A Look at the Aubrey Market Area
(including Krugerville & Providence Village)
Aubrey is located approximately 5 miles north of Highway 380 and 50 miles north of Dallas and Fort Worth, TX. We recently completed an indepth analysis of the Aubrey Area Market. In this analysis we have looked at all sales located in the Aubrey zip code of 76227. This would include sales located in the city of Aubrey, Krugerville and homes in the new developments along Hwy 380 in Providence Village. The city of Aubrey has a population of 2,595 per US Census 2013, the city of Krugerville has a population of 1,637 per US Census 2013 data and the town of Providence Village has approximately 5,000 per Providence Village data.
We have looked at the median sales price for each year for the past five years. The median sales price of homes in Aubrey has increased since 2011 from $130,690 to $162,000 in 2014. There was a slight decline in 2011 but a 17% increase from 2011 to 2014. Overall the sale prices of homes in the area have appreciated. This is similar to what we have seen for sale price appreciation in all of Denton County.
It is good to not only look at sale price but also volume. When we look at the number of sales that occurred each year, not only has the median sales price increased but the number sales has increased every year since 2010 from 246 to 359. This is a 31% increase in the number of sales from the year 2010 to 2014. Much of this is attributed to the new development that has occurred along Hwy 380.
We have looked at the marketing times for sales in the AubreyArea. The median number of days on the market has decreased from 48 to 30. The shortest marketing times occurred in 2013 with median number of days on the market of 28 days. The marketing times have all been 2 months or less.
*Distressed Sale Activity
When looking at the number of foreclosure sales we see a great decrease in the number of foreclosure sales in 2013 and 2014. We have seen this in all of Denton County as the number of foreclosure sales has experienced significant decline in the past two years. This is a good sign that we have moved out of the effects of the recession.
When analyzing markets we also look at the future and can predict trends based off of active listings. There has been a recent decrease in the number of active listings in the market for the past three months. Markets are seasonal and this market typical has a higher number of sales in the Spring and Summer months. The numbers for January, February, and March are lower than they were a year ago. This could indicate a slow down for 2015.
*Conclusions: The market has been strong with lower numbers of foreclosures, a steady increase in median sales price, and an increase in the number of sales and decreased marketing times. We believe the projected growth for the area to continue appreciating with the influence of the North Dallas Tollway Extension and related growth. The city of Aubrey has recently begun plans for a future downtown area as they prepare for the projected growth. (per Pilot Point Point Signal, March 6th 2015 edition)
*All data is from the North Texas Real Estate Informational Systems Database
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.