Though the housing market is no longer experiencing the frenzy of a year ago, buyers are showing their interest in purchasing a home.
A total of 460 properties were sold in Victoria BC this February, 35.9% fewer than the 718 properties sold in February 2022 but a 65.5% increase from January 2023. Sales of condominiums were down 39.7% from February 2022 with 161 units sold. Sales of single-family homes decreased 28.8% from February 2022 with 220 sold.
“Last month we talked about the optimism building in the local market that our REALTORS® saw, and now we can see it in the market statistics,” said Victoria Real Estate Board Chair Graden Sol.
“We can confirm the return of buyer confidence by the increase in sales through the late winter. The market is seeing some positive growth as we move into springtime, which is traditionally the busiest market for home sales. Inventory levels are starting to increase, a welcome trend when compared to the record lows of last year. We’re also seeing a stabilization at some price points and properties that are priced in accordance with current market conditions are selling at a good pace.”
Bottom Line
An increase in showing activity in February is a good sign that there are buyers who are eager to purchase a home. If you’re thinking of selling your house, talk with your real estate agent.