The Median Sale Price in Victoria has remained above $300,000 since 2003. If you bought a home in or before 2003 the equity in your home is probably in pretty good shape compared to the 23% loss in values since the 2006 peak. From 2001 to the present the median sale price in Victoria has increased 37%. It’s also plausible to believe that prices in Victoria, much long other communities are the Twin Cities, have leveled off.
Inventory in Victoria Minnesota has declined sharply compared to 2010 and is comparable to 2005/2006 levels. The Absorption rate is just over seven month of inventory and is moving in a downward trend indicating a possible Balanced Market over the Winter.
Improvement in the Minneapolis Real Estate Market is dependent on job growth and before businesses can start hiring again they’re holding out to see what their expenses will be with new government guidelines.
About Eric Hempler
