The 2008 real estate market in Lucas, Texas experienced a notable increase in activity, with 80 homes closed, the most in recent years. This growth reflects strong demand and the market’s ability to adapt to evolving buyer preferences despite global economic uncertainties. The year offered broad diversity, catering to mid-range buyers and high-end luxury investors alike, with a range of property sizes, prices, and amenities.

Total Homes Closed

A total of 80 homes closed in 2008, signaling an upswing in transactions compared to 71 in 2007. Among these were 21 homes with pools, highlighting the sustained popularity of leisure-centered properties. Additionally, 22 new construction homes hit the market, a significant jump from the previous year’s 8, suggesting a revival in builder activity and new inventory.

Property Pricing Insights

The pricing of homes in 2008 demonstrated broad affordability alongside high-end luxury options. Key insights include:

• Minimum Price: $90,000
• Maximum Price: $1,000,000
• Average Price: $404,859
• Median Price: $370,450

The upper limit reflected lateral growth in the luxury segment, while average and median figures showed slight stabilization compared to 2007. However, the market’s value per size decreased slightly, with an average price per square foot of $113.74.

Property Size and Features

The diversity of property features expanded noticeably in 2008, offering options for a wide variety of buyers:

• Bedrooms: Ranged from 2 to 7, with an average of 4 bedrooms.
• Bathrooms: Homes offered between 2 and 6 bathrooms, averaging 4 bathrooms.
• Square Footage: Property sizes spanned from 892 sq. ft. to 5,672 sq. ft., with an average of 3,553 sq. ft. and a median of 3,520 sq. ft.
• Lot Sizes: Lot areas ranged broadly from 0 acres to a striking 33.600 acres, averaging 1.940 acres. Larger lot sizes were highly attractive to buyers seeking space and privacy.

Market Dynamics

The 2008 market was characterized by extended listing periods and pricing stability:

• Days on Market (DOM): Homes sold in an average of 124 days, up from 72 days in 2007. This reflected slower turnover influenced by broader economic tension.
• ClsPr/LstPr Ratio: Sellers closed at 96.91% of listed prices, on par with the previous year, showcasing effective pricing.
• ClsPr/OLP Ratio: This metric fell slightly to 93.49%, revealing moderate pricing adjustments and negotiation margins.
• Price per Square Foot: Average pricing per square foot settled at $113.74, showcasing a slight decline in perceived property value.

Economic context

Average Electricity Costs in Dallas-Fort Worth in 2008

The average electricity price rose marginally to $0.14 per kilowatt-hour in 2008, up from $0.13 in 2007. While this small increase might not have drastically influenced housing decisions, it further emphasized the need for cost-saving measures like energy-efficient appliances and alternative energy sources in residential properties.

Average Price for Regular Gasoline in Texas in 2008

Gas prices surged to $3.12 per gallon in 2008, marking a sharp rise from $2.66 in 2007. Such high gas prices applied significant pressure to household transportation budgets. Homebuyers increasingly weighed commute costs against housing prices, which may have boosted demand for inner-city or transit-friendly properties.

Average 30-Year Fixed Mortgage Rate in 2008

Mortgage rates eased slightly to 6.23% in 2008, down from 6.40% the prior year. This marginal decline helped offset rising fuel and utility costs for homebuyers, although the overall budgetary environment remained tight. Homebuyers were advised to consult local mortgage loan originators to carefully evaluate their borrowing capacity amid changing market conditions.

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Summary of Real Estate Market Analysis for Lucas, TX in 2008

The 2008 real estate market in Lucas, Texas demonstrated resilience and adaptability amidst shifting economic conditions. Maintaining a record 80 homes sold, the market achieved a balance between affordability and luxury, offering diverse options to meet the needs of a wide range of buyers. With a strong focus on modern inventory through 22 new construction homes, alongside an uptick in expansive lot sizes and unique listings, the market showcased an ability to evolve with buyer preferences.

Although longer average sales cycles hinted at cautious decision-making, steady pricing strategies reflected confidence in market values. By balancing affordability, spacious property options, and luxury benchmarks, Lucas’s real estate market of 2008 underscored its versatility and promise for sustained growth.

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