The 2004 real estate market in Lucas, TX showcased an intriguing mix of growth, variety, and changing dynamics. With 71 single-family homes sold over the year, the market witnessed a balance between affordability and luxury. Trends highlighted a shift in preferences toward expansive properties, alongside steady activity in all pricing tiers. Favorable mortgage rates of 5.88% further supported market engagement.

Total Homes Closed

A total of 71 homes closed in 2004, marking an increase from the previous year. Among these, 17 properties included pools, continuing the trend for amenity-rich homes. Additionally, 18 sales were for new construction homes, reflecting a modest decrease in modern build availability compared to 2003.

Property Pricing Insights

• Minimum Price: $70,500
• Maximum Price: $900,000
• Average Price: $334,520
• Median Price: $315,000

The broader pricing range indicated a market catering to diverse buyer segments. While the maximum price rose to $900,000, the average sales price trended slightly lower than the previous year.

Property Size and Features

Lucas homes in 2004 exhibited a range of configurations to suit buyers’ needs:

• Bedrooms: Ranged from 1 to 5, with an average of 4.
• Bathrooms: Included between 1 and 6, averaging 3.
• Square Footage: Home sizes varied from 99 sq. ft. to 5,045 sq. ft., averaging 3,222 sq. ft.
• Lot Sizes: Spanned a significant range from 0.5 acres to 26.34 acres, with an average of 2.539 acres.

These features highlighted options for both compact living and sprawling properties with extensive grounds.

Market Dynamics

• Days on Market (DOM): Homes spent an average of 138 days on the market, with a median of 85 days, reflecting slightly slower activity compared to 2003.
• ClsPr/LstPr Ratio: Closed at an average of 95.53% of their listing price, indicating strong market efficiency despite minimal negotiation gaps.
• ClsPr/OLP Ratio: Average closed prices were 94.13% of the original listing price, showing a need for occasional price adjustments to close sales.
• Price per Sq.Ft.: Averaged $102.75, maintaining affordability in comparison to the prior year.

Economic context

Average Electricity Costs in Dallas-Fort Worth in 2004

In 2004, the average electricity price rose slightly to $0.10 per kilowatt-hour, up from $0.09 the previous year. At this level, electricity costs remained relatively stable, offering homeowners and investors a sense of predictability. This steady pricing likely enabled households to budget energy expenses more consistently, allowing them to focus on prioritizing real estate investments with greater confidence.

Average Price for Regular Gasoline in Texas in 2004

Gasoline prices averaged $1.73 per gallon in 2004. This relatively low cost of fuel provided affordable transportation options for homebuyers. With manageable travel expenses, buyers might have been more willing to explore suburban or even rural areas where homes were more affordable. Accessible gas prices could play an indirect role in boosting regional housing markets.

Average 30-Year Fixed Mortgage Rate in 2004

The 30-year fixed mortgage rate settled at 5.88% in 2004. This moderate interest rate made it possible for many homebuyers to purchase homes without facing overly steep monthly payments. A balanced mortgage rate like this encouraged first-time homebuyers to enter the market. It’s vital for homebuyers to get pre-approved for a mortgage by connecting with a local mortgage loan originator to ensure they are aware of how much home they can truly afford.

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Summary of Real Estate Market Analysis for Lucas, TX in 2004

The 2004 real estate market in Lucas, TX showcased a harmonious balance of diversity and opportunity. With a broader price range and a mix of compact, affordable homes and expansive luxury estates, it successfully catered to the needs of a wide spectrum of buyers.

From entry-level properties to high-end homes like the $900,000 estate with its vast acreage, the market emphasized accessibility and exclusivity. Despite slightly longer days on the market, buyer interest remained strong, supported by favorable mortgage rates. The market’s performance demonstrated resilience and growth, reinforcing Lucas’s position as a vibrant and attractive location for homebuyers and investors alike.

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