POTW | Victoria
By David Arbit on Monday, September 28th, 2015
Occupying approximately eight square miles of land off the southwest shore of Lake Minnetonka, Victoria is home to about 8,400 souls. Twins fans have a relatively pleasant (most days) 25.5 mile drive from Victoria to Target Field. Throw in some rain, snow or construction, and all bets are off. On warmer days, residents can enjoy the immense natural beauty of the Carver Park Preserve.
At a median of $397,700 versus $394,000, Victoria home prices are very comparable to the rest of the Lake Minnetonka Area. When comparing a larger geography with a smaller one, expect some volatility in the smaller area compared to the larger. That’s simply a function of small sample size.
When it comes to absorption rates (also known as months supply of inventory), Victoria is more balanced than the entire Lake Minnetonka Area, with 5.0 months of supply versus 7.4 in the broader area. Typically, 5 to 6 months of supply is considered “balanced.” This should translate into homes spending fewer days on the market, since the balance between supply and demand is tighter in Victoria.
Sure enough, homes in Victoria tend to sell after a median of 54 days on the market, while homes in the entire Lake Minnetonka Area tend to go under contract after 72 days on the market. This tells us that the Victoria market is a bit more competitive than its surrounding community. That’s a positive sign.
For homes priced at $500,000 and higher, absorption rates are much closer. Victoria has 11.1 months of supply for $500,000+ while the Lake Minnetonka Area has 11.6 months.
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