The pace of sales the last four months has been fairly consistent. The market is experiencing between 60 - 65 homes sold per month. Keep in mind that the first five months of 2010 were affected by the first time buyer tax credit stimulus. The pace we see now more accurately reflects the real market. It will be interesting to see if we can improve on this pace as the local job market continues to improve.
Median and average prices, even though fluctuating from month to month, continue to trend upward. Median prices in this market remain well below the state median prices. Homes in Victoria are considered very affordable when comparing median prices with median income.
Inventories remain reasonably balanced with seven months of inventory. We are seeing the number of foreclosures increase slightly along with the quality of homes. This has not negatively affected the market and the market has easily absorbed the foreclosures.
The city closed its fiscal year September 30th with 51 permits for new homes issued. This is an extremely low number which eventually may affect sales in the city. There are no permits issued for new homes built outside the city limits and therefore no accurate numbers are available. Our estimate is at least as many homes are built outside the city as in but the numbers remain low.
For more information, contact Lee Swearingen/President
lees@ronbrown.com
(361) 575-1446
Offices in Victoria, Rockport, Ingleside, Cuero and Wharton, Texas
