The 2005 real estate market in Lucas, TX demonstrated increased activity and evolving dynamics. With 75 homes closed, the market reflected solid demand across different price ranges. While luxury homes continued to appeal to buyers, affordability and faster sales turnover marked key highlights for the year. Despite slight increases in mortgage rates, market engagement remained strong, maintaining the city’s growth trajectory.

Total Homes Closed

A total of 75 homes were successfully sold in 2005, further showcasing the market’s activity growth from the previous year. Among these properties, 22 homes included pools, catering to buyers seeking lifestyle enhancements such as leisure and relaxation. Additionally, 12 homes were new builds, offering contemporary features, although this number was lower compared to prior years.

Property Pricing Insights

• Minimum Price: $49,000
• Maximum Price: $865,000
• Average Price: $367,707
• Median Price: $335,500

The pricing trends highlighted a broad market appeal, with affordability emphasized at entry-level tiers and luxury homes setting the high end of the market spectrum.

Property Size and Features

The homes sold in 2005 reflected diverse property offerings across size and configuration brackets.

• Bedrooms: Properties offered between 3 and 6 bedrooms, averaging 4 bedrooms.
• Bathrooms: Homes included 2 to 6 bathrooms, with an average of 3 baths.
• Square Footage: Homes varied significantly, ranging from a compact 1,900 sq. ft. to a massive 8,260 sq. ft., with an average of 3,273 sq. ft.
• Lot Sizes: Property lots ranged between 0.5 acres and 16.46 acres, with an average lot size of 2.291 acres, catering to both manageable suburban living and spacious outdoor preferences.

Market Dynamics

• Days on Market (DOM): Properties averaged 91 days on the market, significantly dropping from 138 days in 2004, pointing to faster turnover and higher market responsiveness.
• ClsPr/LstPr Ratio: Properties closed at 96.46% of their listing price, indicating limited room for negotiation and a competitive buying environment.
• ClsPr/OLP Ratio: Closing prices averaged 94.51% of the original listing price, reflecting some pricing adjustments yet maintaining solid value.
• Price per Square Foot: The average price per sq. ft. stood at $106.15, reflecting moderate pricing on usable space.

Economic context

Average Electricity Costs in Dallas-Fort Worth in 2005

Electricity prices rose to $0.11 per kilowatt-hour in 2005, a modest increase from 2004’s $0.10. The increase in energy costs could have slightly stretched household budgets, leaving less disposable income for home improvement projects or even down payments. This minor uptick serves as a reminder of how utility prices indirectly shape household affordability.

Average Price for Regular Gasoline in Texas in 2005

The average gas price jumped to $2.18 per gallon, compared to $1.73 in 2004. This significant rise likely affected commuting costs for potential homebuyers, especially those considering homes farther from urban centers. Higher gas prices may have shifted demand toward properties closer to metropolitan job hubs, where transportation costs were comparatively lower.

Average 30-Year Fixed Mortgage Rate in 2005

Mortgage rates edged slightly higher to 5.93% in 2005 from 5.88% in 2004. While this minor increase did not drastically alter affordability, it emphasized the need for homebuyers to act swiftly on favorable properties. To streamline the buying process, it’s crucial for prospective homeowners to secure pre-approval with a local mortgage loan originator, ensuring they can compete in a competitive market.

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Summary of Real Estate Market Analysis for Lucas, TX in 2005

The 2005 real estate market in Lucas, TX demonstrated a remarkable balance of diversity, efficiency, and opportunity. With a wide range of pricing options and property features, the market catered to buyers across all demographics—from entry-level purchasers to high-end luxury seekers.

Faster sales turnover, driven by reduced average Days on the Market and competitive price-to-list ratios, underscored the market’s dynamic and responsive nature. While luxury properties like the $865,000 estate highlighted exclusivity, the presence of affordable homes widened accessibility for a broader audience.

Despite a slight rise in mortgage rates, buyer interest remained robust, consolidating Lucas’s position as an attractive hub for real estate activity in 2005. This thriving market reflects a healthy balance between affordability and prestige, paving the way for continued growth and appeal.

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