February was another stable month for local real estate market. The combination of slowly growing inventory and slightly increased sales means that our market remains in balance from the start of the year, which creates comfortable conditions for both buyers and sellers. Nearly two years of steady prices combined with recent favourable interest rates are positive factors for our market. So far 2025 has been a good year to buy and sell.
A total of 528 properties sold in the Victoria Real Estate Board region this February, 12.3% more than the 470 properties sold in February 2024 and 25.1% more than in January 2025. Sales of condominiums were up 26.3% from February 2024 and sales of single family homes also increased by 4.5% from last February 2024
In these market conditions properties need to be well presented and properly priced to be successful. We are following our typical early spring market cycle, which generally peaks in late spring. Hopefully in the upcoming weeks we'll see more inventory enter the market to meet client demand. We will also watch what impacts any changes to global economic policies may have on our market if and when they occur. Right now, there are many factors that impact your housing decisions, and your favourite local Realtor is ready to help you navigate the current market!