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|