Victoria Real Estate: February 2020

Victoria Real Estate February 2020

As we bid farewell to the winter months, Victoria Real Estate in February 2020 is quickly picking up. The Spring market is coming and we can see the upward trends in numbers.

Steady sales increase for the Victoria Real Estate February 2020 (563 properties sold) compared to last February 2019 (421) – a 33.7% increase! Overall inventory is almost on par to last year’s numbers, with 2,127 active listings this February – just a mere 4 properties fewer than 2019.

“February brought the bloom of an early spring market,” says Victoria Real Estate Board President Sandi-Jo Ayers. “Sales numbers are up substantially from last year, which in part indicates that our spring market may have arrived a bit earlier than a lot of our local blossoms. Additionally, we need to consider that last year’s sales activity was quite weak until April and May. Despite a thirty plus percent increase in total sales over last year, our ten-year average for total sales in February is 537, so we are within less than five per cent of our long-term average for the month.”

Condos in Victoria

We saw an increase in condo sales this February with 175 condos sold in Greater Victoria (a 36% increase over the same period last year).  Although inventory is just below par from last year, the number of active listings is up with 549 in February 2020 compared to 443 in February 2019. An increase in motivated buyers and a competitive market, properties are selling faster (average days on market at 37 days compared to 39 days in January 2019).

Looking Forward

“One of the most prominent aspects of our market right now is this continued low inventory,” adds Ayers. “Our ten-year average active listings for the month of February is 3,007. We concluded this month with just over 2,000 active listings, which means a lot less choice for consumers, more pressure on pricing and multiple offers.”

To read the full Victoria Real Estate February 2020 statistics report from the Victoria Real Estate Board, check it out here.

If you are looking to purchase or sell a property in the current market, or in the future, get in touch with The Condo Group Real Estate for expert insight and advice at 250-382-6636.