.73, with a range from $52.18 to $156.84.

Economic context

Average Electricity Costs in Dallas-Fort Worth in 2003

Electricity costs averaged just $0.09 per kilowatt hour this year, offering significant savings for both homeowners and renters. These low energy rates made it easier to afford the upkeep of larger properties, including high square footage homes and luxury residences.

Average Price for Regular Gasoline in Texas in 2003

With gasoline prices averaging $1.45 per gallon, transportation costs remained relatively affordable, offering a financial advantage to suburban and outlying city areas. Lower fuel prices made commuting more feasible for potential homebuyers, encouraging them to explore properties farther from the city center. This likely fostered a diverse range of housing options across neighborhoods, enhancing the market’s appeal to a broader spectrum of buyers.

Average 30-Year Fixed Mortgage Rate in 2003

The average 30-year fixed mortgage rate of 5.89% offered homebuyers a balanced borrowing environment. Although not at historic lows, this rate provided a practical and accessible option for financing home purchases. It supported market affordability, enabling families to manage monthly payments on a range of properties, from starter homes to high-end residences.

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Summary of Real Estate Market Analysis for Lucas, TX in 2003

The 2003 real estate market in Lucas, TX showcased an impressive balance of diversity, efficiency, and opportunity. With a mix of practical family homes, luxurious estates, and modern new builds, the market successfully catered to a wide spectrum of buyer preferences and budgets.

The steady volume of closed transactions, competitive pricing dynamics, and reasonable days on market highlighted a robust and functional marketplace. Notably, the market combined affordability with high-end options, underpinned by stable mortgage rates that supported steady buyer confidence.

Overall, Lucas’s real estate environment in 2003 was not only balanced but also vibrant, pointing to both its desirability as a residential area and its growth potential.

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