Supply and Demand Date for Lovejoy ISD and Heritage Ranch
Educated buyers and sellers are fundamental to an efficient market and to your own sanity if you happen to be a party to a transaction. This report will be published quarterly with the purpose of providing general information to educate you on that state of the real estate market in the Lovejoy ISD and Heritage Ranch areas based on existing home sales.
Lovejoy ISD is broken down into three segments by elementary school (Hart, Lovejoy, Puster) and by the active adult community, Heritage Ranch. We do recommend that you not apply this data to any specific property analysis and ask that you contact an associate at Owens Realtors to analyze specific properties before considering decisions. In addition we are providing a district wide summary for Lovejoy ISD to give a broader view of the Lovejoy ISD market.
Generally speaking, real estate economists consider a 6 month supply to be price neutral (no appreciation or depreciation). While we do not disagree with the theory on a state or area specific analysis, we do believe the 6 month number is not accurate when you drill down into smaller areas where there are fewer numbers of homes to consider in the evaluation. This report examines 4 smaller areas individually and we consider each one to be stable and increasing in value regardless of the month's supply statistic's.
Lovejoy ISD Summary (Excluding Heritage Ranch)
Supply and Demand are currently not in balance in the Lovejoy District with currently more demand than supply to offset it. The demand for housing in the Lovejoy District continues to be strong as it is supported by families and the desire to provide an excellent education program for their children. Absorption of Lovejoy ISD homes YTD is 14.1 homes per month being sold and closed with a current inventory available for sale totaling 80 homes. Month Supply is 5.71 district wide (excluding Heritage Ranch)
Lovejoy ISD: Hart Elementary Area
Average home sale prices in Hart Elementary Area YTD is $495,284. The largest concentration of sold homes by subdivision was in Seis Lagos (4) and Estates At Austin Trail (3). There are currently 21 homes listed for sale in the Hart footprint at an average price of $598,813. Currently month's supply for Hart is 4.06.
Lovejoy ISD: Lovejoy Elementary
Average home sale prices in Lovejoy Elementary Area YTD is $500,358. The largest concentration of sold homes by subdivision was in Stacy Ridge (9) and Country Brook Estates (3). There are currently 24 homes listed for sale in the Lovejoy footprint at an average price of $576,616. Currently month's supply for Lovejoy is 5.76.
Lovejoy ISD: Puster Elementary
Average home sale prices in Puster Elementary Area YTD is $640,747. The largest concentration of sold homes by subdivision was in Bridlegate (5) and Serenity (4). There are currently 35 homes listed for sale in the Puster footprint at an average price of $970,745. Currently month's supply for Lovejoy is 7.49.
Average home sale prices in the Heritage Ranch community/subdivision YTD is $328,880. There are currently 8 homes listed for sale in MLS at an average price of $325,400. Current month's supply in Heritage Ranch is 2.4.
Lovejoy ISD: New Construction
The Lovejoy ISD areas continues to build out new homes as the demand for families seeking housing in the exemplary Lovejoy District continues to be the driver. Currently there are new homes under construction and subdivisions being developed in the footprint of each elementary and several sizeable projects in the planning and engineering phases currently.
Summary: Lovejoy ISD and Heritage Ranch
The outlook for the balance of 2014 continues to be strong for housing demand in the Lovejoy District and Heritage Ranch. With new lots continuing to hit the ground in 2014 we expect current levels of existing home inventory to continue at our near the 6 month range thru the end of the calendar year and into 2015.
We recommend you work with a realtor to make a decision or plan for the purchase or sale of any residential or commercial home or land. Our team at Owens Realtors can help you make the decision on the right home in the right community or elementary. The owner and each agent are residents of the Lovejoy community and are involved with both the school district, local churches and other organizations in the community. We hope you find this information educational and would welcome the opportunity to work with you.
Owens Realtors, LLC is licensed real estate brokerage firm in the state of Texas located at 313 S. Jupiter, Suite 105, Allen, Texas with agents serving the Lovejoy, Lucas, Fairview, Allen, Plano, McKinney, Frisco, Prosper and the DFW Metro Area. We can be reached via the internet at www.owensrealtors.com (formerly www.or-realty.net) or by contacting our office at 214-801-9190.