The 2011 real estate market in Lucas, Texas showed significant improvement in buyer activity, delivering an increase in property transactions and a stronger market balance. With 93 homes sold, the year marked a rebound from prior levels of activity. Bolstered by increased builder confidence, demand for leisure-oriented properties, and favorable mortgage rates, the market presented diverse options for buyers, ranging from affordable homes to ultra-luxury estates.

Total Homes Closed

A total of 93 homes closed in 2011, highlighting a surge in market activity compared to 2010. Of these, 27 featured pools, indicating higher demand for leisure-enhancing properties. Additionally, 25 newly constructed homes catered to buyers seeking modern amenities, reflecting a rise in builder confidence.

Property Pricing Insights

Property pricing in 2011 showed a balanced market catering to a range of budgets:

• Minimum Price: $135,000 (a slight decrease from 2010).
• Maximum Price: $1,000,000 (a sharp increase compared to 2010’s top price of $765,000).
• Average Price: $432,717 (maintaining similar levels to 2010).
• Median Price: $435,000 (a modest increase from $427,750 in 2010).

The consistent average and median prices underline steady demand and confidence in property value.

Property Size and Features

The 2011 market showcased variety in property size and features, appealing to a broad spectrum of buyers:

• Bedrooms: Properties ranged from 2 to 6 bedrooms, averaging 4 bedrooms.
• Bathrooms: Homes featured 2 to 7 bathrooms, with an average of 4 bathrooms.
• Square Footage: Sizes ranged from 1,174 sq. ft. to 6,518 sq. ft., with an average size of 3,770 sq. ft., reflecting buyer interest in spacious living spaces.
• Lot Sizes: Ranged from 0.34 acres to 7 acres, averaging 1.877 acres, accommodating buyers seeking larger lots and outdoor spaces.

Market Dynamics

The 2011 market demonstrated improved efficiency and stronger alignment between listing and closing prices:

• Days on Market (DOM): Average DOM dropped to 96 days, compared to 114 days in 2010, indicating faster sales. The median DOM further improved, falling to 67 days from 74 days in the prior year.
• ClsPr/LstPr Ratio: Sellers achieved 97.11% of listing prices, up from 96.30% in 2010, showcasing enhanced pricing accuracy.
• ClsPr/OLP Ratio: Original listing prices were met 94.67% of the time, reflecting improved seller expectations and buyer price alignment.
• Average Price per Square Foot: Declined slightly to $113.83, from $115.94 in 2010, pointing to market stabilization with increased property supply.

Economic context

Average Electricity Costs in Dallas-Fort Worth in 2011

Electricity prices dipped again to $0.11 per kilowatt-hour in 2011, down from $0.12 in 2010. This slight drop continued to help households manage their budgets with more flexibility for discretionary spending or home-related investments. The lower cost of utilities could boost the appeal of larger homes that might otherwise consume more electricity.

Average Price for Regular Gasoline in Texas in 2011

Gas prices rose noticeably to $3.37 per gallon in 2011, up from $2.64 in 2010. The steep increase likely caused homebuyers to favor properties closer to work or transit hubs. homebuyers in suburban or rural areas likely faced greater challenges due to higher commuting costs.

Average 30-Year Fixed Mortgage Rate in 2011

Mortgage rates dropped further to 4.65% in 2011 from 4.86% in the prior year. This ongoing trend of declining rates supported affordability and encouraged activity among homebuyers. First-time buyers were reminded to get pre-approved through local mortgage loan originators to better understand their purchasing power.

Curious about today’s mortgage rates and the home you can comfortably afford?

Submit a no-obligation mortgage application today and get pre-approved to determine your budget and take the first step toward homeownership with confidence.

Summary of Real Estate Market Analysis for Lucas, TX in 2011

The 2011 real estate market in Lucas, Texas showcased strong recovery and adaptability, combining increased sales, diverse property options, and efficient pricing. With transactions surging to 93 closed sales, the year emphasized the market’s ability to cater to a broad buyer spectrum, from affordable entry-level homes to ultra-luxury estates.

The return of high-end sales, renewed focus on leisure properties like pool homes, and a rise in new constructions highlighted the market’s evolving dynamics and buyer confidence. Shortened sales timelines and higher close-to-list price ratios underscored greater efficiency and alignment between buyers and sellers. Supported by historically low mortgage rates, Lucas’s 2011 market not only rebounded but set the stage for sustainable growth and continued appeal for future markets.

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.

It’s All About You and Your Real Estate Goals!

My mission is to serve you! With my knowledge and expertise, I’m here to help you achieve all your real estate goals!
I’m passionate about helping buyers and sellers navigate the exciting real estate landscape in Lucas, Texas! Whether you’re searching for your dream home, exploring land options, or looking for commercial properties, my Real Estate Services have you covered.

Contact me today for all your real estate needs in Lucas, Texas! Call/text 214-940-8149

A Comprehensive Analysis of Single-Family Residential Housing Market in Lucas, TX: 2003 to Present