The 2013 real estate market in Prosper, Texas witnessed remarkable growth and activity. With 519 single-family homes sold, this year marked increased buyer engagement and larger inventory availability. From dynamic price ranges to outstanding market efficiency and high-value luxury properties, this analysis captures the key insights that shaped the market landscape in 2013.

Total Homes Closed

The year ended with the successful closure of 519 single-family homes, a substantial 37% increase in sales over 2012. Among these sales, buyers showed a strong affinity for the 221 new construction homes, while 72 homes featured private pools, highlighting desirable amenities.

Property Pricing Insights

• Minimum Price: $85,000
• Maximum Price: $1,900,000
• Average Price: $370,029
• Median Price: $355,000

The higher maximum price and average price both showcase increased demand across all price levels.

Property Size and Features

• Bedrooms: Homes ranged between 2 and 6 bedrooms, with an average of 4 bedrooms.
• Bathrooms: Properties featured 1 to 8 bathrooms, while the average home included 4 bathrooms.
• Square Footage: Total living areas ranged between 882 sq. ft to an expansive 9,451 sq. ft., with the median size being 3,541 sq. ft.
• Lot Sizes: Properties ranged from compact city lots to a vast 10-acre wooded estate.

Market Dynamics

• Days on Market (DOM) averaged only 67 days, representing a significant improvement in sales speed compared to 87 days in 2012.
• ClsPr/LstPr ratio rose to 98.46%, reflecting improved alignment between listing and closing prices.
• ClsPr/OLP ratio increased to 97.45%, indicating accurate initial pricing strategies.
• Average Price per SqFt climbed to $105.25, showcasing an appreciation in property value.

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 Prosper, TX in 2013

The 2013 real estate market in Prosper, Texas demonstrated substantial growth and resilience, driven by higher sales volumes, rising prices, and faster transactions. With 519 homes sold, an increase of 37% from the previous year, the market was vibrant and efficient. Buyers benefited from diverse options ranging from modest starter homes to luxurious estates, while sellers enjoyed strong demand and competitive pricing.

Homebuyers’ Perspective

The increased inventory in 2013 provided homebuyers with a mix of opportunities and challenges. The market offered a wider range of properties, with new construction homes and luxury options becoming more available. However, the rise in average home prices to $370,029 meant buyers needed to act decisively, especially with homes spending an average of just 67 days on the market.

While mortgage rates increased slightly to 4.16%, the market’s competitiveness and varied inventory ensured buyers could still find properties suited to their needs. Whether seeking starter homes or expansive estates, buyers benefited from a dynamic market ready to accommodate a variety of preferences. Strategic planning and the guidance of an experienced realtor could make the process smoother and help secure the best opportunities.

Home-Sellers’ Perspective

For home sellers, 2013 was a golden year to put properties on the market. With demand at a peak and homes selling faster than in 2012, sellers had the upper hand. The improved close price to listing price ratio of 98.46% reflected the accurate pricing strategies being employed, while the uptick in property value, as seen in the average price per square foot of $105.25, favored seller returns.

The luxury market also soared, with properties like the record-breaking $1.9 million estate showcasing the appetite for premium homes. Sellers who leveraged this demand and effectively highlighted their property features were able to capitalize on the year’s market trends. Engaging a realtor with a deep understanding of the local market could further amplify these advantages, ensuring properties received maximum exposure and competitive offers.

Final Thoughts

Overall, 2013 in Prosper, TX was a year of opportunity for both buyers and sellers. With careful planning, an informed approach, and expert guidance, participants in the market were well-positioned to achieve their real estate goals.

The Importance of Statistical Data in Prosper, Texas Real Estate Market

Did you know that Appraisers and Realtors rely on historical statistical data to determine a property’s current value?

The data above is just the beginning. This glimpse into the Prosper, Texas real estate market outlines trends but doesn’t capture the full picture. To truly understand the city’s housing market, you’ll need specific insights like zip code analyses, neighborhood breakdowns, and school-district-focused data. Historical trends and comprehensive analyses arm both homebuyers and home sellers with the tools they need to make decisions confidently.

The insights on this page represent just a small part of the comprehensive real estate services I provide to my clients. Whether you’re a buyer aiming to find your dream home or a seller looking to maximize your property’s value, I provide data-backed strategies tailored to your goals.

Reach out today—I’d love to help you achieve success in Prosper’s vibrant housing market!

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