Victoria Real Estate Market Update-February 2025

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Hope you and your loved ones have a very special day

February 2025

2025 housing market starts off with a good balance of inventory and stable pricing. The recent interest rate drops and increased tax break thresholds should help increase sales in 2025. The main uncertainty at this point lies with the policies South of the Border. The coming months are going to be interesting to say the least.

Below are some of the statistics for January 2025

Listing Inventory:

There were 2,395 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2025, an increase of 4.6 % compared to the previous month of December and an 11.9 % increase from the 2,140 active listings for sale at the end of January 2024. Overall inventory is higher, which means Buyers have more choice, while Sellers must price there homes correctly for them to receive any offers.

Sales:

A total of 422 properties sold in the Victoria Real Estate Board region this January, 23.8 % more than the 341 properties sold in January 2024 and 0.2 % more than in December 2024. Sales of condominiums were up 30.4 % from January 2024 with 146 units sold. Sales of single family homes increased by 19.8 % from January 2024 with 194 sold. With the lower interest rates, and pent-up Buyer demand, sales numbers should continue to trend higher month to month compared to 2024. However, political uncertainty may stall this for a few months.

Average Prices:

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in January 2024 was $1,252,200. The benchmark value for the same home in January 2025 increased by 2.8 % to $1,287,200, down from December’s value of $1,306,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in January 2024 was $551,900 while the benchmark value for the same condominium in January 2025 decreased by 0.7 % to $548,100, up from the December value of $547,800. Over all prices have remained quite stable year over year, with no large increase or decreases from month to month. This will most likely remain the trend in the coming months.

If you or any of your family or friends require any real estate related information, feel free to contact Dale at 250-744-0844, or email him through his website: www.dalesheppard.com

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