Year to date numbers are moving ahead of last year, despite the fact that last years numbers were stimulated by federal tax credits. This market continues to improve despite stringent underwriting by lenders. This confirms our contention that the market is driven by jobs.
The average sales price for residential homes was $145,586 for the 12 months ending September, 2011, up 5.7 percent versus the same period ending September, 2010 when it was $137,763. The median price of residential homes for the 12 months ending September, 2011 was $128,200, up 4.0 percent versus the same period 2010 when it was $123,250.
Total sales of residential homes in Victoria MLS for the 12 months ending September, 2011 was 810, 6.6 percent (50 homes) more than the same period in 2010.
Months inventory estimates the number of months it will take to deplete current active inventory based on the prior 3 months sales activity. This figure is representative of the single-family homes market. Six (6) months of inventory is considered a balanced market. Currently our months inventory is 3.5 months.
The Victoria housing market remains the envy of many other markets, even in Texas. All indicators are pointed upward.
Video Tour of Victoria, Texas.