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Pilot Point Market Analysis

June 18, 2015

 

This week I had the pleasure of speaking at the Lake Ray Roberts Rotary Club meeting.  The Rotary Club serves the Pilot Point and Aubrey area around Lake Ray Roberts.  I spoke about real estate appraisals, what they are and what they are not. I then presented a local market analysis for Pilot Point, TX and I thought I would share here as well. 

 

 

 

 

 

 

 

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 4,006 per 2013 Census data. 

 

 

 

 

 

 

 

 

 

 

Primary Year                                     Sale Price, Median

 

2005                                                    $125,000

 

2006                                                    $128,603

 

2007                                                    $147,500

 

2008                                                    $120,000

 

2009                                                    $121,250

 

2010                                                    $120,000

 

2011                                                    $138,750

 

2012                                                    $130,000

 

2013                                                    $110,000

 

2014                                                    $135,000

 

2015                                                    $130,950

 

 

 

The median sale price in Pilot Point ISD was $135,000 in 2014 which was up 22%.  The highest median sale price was in 2007.  Currently for 2015 we are at $130,000.

 

 

 

Primary Year                             Sales, Number of

                   

2005                                            120

 

2006                                            111

 

2007                                            129

 

2008                                             80

 

2009                                             98

 

2010                                            104

 

2011                                             94

 

2012                                            122

 

2013                                            170

 

2014                                            160

 

2015                                              59

 

 

 

 

 

There were more sales in 2013 but lower sale prices.  So far 2015 has had 59 sales.

 

 

 

The inventory was at its highest levels in 2011 and they have dropped off in 2013 and 2104. So far in 2015 inventory has been really low which makes for a seller’s market.

 

 

 

 

 

 

Primary Year                                    Sales, Number of

 

2005                                                    20

 

2006                                                    16

 

2007                                                    19

 

2008                                                    13

 

2009                                                    25

 

2010                                                    25

 

2011                                                    15

 

2012                                                    24

 

2013                                                    14

 

2014                                                      9

  

2015                                                      6

 

 

 

The number of REO sales (foreclosure) sales has dropped off dramatically in 2013.  There were only 9 sales in 2014 and so far in 2015 there have been 6 foreclosure sales in Pilot Point ISD.

 

 

 

 

 

 

Builder Sales-Primary Year       Sales, Number of

 

2005                                                        1

 

2006                                                        0

 

2007                                                        1

 

2008                                                        0

 

2009                                                        1

 

2010                                                        3

 

2011                                                        0

 

2012                                                        2

 

2013                                                        2

 

2014                                                        2

 

2015                                                        1

 

We do not have very many builder sales or new construction.  Keep in mind these are only builder sales reported in the MLS.  Not all builder sales are on the MLS.  We have had very little new construction in Pilot Point the last 10 years.

 

 

*All Data is from the North Texas Real Estate Information Systems, Inc.

 

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.

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