The city of Pilot Point is a small community located approximately 55 miles north of the Dallas/ Fort Worth area. The Pilot Point market has water influence of Lake Ray Roberts with Isle de Bois State Park located nearby. The area has rich sandy soil which is desirable for horse ranches and equine facilities. There are around 300 horse ranches in the area. The city has a population of 3,856 per 2010 Census data.
We have analyzed the market in two different segments. First we analyzed the market for properties located within the city limits of Pilot Point. This is a small market with a limited number of sales. Secondly, we analyzed the Pilot Point ISD which encompasses properties located outside the city limits.
City of Pilot Point:
5 Year Median Sale Price and List Price- Pilot Point
The median sale price for homes located within the city limits of Pilot Point is $112,500 for 2014. This is up from the previous two years. Two items of note , the median sale price was higher than the list price in 2011 but in the past two years the median list price was considerably higher than the median sale price. It is typical for median sale prices to be higher than actual sale prices.
Pilot Point DOM (Days on Market)
The median number of days properties were on the market has declined in 2014 from 133 to 46.
Pilot Point Months of Inventory
The number of months of inventory has fluctuated greatly but this is typical for smaller markets.
Pilot Point Number of Sales
Last year Pilot Point had the highest number of sales at 103. This year is the second highest number of sales in the past five years.
Pilot Point ISD (PPISD)
We have expanded the market analysis to include all sales located within Pilot Point ISD and not just those within the city limits of Pilot Point.
PPISD Median Sale & List Price
The median sale price for 2014 in Pilot Point ISD is $135,000. This is up from the previous year and near the highest median sale price in 2011 of $138,750.
PPISD DOM (Days on Market)
The median number of days properties were on the market has declined from 112 to 77 for 2014.
PPISD Months of Inventory
The months of inventory has been steady with the exception of a few months in 2011 and 2012.
PPISD Number of Sales
When looking at the volume of sales we find that 2013 had the highest number of sales and this year is the second highest number of sales with 144 sales.
The take away: Pilot Point is a small market with a limited data however we can conclude that the number of sales within the past two years has increased. The median sale price for 2014 has also increased over the prior year. The Pilot Point ISD market has a higher median sale price when compared to just the properties located within the city limits of Pilot Point.
All data is from the North Texas Real Estate Information System MLS database. If you have any questions or comments please let us know.
Disclaimer: All information deemed reliable but not guaranteed. The information is meant entirely for educational purposes and casual reading only and is NOT intended for any other use. This information is NOT intended to support an opinion of value for your appraisal needs or any sort of value conclusion for a loan, litigation, tax appeal or other potential real estate or non real estate purpose. If you’d like to obtain additional information or order an appraisal for your specific needs, please contact us at www.dwslaterco.com.