The 2012 real estate market in Lucas, Texas continued its trajectory of growth, with buyers capitalizing on diverse property options and favorable mortgage rates. A total of 98 homes closed, further confirming the market’s health and increasing buyer confidence. The market also showcased a broader spectrum of available properties, from affordable homes to ultra-luxury estates, catering to a wide range of buyers.

Total Homes Closed

The year saw 98 homes closed, reflecting higher transactional activity compared to the previous year. Among these, 36 homes featured pools, signaling growing demand for leisure-oriented amenities. A total of 15 new construction homes were sold, slightly fewer than the prior year, but still indicative of ongoing interest in modern builds with updated amenities.

Property Pricing Insights

Property pricing in 2012 highlighted strong growth and diversity:

• Minimum Price: $104,000, showing an increased affordability spectrum.
• Maximum Price: $2,000,000, doubling the previous year’s price cap and showcasing a new appetite for high-end luxury estates.
• Average Price: $511,809, reflecting a sharp increase from the prior year’s average, accompanying the rise in premium property transactions.
• Median Price: $492,500, a modest yet consistent rise, indicating demand for mid-tier properties.
• Price per Square Foot (Avg): $125.00, up from $113.83 in 2011, pointing to higher valuations and property upgrades.

Property Size and Features

Lucas’s real estate offerings in 2012 emphasized spacious living and feature-rich homes:

• Bedrooms: Properties ranged from 2 to 7 bedrooms, with an average of 4 bedrooms, maintaining variety.
• Bathrooms: Ranged from 2 to 7, averaging 4 bathrooms, catering to larger households.
• Square Footage: Size varied from 1,152 sq. ft. to 8,700 sq. ft., with an average of 4,010 sq. ft., underscoring demand for generous living spaces.
• Lot Size Area: The largest lots reached 73 acres, a significant jump from the prior year’s maximum of 7 acres, attracting buyers seeking estate-sized properties with vast outdoor potential.

Market Dynamics

Efficiency and negotiation strategies played a key role in the 2012 market, with data reflecting a largely healthy and competitive environment:

• Average Days on Market (DOM): 100 days, slightly higher than the previous year’s 96 days, but still an indicator of steady market activity.
• Median DOM: Homes typically closed within 70 days, maintaining consistency with median closings in 2011.
• ClsPr/LstPr Ratio: Sellers earned 96.63% of listing prices, slightly lower than in 2011, yet indicative of effective pricing strategies.
• ClsPr/OLP Ratio: Original price alignment averaged 93.91%, reflecting minor adjustments in seller expectations during negotiations.
• Price per Square Foot: Averaged $125.00, a step up from 2011, illustrating increased property valuations.

Economic context

Average Electricity Costs in Dallas-Fort Worth in 2012

Electricity prices remained steady at $0.11 per kilowatt-hour in 2012, unchanged from 2011. This stability helped maintain predictability in household budgets, supporting steady investment in real estate. homebuyers could better evaluate prospective homes based on fixed utility costs, encouraging confident decision-making.

Average Price for Regular Gasoline in Texas in 2012

Gas prices rose slightly to $3.42 per gallon in 2012, up from $3.37 in 2011. homebuyers continued to prioritize location and proximity to public transit or work, as elevated gas prices increased commuting expenses. Properties in walkable neighborhoods likely gained more attention during this period.

Average 30-Year Fixed Mortgage Rate in 2012

Mortgage rates dropped significantly to 3.88% in 2012, down from 4.65% the previous year. This marked a historic low that spurred homebuyer activity, particularly for those locking in long-term affordability. Pre-approvals through local mortgage loan originators became an invaluable step in maximizing homebuyer advantages amidst this rate decline.

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Summary of Real Estate Market Analysis for Lucas, TX in 2012

The 2012 real estate market in Lucas, Texas demonstrated robust growth, expanding its reach to cater to diverse buyer needs and preferences. With transactions ranging from entry-level homes to record-breaking luxury estates, the market seamlessly balanced affordability with high-end exclusivity. Increased property sizes, higher valuations, and the inclusion of leisure amenities like pools highlighted Lucas’s adaptability to evolving trends.

Despite slightly extended timelines, competitive pricing strategies and favorable mortgage rates underscored the year’s market efficiency. This convergence of opportunity, variety, and steady performance firmly established Lucas, TX as a dynamic and thriving real estate market poised for sustained growth and appeal.

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