The 2006 real estate market in Lucas, TX experienced steady activity and continual progress in adapting to buyer trends. A total of 74 homes closed, showcasing diverse offerings that appealed to a mix of buyers. Despite a rise in mortgage rates to 6.47%, the market remained resilient, balancing affordability and innovation with competitive pricing and enhanced leisure-oriented properties.

Total Homes Closed

The real estate market recorded 74 closed transactions during 2006. Among these, the demand for recreational features was evident, as 26 homes boasted pools, reflecting heightened buyer interest in leisure amenities. Additionally, 16 homes were newly constructed, demonstrating an ongoing effort to meet the demand for modern design and convenience despite economic pressures.

Property Pricing Insights

Lucas’s real estate market in 2006 exhibited a broad price distribution:

• Minimum Price: $175,000
• Maximum Price: $850,000
• Average Price: $396,010
• Median Price: $349,900

This pricing spectrum highlighted healthy activity across both mid-range and luxury segments. The increase in minimum price and average price from the prior year indicated sustained buyer focus on higher-quality homes.

Property Size and Features

There was tangible diversity in property configurations, serving different buyer needs:

• Bedrooms: Properties featured between 3 and 5 bedrooms, with an average of 4 bedrooms.
• Bathrooms: Homes ranged from 2 to 6 bathrooms, averaging 3.
• Square Footage: Living spaces varied significantly, from 1,380 sq. ft. to 5,614 sq. ft., with an average size of 3,336 sq. ft..
• Lot Sizes: Property lots spanned from 0 acres (in townhomes or compact developments) to 11.877 acres, with an average of 2.159 acres.

Market Dynamics

The market saw improved efficiency alongside pricing stabilization:

• Days on Market (DOM): Homes averaged 85 days on the market, a drop reflecting quicker turnover compared to the prior year.
• ClsPr/LstPr Ratio: Closing prices averaged 96.58% of listing prices, showing limited negotiation room.
• ClsPr/OLP Ratio: Closing prices stood at an average of 95.01% of original listing prices, indicating consistent pricing strategies.
• Price per Square Foot: The average price per sq. ft. reached $116.48, showcasing increased market value for space.

Economic context

Average Electricity Costs in Dallas-Fort Worth in 2006

Electricity prices climbed to $0.13 per kilowatt-hour in 2006, up from $0.11 the previous year. This rise marked a more noticeable spike in energy costs, which may have influenced homebuyers to prioritize energy-efficient homes. Properties with modern insulation or solar panels likely gained appeal as households sought to manage mounting utility bills.

Average Price for Regular Gasoline in Texas in 2006

Gas prices increased again, reaching $2.47 per gallon in 2006, up from $2.18 in 2005. With fuel costs steadily creeping higher, proximity to essential services, public transit, and workplaces became an even more significant factor in the home-buying process. Homebuyers may have placed higher value on walk-friendly neighborhoods or shorter commute times.

Average 30-Year Fixed Mortgage Rate in 2006

Mortgage rates reached 6.47% in 2006, up from 5.93% in 2005. This higher rate tightened affordability and may have dampened market activity, particularly for first-time buyers. Homebuyers were encouraged to work closely with local mortgage loan originators to lock in competitive rates and ensure they understood the financing options available to them.

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Summary of Real Estate Market Analysis for Lucas, TX in 2006

The 2006 real estate market in Lucas, TX, reflected a remarkable balance of diversity and opportunity, catering to a wide spectrum of buyers. With competitive pricing strategies, rising property values, and a stronger focus on lifestyle-oriented features like pools, the market demonstrated resilience in the face of economic shifts, such as higher mortgage rates. The steady increase in average and median prices, along with improved market efficiency, underscored the growing demand for mid-tier and higher-end homes. Additionally, the inclusion of new constructions and expansive luxury estates highlighted Lucas’s ability to provide modernity and exclusivity.

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