We saw glimmers of a start to the spring market over the course of February. In addition to the increase in sales, more than 500 new listings came to market when compared to last year's inventory numbers. This much needed inventory gives buyers more selection and more time to make their purchasing decisions. We've also seen prices continue to remain stable, which is excellent for buyers and sellers because it makes the transaction much more predictable.
Sales of condominiums were down 5.6% from last year with 152 units sold. Sales of single family homes increased 1.8% from this month last year with 224 sold. There were 2,364 active listings for sale at the end of February 2024, a10.5% increase, compared to the previous month of January and a 30.7% increase from the 1,809 active listings for sale at the end of February 2023.
Also an increase in townhome sales this past month was noted. They are an important segment of missing middle housing, one that is undersupplied in the Greater Victoria area. Hopefully the 50% increase in townhome sales compared to last year will encourage more development of this type of housing to meet our missing middle housing needs. If you are considering a move this coming spring, it's a great time to connect with your REALTOR® to make a plan.
Also an increase in townhome sales this past month was noted. They are an important segment of missing middle housing, one that is undersupplied in the Greater Victoria area. Hopefully the 50% increase in townhome sales compared to last year will encourage more development of this type of housing to meet our missing middle housing needs. If you are considering a move this coming spring, it's a great time to connect with your REALTOR® to make a plan.