The 2013 real estate market in Lucas, Texas demonstrated consistency and efficiency while catering to diverse buyer preferences. A total of 98 homes closed, matching the previous year’s sales volume, reflecting sustained demand. While high-end estate sales declined, the market leaned toward moderately sized and priced properties, with steady demand for leisure-focused features and efficient transaction timelines.

Total Homes Closed

During 2013, 98 homes were closed, maintaining steady transaction levels from 2012. Among these, 39 homes featured pools, continuing to highlight buyer interest in leisure amenities. Meanwhile, the market introduced 14 new construction homes, representing a slight decrease from the preceding year but consistent with the demand for updated, modern living spaces.

Property Pricing Insights

Property prices in 2013 highlighted a stable market overall but with a shift away from ultra-luxury transactions seen in the prior year:

• Minimum Price: $93,410, broadening affordability for entry-level buyers.
• Maximum Price: $949,000, a notable decline from the previous year’s $2,000,000 high.
• Average Price: $505,722, slightly lower than the 2012 average but reflective of sustained mid-range transactions.
• Median Price: $507,000, rising slightly from 2012, showing steady demand for mid-tier homes.
• Price per Square Foot (Avg): $129.91, up from $125.00 in 2012, showcasing increased valuation of smaller properties.

Property Size and Features

The 2013 market prioritized diversity and practicality in its property features:

• Bedrooms: Homes ranged from 2 to 7 bedrooms, averaging 4 bedrooms.
• Bathrooms: Properties offered 2 to 7 bathrooms, with an average of 4 bathrooms.
• Square Footage: Size spanned 1,346 sq. ft. to 7,232 sq. ft., averaging 3,886 sq. ft., slightly smaller than the previous year’s properties.
• Lot Sizes: Lots ranged from 0.34 acres to 14.56 acres, with an average of 2.011 acres, reflecting less focus on estate-sized properties compared to 2012.

Market Dynamics

Efficiency and improved pricing strategies defined Lucas’s real estate market in 2013:

• Average Days on Market (DOM): 77 days, shorter than the prior year, suggesting quicker turnovers.
• Median DOM: Homes frequently closed within 45 days, a significant improvement from the 70 days in 2012.
• ClsPr/LstPr Ratio: Sellers achieved 97.43% of listing prices, an efficiency boost from the 96.63% seen in 2012.
• ClsPr/OLP Ratio: Original listing prices aligned with 96.64% of final sale prices, a refinement in negotiation efficiency.
• Price per Square Foot: At $129.91, this indicated increased valuations and tighter ranges.

Economic context

Average Electricity Costs in Dallas-Fort Worth in 2013

Electricity prices increased to $0.12 per kilowatt-hour in 2013, compared to $0.11 in 2012. This slight rise might have led consumers to reassess their energy usage and consider more energy-efficient homes. Real estate agents likely saw growing interest in properties with features like modern insulation or smart energy systems, which could offset rising utility expenses.

Average Price for Regular Gasoline in Texas in 2013

Gas prices decreased to $3.32 per gallon in 2013, down slightly from $3.42 in 2012. This minor drop helped ease transportation costs for homebuyers. With slightly lower fuel expenses, potential buyers may have been more open to properties in suburban areas, especially if housing prices were more competitive than in urban locations.

Average 30-Year Fixed Mortgage Rate in 2013

Mortgage rates inched up to 4.16% in 2013 from 3.88% in the prior year. While the increase wasn’t drastic, it may have nudged some homebuyers to act sooner rather than later to secure financing. Homebuyers are encouraged to work with local mortgage loan originators to ensure they understand their borrowing capabilities and can lock in competitive rates with ease.

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Summary of Real Estate Market Analysis for Lucas, TX in 2013

The 2013 real estate market in Lucas, Texas reflected a well-balanced and efficiently operating market, marked by consistent sales volume and evolving buyer preferences. Catering to a wide array of demands, the market provided opportunities for entry-level buyers through affordable pricing while also supporting mid-tier transactions with steady median values.

The presence of leisure amenities like pools and the trend toward practical, moderately-sized properties demonstrated the market’s adaptability to shifting priorities. Improving transaction efficiency, coupled with rising price per square foot valuations, further supported a healthy and dynamic market. Lucas’s ability to combine stability with diversity and growing demand underlines its continued appeal and potential for future resilience.

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