Short supply of homes on market in Victoria

VICTORIA – Victoria is experiencing a shortage in homes on the market and a rise in prices, according to the Texas Quarterly Housing Report from the Texas Association of Realtors.

Alfred Kopecky, a Realtor with RE/MAX, said Victoria’s growth has a lot do with the shortage in single-family homes.

"Victoria is booming," he said. "That’s largely in part by the oil-field services, major plants and pipeline expansion."

A constrained inventory, lending practices and weather have each played a role in the market, but the lack of inventory is the largest influence in the market, said Stacy Armijo, spokesperson for the Texas Association of Realtors.

Though Victoria’s 3.3 months of inventory is on par with the state, it demonstrates how little single-family housing is available for buyers. If someone is looking at buying a first home, Armijo said it would be important to prepare for a competitive market this coming season.

The reported median price at the end of first quarter 2013 was $138,100 and has since jumped to $150,000 in 2014.

Read more at the Victoria Advocate.

See the full 1Q 2014 report at the Texas Association of Realtors.