The 2007 real estate market in Lucas, TX showcased resilience and growth, balancing affordability, luxury, and efficiency. With 71 homes sold, the year highlighted a market dynamic characterized by a steady pace, increasing property values, and broad buyer interest across diverse segments. Despite economic fluctuations, the market maintained its appeal with strategic pricing and high-quality offerings.

Total Homes Closed

A total of 71 homes closed during 2007, slightly fewer than the prior year but indicative of continued buyer activity. A notable 24 homes featured pools, underscoring the ongoing popularity of lifestyle-oriented amenities. Meanwhile, 8 newly constructed homes entered the market, reflecting a decline in new developments compared to the prior year.

Property Pricing Insights

The property prices in 2007 reflected both affordability and luxury, with clear growth in overall value:

• Minimum Price: $96,900
• Maximum Price: $989,000
• Average Price: $412,511
• Median Price: $364,000

The increased maximum price and rising average price signaled a growing interest in upscale homes, while the low minimum price allowed entry-level opportunities for buyers.

Property Size and Features

The 2007 market offered a range of configurations:

• Bedrooms: Most homes included 3 to 7 bedrooms, with an average of 4 bedrooms.
• Bathrooms: Properties had between 2 and 6 bathrooms, averaging 4 bathrooms.
• Square Footage: Homes varied in size from 1,380 sq. ft. to 6,823 sq. ft., with an average of 3,224 sq. ft..
• Lot Sizes: Lot areas ranged from 0 acres to 7.350 acres, with an average of 1.992 acres, appealing to buyers seeking either compact or expansive homes.

Market Dynamics

Market efficiency improved in 2007, with homes selling faster and more competitively:

• Days on Market (DOM): The average DOM was 72 days, down from 85 days in 2006, indicating quicker sales.
• ClsPr/LstPr Ratio: Homes closed at 96.89% of their listed price, showing limited negotiation leeway.
• ClsPr/OLP Ratio: The average ClsPr/OLP was 95.90%, reflecting stable market conditions.
• Price per Square Foot: The average price per sq. ft. rose to $120.87, signaling added value for properties.

Economic context

Average Electricity Costs in Dallas-Fort Worth in 2007

Electricity prices held steady at $0.13 per kilowatt-hour in 2007, unmoved from the prior year. Stability in this area likely eased financial stress for households already grappling with rising costs in other sectors, such as fuel and mortgage rates. A flat rate provided predictability for budgeting utility expenses.

Average Price for Regular Gasoline in Texas in 2007

Gas prices inched up to $2.66 per gallon in 2007, compared to the $2.47 recorded in 2006. This continued upward trend likely heightened the appeal of homes closer to urban centers or near public transportation, where travel expenses could be kept under control. homebuyers may have increasingly evaluated fuel efficiency in their decision-making processes.

Average 30-Year Fixed Mortgage Rate in 2007

The average 30-year fixed mortgage rate slightly dipped to 6.40% from 6.47% in 2006. Despite the minor decrease, rates remained elevated and continued to weigh on affordability. Obtaining pre-approval from a local mortgage loan originator became a critical step for homebuyers aiming to strengthen their purchasing power amid fluctuating rates.

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Summary of Real Estate Market Analysis for Lucas, TX in 2007

The 2007 real estate market in Lucas, TX, demonstrated remarkable versatility, maintaining a balance between affordability and luxury while achieving robust sales efficiency. With diverse offerings ranging from entry-level homes to expansive luxury estates, the market catered to a wide demographic of buyers. Rising property values, coupled with faster sales cycles, highlighted strong demand and strategic pricing efforts.

Despite a dip in new construction homes, the sustained popularity of pool-equipped properties and high-end sales reinforced buyer confidence in the market’s offerings. The slightly reduced mortgage rates added a layer of accessibility, ensuring that Lucas, TX, continued to appeal as both a residential haven and an investment opportunity.

Overall, 2007 marked a year of growth, stability, and opportunity for the Lucas, TX, real estate market, securing its position as a dynamic and thriving marketplace.

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