The 2012 real estate market in Prosper, Texas was a year of notable growth and dynamic trends. Closing with an impressive number of deals and stronger market efficiency, this year set a benchmark in both property diversity and buyer activity. This detailed analysis provides insights into these trends and their relevance in understanding Prosper’s housing market trajectory.

Key Takeaways and Trends from the 2012 Real Estate Market in Prosper, TX

1. Pricing Range
The price spectrum expanded in 2012, with homes ranging from $116,375 to $970,000. The maximum sale price decreased from 2011’s $1,499,000 but still highlights a premium market segment’s presence.

2. Market Efficiency
The market demonstrated efficiency with a slightly higher ClsPr/LstPr ratio of 96.86% and fewer average days on market (87), reflecting enhanced competitiveness across different price tiers.

3. Unique Outliers
The most expensive property stood out with luxury features like a climate-controlled 4-car garage, outdoor living spaces, a pool, spa, and a 50×32 four-stall barn, set on a 6.29-acre lot. This property underscores the appeal of high-end amenities in Prosper.

4. Mortgage Rates Impact
Favorable mortgage rates (3.88%) enhanced buyer affordability, fostering higher sales volume and expanding opportunities for more buyers in the market.

Prosper, TX Real Estate and Homes For Sale - 2012 Single-Family Residential Housing Analysis

Total Homes Closed

A total of 378 residential single-family homes were closed, reflecting a 36% rise from the previous year. Of these, 205 were new construction properties, representing modern build options for homebuyers. Additionally, 55 homes featured pools, catering to lifestyle-focused buyers.

Property Pricing Insights

  • Minimum Price: $116,375
  • Maximum Price: $970,000
  • Average Price: $343,523
  • Median Price: $322,550

Property Size and Features

  • Bedrooms: Properties had between 3 and 6 bedrooms, with an average of 4.
  • Bathrooms: Ranged from 2 to 9, averaging 4 bathrooms.
  • Square Footage: Properties spanned from 1,768 up to 6,295 square feet, with a median size of 3,591 sq. ft.
  • Lot Size: Lot areas ranged from smaller urban parcels to expansive plots of 6.29 acres.

Market Dynamics

  • Days on Market (DOM) averaged 87 days, marking faster sales compared to 2011’s 93 days.
  • ClsPr/LstPr (Close Price to Listing Price): 96.86%, an improvement over 2011.
  • ClsPr/OLP (Close Price to Original Listing Price): 93.72%, reflecting more accurate list pricing from sellers.
  • Average Price per SqFt rose slightly to $96.51, indicating steady demand and value maintenance.

Insights into the Most Expensive Prosper, TX Property Sold in 2012

The most expensive property sold in 2012 showcases luxury living and extensive amenities, contributing significantly to the year’s market dynamics.

  • Price: $970,000
  • Beds: 4
  • Baths: 5 (4 full, 1 half)
  • Square Footage: 5,037 sq. ft.
  • Price per SqFt: $192.57
  • Lot Size: 6.29 acres
  • Days on Market (DOM): 24
  • ClsPr/LstPr Ratio: 97.49%
  • ClsPr/OLP Ratio: 97.49%
  • Year Built: 2002

This property’s quick sale at near-list price illustrates strong demand for premium, amenity-rich homes in Prosper.

Economic context

Historical Economic Data for Dallas-Fort Worth, 2012

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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Overview of Differences Between the 2011 and 2012 Real Estate Markets in Prosper, Texas

Volume of Sales

Sales saw a notable increase, with 378 homes sold in 2012, compared to 279 homes in 2011, indicating a rise in buyer activity and market demand.

Pricing

  • Average Sales Price slightly decreased from $347,939 in 2011 to $343,523 in 2012, reflecting market stability despite overall growth.
  • Minimum Price dropped from $150,000 in 2011 to $116,375 in 2012, offering more entry-level options for buyers.
  • Maximum Price declined from $1.49M in 2011 to $970,000 in 2012, reflecting fewer ultra-luxury transactions.

Market Efficiency

The average days on market (DOM) improved, decreasing from 93 days in 2011 to 87 days in 2012, showcasing a faster-moving market.
The close price to listing price ratio (ClsPr/LstPr) rose slightly from 95.58% in 2011 to 96.86% in 2012, indicating tighter alignment between seller expectations and buyer offers.

Property Features

  • The average home size experienced a small decline, with 3,516 sq. ft. in 2012 compared to 3,659 sq. ft. in 2011, showing a shift toward moderately sized homes.
  • Bedroom and bathroom counts remained consistent at an average of 4 bedrooms and 4 bathrooms.
  • Lot sizes remained steady, averaging around 0.4 acres, balancing space with practicality.

This comparison highlights a maturing market with increased sales activity, improved efficiency, and slightly reduced pricing, catering to a broader range of buyers while maintaining core property features.

Summary of Real Estate Market Analysis for Prosper, TX in 2012

The 2012 real estate market in Prosper, Texas showcased a dynamic and competitive landscape. With a significant increase in sales activity, lower mortgage rates, and a wide array of property options, it was a year marked by growth and opportunity. Both homebuyers and home-sellers faced unique challenges and advantages as market trends influenced decisions and outcomes. Below, we present insights to help each group better understand the opportunities 2012 brought forward.

Homebuyers Perspective

For homebuyers, 2012 offered a promising yet competitive environment. The year boasted historically low mortgage rates of 3.88%, making homeownership more affordable. The broad pricing spectrum, ranging from entry-level homes at $116,375 to luxury estates at $970,000, ensured there were opportunities for a variety of budgets. However, the relatively fast-moving market, with homes spending an average of just 87 days on the market, required buyers to act quickly.

To succeed, buyers needed to leverage expertise and market insights. Partnering with a knowledgeable real estate professional allowed them to identify properties aligning with their needs and budget while navigating competition effectively.

Home Sellers Perspective

For home-sellers, 2012 presented an optimistic market landscape. The increased buyer demand and enhanced close-to-list price ratio of 96.86% signaled a healthy appetite for fairly priced and well-presented properties. Additionally, homes sold faster than in the previous year, with a median of 55 days on the market, showcasing growing efficiency.

Sellers, however, faced challenges in the upper-tier luxury segment, as maximum sales prices experienced a decline. Highlighting unique property attributes, such as pools, acreage, or modern amenities, and strategically pricing their homes were crucial steps to attract buyers in this competitive environment. Those who partnered with a skilled realtor maximized their chances of securing favorable outcomes and shorter sale timelines.

Final Thoughts

Both homebuyers and home-sellers were positioned for success in Prosper’s 2012 market, provided they adapted to these evolving dynamics. A well-informed strategy, guided by local real estate expertise, allowed both parties to seize the opportunities available in the year’s robust and active housing market.

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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Assistance with all your real estate needs in the Dallas-Fort Worth area is just a click or call away. Reach out at 214-940-8149 or connect through the links below.

Oleg Sedletsky REALTOR® and Mortgage Loan Originator in Prosper, TX and Dallas-Fort Worth

Oleg Sedletsky REALTOR® in Prosper, Texas. Call/Text 214.940.8149 

Greetings! I’m Oleg Sedletsky, and I’m excited to introduce myself as your go-to full-time licensed Texas REALTOR® and Mortgage Loan Originator.

I proudly represent JPAR® – Real Estate Brokerage as a REALTOR® and Utopia Mortgage LLC as a Mortgage Loan Originator! My designations and certifications reflect my dedication to helping you achieve your real estate goals in Prosper, TX and other locations in the vibrant Dallas-Fort Worth area!

My commitment to ongoing professional development means I’m always enhancing my skills to serve you better. You can count on me as your trusted expert throughout your real estate journey. Plus, I’m fluent in English, Ukrainian, and Russian and ready to assist you every step of the way!

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I’m passionate about helping homebuyers and home-sellers navigate the exciting real estate landscape in Prosper, Texas! Whether you’re searching for your dream home, exploring land options, or looking for commercial properties, my Real Estate Services have you covered.

Contact me today for all your real estate needs in Prosper, Texas! Call/text 214-940-8149

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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.