The Harbor Market Report 2023

NTREIS* MLS Systems
The Harbor Possum Kingdom Lake
2022 and 2023 Comparison

As we close the chapter on 2023 and delve into the intricate tapestry of real estate trends, The Harbor Market Report 2023 Market Report ” emerges with the goal of shedding light on the market’s ebbs and flows. This comprehensive review meticulously compares the sales data of 2023 against the backdrop of 2022 inside The Harbor HOA, offering a nuanced understanding of the shifts in property dynamics within this vibrant community. From the fluctuating price per square foot in homes to the varying sales volumes of condos/townhomes, our exploration is designed to delve deep into the heart of The Harbor’s real estate market, providing a detailed account of its performance across different property types. As we navigate through this year’s review, we aim to unravel the complexities of the market, offering insights and reflections on the patterns that have defined The Harbor in 2023.

Residential (Homes)

2022

  • Average Price Per Square Foot: $358.86
  • Average Sales Price: $1,193,000
  • Median Sales Price: $1,250,000
  • Average Square footage: 3,258.4 sq. ft.
  • Highest Home Sale List Price: $1,650,000
  • Number of Homes Sold: 5

2023

  • Average Price Per Square Foot: $370.75
  • Average Sales Price: $1,134,396
  • Median Sales Price: $962,500
  • Average Square footage: 3,057.6 sq. ft.
  • Highest Home Sale List Price: $1,887,500
  • Number of Homes Sold: 13

The Breakdown

From 2022 to 2023 we see an increase in value per square foot, and the highest sale. We see a small drop when it comes to median sale price and larger drop when on average sale price. This might be attributed to the fact that there were only 5 sales in 2022, so the data pool was not large enough to present as accurate of data as the 2023 numbers, or perhaps that the average home that came on the market was 200+ square feet smaller in 2023 to 2022. The number of homes sold of sales from 2023 to 2022 more than doubled.

Some might suggest that this increased market activity could be attributed to higher buyer interest in 2023. The reality is that there was a higher number of listings in 2023, which, like the previous year, were quickly put under contract by new Buyers. The smaller amount of inventory has limited the ability for Buyers to jump into the home market in The Harbor. 

Scenic Drive condo inside The Harbor

Condos and Townhomes

2022 Condos and Townhomes Metrics

  • Average Price Per Square Foot: $296.05
  • Average Sales Price: $531,111.11
  • Median Sales Price: $535,000.00
  • Average Square Footage: 1,895.67 square feet
  • Highest Sale List Price: $625,000.00
  • Number of Units Sold: 9

2023 Condos and Townhomes Metrics

  • Average Price Per Square Foot: $283.24
  • Average Sales Price: $544,913.89
  • Median Sales Price: $526,750.00
  • Average Square Footage: 1,992.56 square feet
  • Highest Sale List Price: $850,000.00
  • Number of Units Sold: 18

Comparison Synopsis

Analyzing condos and townhomes at The Harbor provides an interesting measure of the market’s evolution. In 2023, the average price per square foot decreased slightly to $283.24 from $296.05 in 2022, suggesting a slight adjustment in pricing or a variation in the types of properties sold. Despite this, the average sales price increased in 2023, and the number of units sold doubled, indicating a robust demand for these property types.

The increase in the highest sale list price in 2023 to $850,000 from $625,000 in 2022 highlights a market that values premium properties more than ever before. Furthermore, the average square footage of condos and townhomes sold also saw an increase, offering buyers more space for their investment. This shift towards larger, albeit slightly less expensive per square foot, properties could reflect changing buyer preferences or an influx of higher-quality listings in the market. Overall, the data indicates a healthy and expanding market for condos and townhomes at The Harbor, with an increased appetite for larger, premium units.

Active MLS Listings

  • Price Range: $95,000 – $1,695,000
  • Square Footage Range: 1,940 square feet – 4,641 square feet
  • Property Types Available:
    • Single Family Homes: 3 (ALL UNDER CONTRACT)
    • Townhouses: 3
      • 2012 Vista View – NEW!!! (2/1/2024)
      • 1037 Chapel Ridge Road – NEW!!! (2/1/2024)
      • 1025 Chapel Ridge Road 
    • Condos: 3
      • 2504 Century Oak Drive #101
      • 2042 Harbor Way #401
      • 1631 Scenic Drive #401
      • Unimproved Land: 7

ACTIVE HARBOR INVENTORY (see inventory)

Active Listings Overview

The active listings at The Harbor showcase a diverse range of options for potential buyers, from the affordably priced to luxury offerings. The price range of available property as of February 2023 indicates a wide spectrum, accommodating various budgets from under $200K to $1.7M residential reflecting the variety of properties available, from unimproved lots to smaller condos and townhomes and beyond to larger, more expansive single-family homes. (No listings available in the top tier of Harbor residential at the time of this article) The square footage range further highlights this diversity, offering choices from cozy, lower-maintenance living spaces to larger family homes.

The balanced mix of single-family homes, townhouses, and condos suggests a well-rounded real estate market catering to different lifestyles and preferences. However, the notable number of unimproved land listings indicates a significant interest or opportunity in custom-built homes or investment in land, suggesting a growing or evolving community.

For the Investor

It should be noted that in 2022 and 2023 there were only 2 building site sales. The transactions in The Harbor are almost entirely pre-constructed homes and condos. The average time that a developed property sat on the market during these two years was 80 days. There is a community approved Builder who is known to take great pride in his work and offers some stunning options.

Wrapping This Up

Overall, the active listings at The Harbor for 2023 illustrate a vibrant and dynamic real estate landscape. The variety in price, size, and property type indicates a healthy market with opportunities for a range of buyers, from first-time homeowners to luxury investors, and the substantial inventory of unimproved land points towards a future of growth and customization within the community.

Aerial photo from the back of The Harbor looking out at the homes and condos and beyond into PK Lake

 

Written by Matthew Renfro

All photos by Matthew Renfro, FAA licensed drone pilot

*Data gathered exclusively from North Texas Real Estate Information Services (NTREIS) MLS System as of 2/2/2024