2012 real estate market in Princeton, Texas saw a rebound in activity after 2011. This analysis encompasses the sale of 152 residential single-family homes, providing insights on pricing trends, market efficiency, and property features. A standout feature was an increase in pool homes and a stable demand for new construction properties.

Total Homes Closed

• Total homes closed: 152 homes sold in 2012, an increase from the 139 homes sold in 2011.
• New construction homes: 32 new builds, a slight decrease from 34 in the previous year.
• Homes with pools: 7 pool homes sold, reflecting a significant increase compared to just 1 in 2011.

Property Pricing Insights

Property prices in Bobak saw growth in 2012:

• Minimum price: $21,000 (an increase compared to 2011’s minimum of $13,000).
• Maximum price: $399,000 (lower than the previous year’s $550,000).
• Average price: $123,624, marking a rise from 2011’s $106,426.
• Median price: $122,500, noticeably higher than the $108,000 recorded in the prior year.

This upward pricing movement reflects improved market demand and buyer activity.

Property Size and Features

Princeton’s homes in 2012 exhibited diverse features catering to various demographics:

• Bedrooms: Averages stayed steady at 3, with homes ranging from 1 to 6 bedrooms.
• Bathrooms: Properties had an average of 2 full bathrooms, with a range from 1 to 5 bathrooms.
• Square footage: Residences spanned from 768 sqft to 4,118 sqft, with an average size of 1,958 sqft, slightly larger than 2011.
• Lot size: Properties had an average lot size of 0.887 acres, exceeding the 2011 average of 0.748 acres and ranging up to 16.257 acres.

Market Dynamics

Key metrics shaping Princeton’s market dynamics in 2012 include:

• Days on Market (DOM): Homes averaged 69 days on market, demonstrating faster sales compared to 2011’s 90 days.
• ClsPr/LstPr Ratio: Average close-to-list price ratio was 96.95%, reflecting improved seller confidence.
• ClsPr/OLP Ratio: Original listing price ratio climbed to 92.33%, signifying fewer price reductions during sales.
• Average price per sqft: Increased slightly to $63.61, up from $56.40 in 2011.

These figures indicate stronger buyer activity and heightened competitiveness in the market.

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 Princeton, TX in 2012

The 2012 Princeton, TX real estate market revealed foundations of recovery and growth, with pricing stability and increased activity indicating buyer optimism. Inventory reflected a mix of modern builds and spacious homes, meeting varied demands. Faster turnover and stronger price negotiations underscored market confidence. If these trends hold, 2013 could continue this positive trajectory.

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