The Princeton, Texas real estate market in 2011 experienced notable changes compared to the previous year. This analysis explores 139 closed single-family home sales, providing insights into pricing, property sizes, market efficiency, and standout trends. I’ll further highlight the most expensive property sold and analyze the differences from the 2010 market.

Total Homes Closed

• Total homes closed in 2011 were 139, showcasing slightly lower activity compared to the 176 homes sold in 2010.
• New construction homes: 34 sales highlight a modest decrease in new builds compared to the prior year.
• Homes with pools: Only 1 sale involved a home with a pool, indicating a decline from 7 such properties in 2010.

Property Pricing Insights

The pricing landscape in 2011 revealed a wide range:

• Minimum price: $13,000 — an increase compared to 2010.
• Maximum price: $550,000 — slightly higher than the previous year.
• Average price: $106,426 — reflecting a modest decrease from 2010’s $115,316.
• Median price: $108,000 — slightly lower than last year’s $116,950.

This suggests a slight softening in home prices, with both middle and top-tier pricing showing minor shifts.

Property Size and Features

The range and average for property sizes and features show consistency:

• Bedrooms: Homes had an average of 3 bedrooms, ranging from 2 to 13 bedrooms.
• Bathrooms: The average was 2 full bathrooms, with homes providing a range of 1 to 6 bathrooms.
• Square footage: Properties ranged from 875 sqft to a substantial 6,735 sqft, averaging 1,846 sqft, showing minor growth from 2010.
• Lot Size: The average lot size was 0.748 acres, slightly smaller than last year, with lots extending up to 23.26 acres.

Variation in home size and lot area catered to diverse buyer preferences.

Market Dynamics

Key metrics illustrating market efficiency include:

• Days on Market (DOM): Homes averaged 90 days on market, a noticeable increase from the 74-day average in 2010.
• ClsPr/LstPr Ratio: On average, homes sold at 95.84% of their listing price, slightly dipping from the previous year.
• ClsPr/OLP Ratio: The ratio to the original listing price was 89.99%, indicating more significant price adjustments compared to 2010.
• Price per square foot: Averaged $56.40, reflecting a decline from the $63.87 in 2010.

These figures suggest a slightly less competitive market, with slower sales and lower pricing per square foot.

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 Princeton, TX in 2011

The 2011 real estate market in Princeton, Texas reflected a year of subtle shifts and adjustments, signaling a period of stabilization rather than rapid growth. With a decline in sales volume from 176 homes in 2010 to 139 in 2011, homebuyer activity visibly slowed down. Home values softened slightly, with the average price dropping to $106,426, while the median price settled at $108,000. Despite these decreases, the market continued to showcase diversity, offering options ranging from affordable starter homes priced as low as $13,000 to high-end properties reaching $550,000.

The Importance of Statistical Data in Princeton, 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. By understanding market dynamics, both homebuyers and home-sellers can leverage the conditions to achieve their goals.

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