The year 2007 marked an engaging period for the real estate market in Blue Ridge, TX. The market showcased varied pricing, diverse property sizes, and fluctuating market dynamics. This analysis presents key insights into the year’s real estate performance, highlighting major trends and takeaways.
Key Takeaways and Trends from Blue Ridge’s 2007 Real Estate Market
Pricing Range: From $35,000 to $359,000, pricing displayed increased opportunities for both entry-level buyers and premium purchasers.
Market Efficiency: The average DOM increased to 121 days in 2007 from 80 days in 2006, suggesting a slower pace in the market despite higher sales prices.
Unique Outliers: Properties with expansive lot sizes (up to 25 acres) and large square footage (up to 3,935 sq. ft.) represented unique opportunities, appealing to niche audiences.
Total Homes Closed
A total of 23 homes were closed in Blue Ridge, TX in 2007, slightly fewer than in 2006 (24 homes), underscoring a stable yet slightly decelerated market activity.
Property Pricing Insights
The property pricing data for 2007 reflected a robust market with a significant range in close prices:
- Minimum Close Price: $35,000
- Maximum Close Price: $359,000
- Average Close Price: $122,813
- Median Close Price: $109,000
The market demonstrated a rise in both minimum and maximum price points compared to 2006, indicating increased activity in both the entry-level and high-end segments.
Property Size and Features
The diversity in property features highlighted the market’s range of offerings:
- Bedrooms: Ranged between 2 and 4, with an average of 3 bedrooms.
- Bathrooms: Varied from 1 to 4, averaging 2 full baths.
- Square Footage: The smallest property measured 912 sq. ft., while the largest spanned 3,935 sq. ft. The average property size was 1,719 sq. ft., showing an increase from the previous year.
This diversity reflects the market’s capacity to cater to buyers seeking both smaller, budget-friendly homes and spacious, luxurious properties.
Market Dynamics
Analyzing market performance metrics reveals trends in buyer behavior and time-to-sale:
- Days on Market (DOM): Homes spent between 2 and 318 days on the market, with an average of 121 days.
- ClsPr/LstPr (Close Price to List Price Ratio): Averaged 97.90%, reflecting strong alignment between list and close prices.
- ClsPr/OLP (Close Price to Original List Price Ratio): Averaged 92.46%, suggesting flexibility in pricing negotiations.
- Price Per Square Foot (Pr$/SqFt): Averaged $72.47, a notable increase from 2006’s $59.23.
Homebuyers appeared slightly more willing to meet seller expectations, with improved ClsPr/LstPr ratios, while listing durations indicated more negotiation and inventory movement.
Insights into the Most Expensive Blue Ridge, TX Property Sold in 2007
The most expensive property sold in 2007 stood out as an impressive example of the market’s high-end offerings:
Beds: 4
Baths: 4 (3 full, 1 half)
Square Footage: 3,935 sq. ft.
Lot Size: 18.000 acres
Close Price: $359,000
Price per SqFt: $91.23
DOM: 56 days
ClsPr/LstPr: 100.00%
ClsPr/OLP: 100.00%
Year Built: 2002
This property emphasized the appeal of spacious, modern homes with premium features, as it sold quickly at full listed price!
Economic context
The economic environment in Blue Ridge, TX during 2006 exhibited notable shifts that influenced the local real estate market.
Average Electricity Costs in Dallas-Fort Worth in 2007
The average electricity cost for homeowners in 2007 was $0.13 per kilowatt hour, reflecting a consistent and manageable utility expense for most households. For property owners, this rate played a critical role in budgeting monthly expenses, especially for homes with larger square footage or energy-intensive systems.
Texas Average Gas Prices in 2007
The average gas price in 2007 was $2.66 per gallon, reflecting moderate fuel costs that directly impacted homeowners’ commuting and overall living budgets. For families residing further from urban centers, fuel expenses played a significant role in monthly financial planning, especially in areas where public transportation was limited. For property seekers, proximity to workplaces or amenities became increasingly important, as gas prices could influence long-term commuting costs and savings.
Average 30-Year Fixed Mortgage Rate in 2007
The average 30-year fixed mortgage rate in 2007 stood at 6.40%, presenting a moderate interest environment for homebuyers. This rate significantly influenced affordability, with monthly payments directly tied to long-term budgets for families and individual buyers alike. For many, securing a favorable mortgage rate was key to maximizing purchasing power and achieving long-term financial goals
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Summary of Differences Between 2006 and 2007 Real Estate Data for Blue Ridge, TX
Comparing the real estate market data for Blue Ridge, TX from 2006 to 2007 reveals important shifts and trends:
Property Pricing Insights
The minimum close price rose from $27,500 in 2006 to $35,000 in 2007, pointing to an increase in the baseline property values.
The maximum close price climbed from $326,000 in 2006 to $359,000 in 2007, indicating a higher top-end market.
The average close price increased significantly from $99,380 in 2006 to $122,813 in 2007, reflecting a stronger overall market.
The median close price also rose from $80,500 in 2006 to $109,000 in 2007, further confirming a general pricing uptick.
Property Size and Features
While the bedroom range stayed consistent at 2-4, the bathroom maximum grew from 3 to 4, accommodating more luxurious layouts.
The minimum square footage dropped from 960 sq. ft. in 2006 to 912 sq. ft. in 2007, signaling slightly smaller lower-end homes.
The maximum square footage increased from 2,564 sq. ft. in 2006 to 3,935 sq. ft. in 2007, reflecting larger high-end properties.
Average square footage grew from 1,644 sq. ft. to 1,719 sq. ft., showcasing a shift towards larger homes overall.
Market Dynamics
A longer average DOM in 2007 (121 days) compared to 80 days in 2006 indicates slower-moving inventory. However, DOM ranged more widely in 2007 (2-318 days compared to 4-241 days in 2006).
The average price per square foot (Pr$/SqFt) increased substantially, from $59.23 in 2006 to $72.47 in 2007, reflecting higher buyer investments.
ClsPr/LstPr rose slightly from 96.59% in 2006 to 97.90% in 2007, showing more willingness from buyers to meet sellers’ listed prices.
ClsPr/OLP dipped from 93.98% in 2006 to 92.46% in 2007, suggesting sellers continued to accept lower initial offers but maintained stronger list-to-close ratios.
Lot Size and Year Built
The maximum lot size expanded from 16.000 acres in 2006 to 25.000 acres in 2007, providing buyers more expansive options.
The minimum year built decreased from 1935 in 2006 to 1910 in 2007, reflecting potentially older inventory entering the market.
The maximum year built advanced from 2005 to 2007, indicating ongoing new construction.
The average year built dipped slightly from 1987 to 1983, hinting at a larger proportion of older properties in the 2007 market.
Overall, the 2007 market displayed higher property prices, larger homes, and greater diversity in lot sizes, at the cost of a longer sales cycle. The trends emphasize a shift towards both higher-end and more diverse market offerings to match an evolving buyer demographic.
Summary of Real Estate Market Analysis for Blue Ridge, TX in 2007
The 2007 real estate market in Blue Ridge, TX showcased a blend of growth, diversity, and evolving buyer and seller dynamics. With a wider pricing range, larger homes, and an increase in property values, the market highlighted opportunities for homebuyers seeking both entry-level affordability and high-end luxury. Sellers enjoyed higher alignment with list prices, although properties took slightly longer to sell on average. Economic factors, such as moderate interest rates and stable utility costs, provided a supportive environment for homeownership.
Overall, the market exemplified resilience and adaptability, offering a wealth of opportunities for both buyers and sellers. From expansive estates to budget-friendly homes, Blue Ridge’s real estate landscape in 2007 catered to a broad and varied audience, ensuring a balanced yet competitive marketplace.
Why Statistics Data is Important
Understanding past market data is essential for making informed decisions in today’s real estate landscape. Historical statistics provide a foundational perspective on trends, aiding in fair pricing and negotiation.
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Discover Yearly Real Estate Market Trends for Blue Ridge, TX
Blue Ridge, TX Real Estate Market in 2003
Blue Ridge, TX Real Estate Market in 2004
Blue Ridge, TX Real Estate Market in 2005
Blue Ridge, TX Real Estate Market in 2006
Blue Ridge, TX Real Estate Market in 2007
Blue Ridge, TX Real Estate Market in 2008
Blue Ridge, TX Real Estate Market in 2009
Blue Ridge, TX Real Estate Market in 2010
Blue Ridge, TX Real Estate Market in 2011
Blue Ridge, TX Real Estate Market in 2012
Blue Ridge, TX Real Estate Market in 2013
Blue Ridge, TX Real Estate Market in 2014
Blue Ridge, TX Real Estate Market in 2015
Blue Ridge, TX Real Estate Market in 2016
Blue Ridge, TX Real Estate Market in 2017
Blue Ridge, TX Real Estate Market in 2018
Blue Ridge, TX Real Estate Market in 2019
Blue Ridge, TX Real Estate Market in 2020
Blue Ridge, TX Real Estate Market in 2021
Blue Ridge, TX Real Estate Market in 2022
Blue Ridge, TX Real Estate Market in 2023
Blue Ridge, TX Real Estate Market in 2024
This market analysis is intended solely for educational purposes. This market analysis is based on data sourced from NTREIS, Inc. This analysis is exclusively focused on single-family homes and does not account for other property types. The total number of real estate transactions within the specified period and location may vary. This market analysis does not account for all new construction home sales. If you need detailed information about recorded property sales or other public records, please contact the appropriate city or county office.