Apr 25, 2016
Why inventory increase in Victoria? Swearingen Report
VICTORIA - The Swearingen Report for residential homes has been released for the 12 months ending March 2016 by Coldwell Banker The Ron Brown Company.It seems like every week the...
VICTORIA – The Swearingen Report for residential homes has been released for the 12 months ending March 2016 by Coldwell Banker The Ron Brown Company.
It seems like every week the Victoria area is alerted to job losses and plant closings. In spite of this, the housing market remains resilient.
The question is why have inventories increased? According to Swearingen’s view, there are two things affecting the
market. One is that with job cuts, some who bought in the last few years are placing their homeson the market because they are relocating or uncertain about their job.
Another, supply of inventory is coming from the rental market. Over the last six to eight years, investors have purchased homes to put in the rental pool.
Demand created high occupancy and high rents. With the opening of a large number of apartments coupled with the downturn in jobs, many rental homes are not as attractive and are entering the resale inventory.
Total building permits for Victoria city limits for March 2016 were 124, down 24.4 percent compared to March 2015 when the number of permits was 164.
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