Fairway condo market — prices, sold data & trends

Is Fairway a buyer's or seller's market?

As of the latest data, Fairway is a balanced market. There are about 4.0 months of inventory — 4 to 7 months is considered balanced. Around 3.0% of condos sold above asking, and the typical sale closed at 98.6% of list price.

How much does a condo cost in Fairway?

The median sold price for a condo in the Fairway neighbourhood is $490K, up 8.6% from a year ago. The average sold price is $495K. That works out to roughly $612 per square foot.

Are condos in Fairway selling over asking?

3.0% of condos that sold in the Fairway neighbourhood closed above their list price. The typical home sold at 98.6% of asking — just under list. Among the homes that sold over asking, the median premium was +$30k over asking.

How long do condos take to sell in Fairway?

Half of the condos that sold in the Fairway neighbourhood went under contract within about 38 days — the median days on market. A longer time on market gives buyers more negotiating room.

Are home prices going up or down in Fairway?

Median sold prices in the Fairway neighbourhood are up 8.6% year over year, at $490K. Currently 15.5% of active listings have cut their asking price at least once, a sign of steady pricing pressure.

Is now a good time to buy or sell in Fairway?

It depends which side you are on. With about 4.0 months of inventory, the Fairway neighbourhood is roughly balanced between buyers and sellers. Conditions are even-handed: condos take about 38 days to sell, so both sides have room to negotiate on price and terms.

What is the best time of year to sell a home in Fairway?

Across the past two years, sales activity in the Fairway neighbourhood has been strongest in October and quietest in July. In Greater Victoria the spring market — roughly March through June — is typically the busiest selling season, when buyer demand and prices tend to peak, with activity easing over the winter.

How many condos are for sale in Fairway?

As of the latest data there are 16 active condo listings in the Fairway neighbourhood. Over the period, 65 new listings came to market and 33 sold, which is about 4.0 months of inventory at the current sales pace.

Do condos in Fairway sell for more than their assessed value?

The typical home in the Fairway neighbourhood sold at 94.6% of its BC-assessed value — below its assessed value. Assessments are set once a year and lag the market, so a ratio above 100% is common when prices are rising.

Directional market benchmarks from Repliers MLS, BC Assessment & VREB — not an appraisal or personalized advice.