Fairfield real estate on pause

Buyer's and Seller take a pause amid COVID19 pandemic.

0
186

The spring of 2020 has two distinct chapters; before and after March 15.  The rapid response by government and health authorities to combat COVID19 has drastically changed our way of life and the real estate market. 

Prior to March 15, sales and prices of single family homes took off like a rocket! More than 1/4 homes sold for over asking price and the average price for Greater Victoria hit an all time high of $986,000. 

Fairfield and the region overall were poised for a significant upswing in real estate activity, until the unexpected happened. International borders began to close, new COVID19 infections became rampant across the country and around the world, and social distancing measures were imposed. A highly contagious virus that doesn’t discriminate not only changed the way we live, work, and play; but our sentiment on the future of the economy. 

Sales and new listings continue to slide downwards, ~70% compared to same time last year. Since March 15 only 9 single family homes have come to market in Fairfield, while 7 have gone unconditional. 

Buyers and Sellers who continue to buy  and list their properties tend to be those who need to transact soon, or anticipate the need to transact soon before a potential liquidity lock-up in the market. 

Strong opposing forces are facing the housing market. Falling interest rates but rising unemployment. Plans to de-stress the mortgage stress test by 30bps (which would give buyer’s more purchasing power) have been halted. Mortgage, credit card, and loan payments are being deferred en masse.  

To keep informed about changing market conditions and real estate sales activity in Fairfield visit VictoriaMarket.ca.

Fairfield 2020 COVID

wdt_ID Status Address Price List Price Sold Bed Bath SqFt Year Built Lot Size SqFt List Date Days On Market
1 P 862 Somenos St  869,000 825,000 3 1 1,161 2020-04-15 5,500 2019-08-06 206
2 S 303 Vancouver St  999,000 950,000 4 4 2,076 2020-04-15 4,500 2019-08-13 164
3 S 870 Somenos St  2,100,000 1,960,000 4 5 2,331 2020-04-15 5,500 2019-09-10 122
4 S 1030 Bank St  1,750,000 1,718,888 5 5 2,748 2020-04-15 5,893 2019-10-28 95
5 S 1455 Clifford St  1,695,000 1,740,000 3 3 2,306 2020-04-15 4,500 2019-10-31 85
6 S 1906 Fairfield Rd  809,000 851,000 3 2 1,389 1985-04-15 6,878 2019-11-25 93
7 S 185 Olive St  1,099,900 1,133,000 4 3 1,743 2020-04-15 5,952 2020-01-07 8
8 S 124 Eberts St  1,199,900 1,100,000 3 2 2,869 2020-04-15 5,880 2020-01-09 27
9 S 1330 Thurlow Rd  1,095,000 1,105,000 3 2 2,000 2020-04-15 4,800 2020-01-15 9
10 S 957 Wilmer St  995,000 973,650 4 2 1,916 2020-04-15 5,260 2020-01-21 14
Status Address Bed Bath SqFt Year Built Lot Size SqFt List Date Days On Market
∑ = 12,611,800 ∑ = 12,356,538
Avg = 1,261,180.00 Avg = 1,235,653.80

LEAVE A REPLY

Please enter your comment!
Please enter your name here