In 2010, real estate market in Lucas, Texas underwent a modest contraction, with 68 homes closed. Despite this decline from previous years, the market maintained a steady focus on mid-to-upper-tier properties, appealing to buyers seeking spacious layouts and affordability. While activity from developers and buyers slightly slowed, market efficiency and balanced pricing ensured resilience.

Total Homes Closed

A total of 68 homes closed during 2010, reflecting a decrease in transaction volume compared to 2009. Of these, 19 were new constructed homes, indicating some developer presence, albeit lesser than the prior year. Furthermore, 20 homes included pools, showcasing continued interest in leisure-focused amenities.

Property Pricing Insights

The pricing range in 2010 reflected a market catering to various buyer tiers. Key insights include:

• Minimum Price: $144,000 (slightly lower than 2009).
• Maximum Price: $765,000 (a drop from the $870,000 peak in 2009).
• Average Price: $434,220 (a rise compared to $408,511 in 2009).
• Median Price: $427,750 (a jump from $402,500 in 2009).

The upward shifts in average and median pricing highlighted steady interest in mid-tier and upper-middle-tier homes, despite fewer ultra-luxury transactions.

Property Size and Features

Properties in 2010 offered variety and continued to attract buyers looking for comfort and space:

• Bedrooms: Ranged from 3 to 6 bedrooms, with an average of 4 bedrooms.
• Bathrooms: Spanned 2 to 6, with an average of 4 bathrooms.
• Square Footage: Sizes ranged between 1,626 sq. ft. and 5,910 sq. ft., averaging 3,768 sq. ft., slightly higher than 2009.
• Lot Sizes: Lot areas extended from 0.5 acres to 5.316 acres, with an average of 1.886 acres, signaling a preference for spacious living environments.

Market Dynamics

The year showed some slower activity, but sellers adjusted well to price expectations:

• Average Days on Market (DOM): Homes sold after an average of 114 days, up from 105 days in 2009. However, the median DOM of 74 days indicates faster sales in more competitively priced segments.
• ClsPr/LstPr Ratio: Sellers achieved an average of 96.30% of the listing price, consistent with 2009 performance.
• ClsPr/OLP Ratio: Original listing prices were met 92.83% of the time, signifying slightly less room for negotiation compared to 91.68% in 2009.
• Price per Square Foot: The average rose to $115.94, up from $109.82 in 2009, reflecting slight property value adjustments.

Economic context

Average Electricity Costs in Dallas-Fort Worth in 2010

Electricity costs decreased further to $0.12 per kilowatt-hour in 2010, down from $0.13 in 2009. The drop allowed households to manage monthly budgets a bit more effectively. For real estate, affordability in utility costs could make energy-conscious homes an easier sell, particularly as homebuyers explored long-term cost savings.

Average Price for Regular Gasoline in Texas in 2010

Gasoline prices rebounded slightly, averaging $2.64 per gallon in 2010, compared to $2.21 in 2009. The rise in fuel costs likely pushed many homebuyers to evaluate commute expenses alongside their home budgets. Urban areas and transit-centered communities may have seen increased interest as reliable transport options became a key factor.

Average 30-Year Fixed Mortgage Rate in 2010

Mortgage rates declined further to 4.86% in 2010, offering favorable conditions for potential homebuyers. This drop made monthly payments more manageable and contributed to a gradual recovery in the housing market. Pre-approvals with local mortgage loan originators were essential for homebuyers to confidently pursue homes in competitive markets.

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Summary of Real Estate Market Analysis for Lucas, TX in 2010

The 2010 real estate market in Lucas, Texas reflected a period of adjustment and cautious progression, with a decreased number of transactions but consistent focus on mid-to-upper-tier properties. Despite the slower activity, the market maintained a reputation for diversity and balance, offering spacious layouts, modern features, and various price points to appeal to a wide range of buyers. The continued interest in newly constructed homes and pool properties demonstrated the value placed on quality amenities, while the rise in average and median prices showcased enduring confidence in property values.

With mortgage rates hitting new lows at 4.86%, affordability remained a key driver, supporting market engagement even amid challenges. Lucas’s 2010 market once again underscored its adaptability and potential to thrive in changing conditions, leaving a foundation for sustained growth and opportunity.

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