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. The market today is different than we have seen in recent years. There's plenty of demand from buyers, and we are still low in inventory, but there are opportunities in a less pressurized environment for clients to get into a new home. Most buyers will find they have more time to view homes, make decisions and do their due diligence in this somewhat more relaxed market. Of course, we are heading into a new season which is typically very active!
A total of 460 properties sold in the Victoria Real Estate Board region this February which is 35.9% fewer than the 718 properties sold in February 2022 but an increase of 65.5% from January 2023. Condo sales were down 39.7% & single family homes decreased 28.8% over February 2022 sales.
There were 1,809 active listings for sale at the end of February 2023 which is an increase of 4% compared to the previous month of January but a 113.1% increase from the 849 active listings for sale at the end of February 2022.