Yes, its a leak.. and it can happen at anytime. I put in a new pump motor (and seal) in last season.. and the seal started leaking this month... $20 bux, 20 minutes and I was backup and running. The old seal looked fine, but who knows why it started leaking.
A lot of people are switching older single speed motors with the V-Green VSP so they can (1) save money with a motor that draws less power and (2) be compliant for when the VSP motor requirements become mandatory. If you already had a VSP motor, just replace it with the same. And get a seal kit to replace all your seals while you are at it.