The Victoria Real Estate market continues to move along at the pace we experienced 6 - 8 years ago. If we take into consideration the activity created by the "first time buyer" program earlier this year, we can anticipate what our core market is.
One of the numbers to watch closely is the median sales price and its relation to months of inventory. The local median price has inched up to the $130,000 area while inventory is at 7.0 months. As a comparison, the state median is $154,000 with 8 months of inventory. It appears that even though prices are up slightly, inventories remain close to what they need to be. One thing to note is that new home construction has been declining the last three years and may reach a historical low this year. The consequences of this is that there is little competition from new houses and the inventory is not being recharged with new homes. This tends to put upward pressure on existing home sales.
Other observations are that our job market appears to be improving. The number of jobs in Victoria have been on an upward trend for most of the year. Even though it is not dramatic, the trend is definitely up. Also, commercial activity is picking up after almost three years of nothing. We are seeing buildings being occupied that have been vacant for some time. Properties are being put under contract and market feasibilities are being initiated.
All this is positive. We are not experiencing a boom by any means. This market seems to be moving in the right direction. This is a small market and can move one direction or another quickly.
Coldwell Banker The Ron Brown Company
Selling or buying property?? We can help!!
Homes, Land, Farm and Ranch, Commercial
Coldwell Banker The Ron Brown Company
2505 N Navarro
Victoria Texas 77901
(361) 575-1446
Offices in Victoria, Cuero, Rockport, Ingleside and Wharton Texas
For more information, contact Lee Swearingen/President
lees@ronbrown.com
(361) 575-1446
Offices in Victoria, Rockport, Ingleside, Cuero and Wharton, Texas