The Greater Victoria real estate market has shown remarkable stability in February, offering a balanced landscape for both buyers and sellers. According to the Victoria Real Estate Board, February saw a total of 528 properties sold, marking a 12.3% increase compared to February 2024 and a significant 25.1% jump from January 2025. This steady activity, coupled with a growing inventory, paints a promising picture for the local market.
Key Highlights from February 2025:
Increased Sales: Overall property sales surged, with condominium sales experiencing a notable 26.3% rise from February 2024 (192 units sold) and single-family home sales increasing by 4.5% (234 units sold).
Growing Inventory: Active listings reached 2,630 at the end of February, indicating a 9.8% increase from January and an 11.3% rise from February 2024.
Balanced Market: The combination of increased sales and growing inventory has created a balanced market, fostering comfortable conditions for both buyers and sellers.
Stable Price Appreciation: The benchmark value for a single-family home in the Victoria Core increased by 3.7% year-over-year, reaching $1,309,500. Condominium benchmark values experienced a slight decrease of 0.5% year over year, settling at $551,900.
What This Means for Buyers:
More Options: The increase in active listings provides buyers with a wider selection of properties to choose from, increasing the chances of finding the perfect home.
Stable Prices: Nearly two years of steady prices combined with recent favourable interest rates provide a degree of confidence for buyers.
Balanced Market: A balanced market means less pressure and a more relaxed buying experience. Buyers have more time to make informed decisions.
Favourable Interest Rates: Recent favourable interest rates help with affordability.
What This Means for Sellers:
Increased Sales Activity: The surge in sales indicates strong buyer demand, increasing the likelihood of a successful sale.
Growing Market: A healthy increase in sales from the previous year, and the previous month shows market momentum.
Balanced Market: A balanced market allows sellers to achieve fair market value for their properties.
Importance of Proper Pricing and Presentation: Well-presented and properly priced properties are crucial for success in the current market.
Looking Ahead:
The Greater Victoria real estate market appears to be following its typical early spring cycle, with expectations of peak activity in late spring. The hope is that increased inventory will continue to meet consumer demand. However, the market remains sensitive to global economic policy changes, underscoring the importance of staying informed.
Navigating the Market with a REALTOR®:
In today's dynamic market, having a knowledgeable and experienced REALTOR® is essential. I can provide invaluable guidance, help you understand market trends, and navigate the complexities of buying or selling a home.
Ready to discuss how these market trends impact your real estate goals? Contact me today for personalized advice and expert guidance.
Jacqueline Ross
REALTOR®
Coldwell Banker Oceanside
250.415.5656
YourVanIsleHome.com
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