Winter real estate market wraps with improved consumer confidence and more stable pricing!

The February 2023 Real Estate Market stats show: A total of 460 properties were sold in the Victoria Real Estate Board region this February. That is 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. 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 headwinds 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.”

Number of active listings increasing compared to previous years

There were 1,809 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2023, an increase of 4% compared to the previous month of January and a 113.1% increase from the 849 active listings for sale at the end of February 2022.

“The market today is different than we have seen in recent years,” adds Sol. “There’s plenty of demand from buyers, and we are still low in inventory. But there are opportunities in a less pressurized environment for consumers 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. The statistics in this report reflect what happened last month. Prudent buyers and sellers will seek the knowledge of their Realtor to determine the up-to-the-minute conditions and how to best navigate the market.”

Benchmark Pricing

The Multiple Listing Service® Home Price Index benchmark value for a single-family home in the Victoria Core in February 2022 was $1,321,400. The benchmark value shown in the February 2023 Real Estate Market Stats decreased by 5.6% to $1,247,200, down from January’s value of $1,251,100. The MLS® HPI benchmark value for a condominium in the Victoria Core area in February 2022 was $580,900, while the benchmark value in February 2023 decreased by 2.2% to $568,200, down from the January value of $578,300.

February 2023 Victoria Real Estate Market Stats

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Source: VREB