The 2009 real estate market in Lucas, TX continued to perform steadily with consistent buyer activity. With 83 homes closed, the market demonstrated healthy interest in a range of properties, from affordable to upscale. Builders remained active as 27 new construction homes entered the market, and 26 homes with pools reflected ongoing demand for leisure-centric features.

Total Homes Closed

A total of 83 homes closed in 2009, marking slightly higher activity than in 2008’s 80 homes. The year also saw an increase in 27 new construction homes, up from 22 the prior year, suggesting developer confidence. Additionally, 26 homes featured pools, meeting the preferences of leisure-focused buyers.

Property Pricing Insights

The pricing spectrum remained diverse, accommodating both entry-level and premium buyers. Key pricing insights include:

• Minimum Price: $150,000
• Maximum Price: $870,000
• Average Price: $408,511
• Median Price: $402,500

While the average and median prices saw slight rises compared to 2008, premium property sales peaked at $870,000, a decrease from the prior year’s top sale of $1,000,000.

Property Size and Features

The properties in 2009 offered a wide variety of layouts and sizes, enhancing their appeal to buyers:

• Bedrooms: Ranging from 3 to 6 bedrooms, with an average of 4 bedrooms.
• Bathrooms: Most homes included 2 to 6 bathrooms, averaging 4 bathrooms.
• Square Footage: Sizes varied between 1,400 sq. ft. and 6,171 sq. ft., with an average of 3,697 sq. ft. and a median of 3,515 sq. ft.
• Lot Size: Lot sizes extended from 0 to 5.270 acres, with an average size of 1.771 acres. Though the variety in lot size was reduced compared to 2008, properties retained appeal for diverse buyer needs.

Market Dynamics

The dynamics of the 2009 market reflected a mix of buyer interest and seller flexibility:

• Days on Market (DOM): Homes sold in an average of 105 days, compared to 124 days in 2008, indicating faster transactions.
• ClsPr/LstPr Ratio: On average, sellers closed at 96.23% of listed prices, slightly lower than 96.91% the previous year.
• ClsPr/OLP Ratio: The original list price ratio stood at 91.68%, showing continued negotiation or price adjustments.
• Price per Square Foot: The average price per square foot dropped slightly to $109.82, reflecting moderate adjustments in property valuations.

Economic context

Average Electricity Costs in Dallas-Fort Worth in 2009

The average electricity price in 2009 dropped to $0.13 per kilowatt-hour, slightly down from $0.14 in 2008. This decrease likely provided a small relief for households, freeing up funds for other expenses or savings. Lower utility costs might have made owning a home more appealing, but the overall economic context also played a major role in influencing housing decisions during this time.

Average Price for Regular Gasoline in Texas in 2009

Gas prices averaged $2.21 per gallon in 2009, a sharp decline from the high $3.12 observed in 2008. This steep drop in fuel costs reduced transportation expenses for homebuyers and renters alike. It may have encouraged homebuyers to consider properties further from urban centers, as commuting became less expensive.

Average 30-Year Fixed Mortgage Rate in 2009

Mortgage rates fell to 5.38% in 2009, down from 6.23% the year prior. This notable decrease in rates played a critical role in keeping the real estate market afloat during a challenging economic period. Homebuyers were strongly advised to secure pre-approval from local mortgage loan originators to confidently make offers and take advantage of favorable rates.

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Summary of Real Estate Market Analysis for Lucas, TX in 2009

The 2009 real estate market in Lucas, Texas reflected a robust blend of stability and growth, catering to a diverse array of buyers. With higher sales volumes, shorter transaction times, and a rising inventory of modern constructions, the market demonstrated resilience and adaptability despite broader economic uncertainties.

Balanced pricing and steady demand for leisure-focused amenities like pool homes ensured appeal across income brackets, while significant reductions in mortgage rates enhanced affordability. Lucas’s ability to offer spacious properties, varied price points, and efficient sales underscored its strength as a vibrant real estate market capable of meeting evolving buyer preferences while maintaining overall market consistency.

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