John Cooper’s 2023 Year In Review

The last few weeks' trading volume has slowed down significantly due to the holiday season which hopefully means that everybody is enjoying some downtime with their loved ones.

As we approach the end of this year, I want to take a moment to reflect on the events and milestones that defined 2023. It's been a year of challenges, growth, and resilience. I'm grateful for the journey we've shared.

Looking ahead to the new year, I'm excited to share my predictions and insights for what lies ahead. I'm eager to navigate it together in the coming year.

As a reminder, I personally receive all email replies to this newsletter. If you are in need of some guidance around an upcoming real estate decision, I would love to hear from you. My purpose in building this real estate practice is to help people like you make intelligent decisions. I am here to help anyway I can and you will never feel any pressure to make a decision you dont feel 100 percent confident in.

- John Cooper

Notable Listings

There are currently 249 active single family home listings in Nanaimo ranging in price from $429,900 for a 2 bed, 1 bath, 933 sqft South Nanaimo home located at 137 Strickland Ave, to a $3,975,000 for a 8 bed, 10 bath, 8499 sqft North Jingle Pot home located at 6045 Breonna Ave.

I like to start by outlining the best value based on $/sqft. The 3 best value homes at present are 714 Bruce Ave a 7 bed, 3 bath, 5,713 sqft South Nanaimo home listed for $947,000 ($166/sqft), 1080 Nanaimo River Rd a 3 bed, 2 bath, 4,851 sqft Extension home listed for $998,000 ($206/sqft), & 54 Roberta Rd E a 3 bed, 3 bath, 2,747 sqft Chase River home listed for $599,900 ($218/sqft)

The 3 homes currently on the market with the highest $/sqft are 351 Wesley St a 2 bed, 2 bath, 1,135 sqft Old City home listed for $1,799,000 ($1585/sqft), 7704 Clark Dr a 4 bed, 3 bath, 709 sqft Upper Lantzville home listed for $819,900 ($1156.sqft) & 2453 East Wellington Rd a 3 bed, 2 bath, 2,213 sqft Central Nanaimo home listed for $2,480,000 ($1121/sqft)

Notable Sales

There were 1,067 reported single-family home sales in Nanaimo in 2023.

The 3 least expensive home sales were 431 Maple Street 1 bed, 1 bath, 1,008 sqft Brechin Hill home sold for $340,000, 1640 Cedar Rd a 4 bed, 1 bath, 1,015 sqft Cedar home sold for $360,000, & 1138 Woss Lake Dr. a 1 bed, 1 bath, 500 sqft South Jingle Pot home sold for $362,000.

The 3 most expensive home sales were 3127 Northwood Rd a 5 bed, 7 bath, 9,000 sqft North Jingle Pot home sold for $3,345,000,  3410 Arrowsmith Rd a 4 bed, 5 bath, 5,338 sqft Departure Bay home sold for $2,913,000, & 3580 Bonnie Dr a 6 bed, 5 bath, 5,098 sqft Hammond Bay home sold for $2,450,000

The 3 highest $/sqft homes sold were 3280 DeCourcy Dr a 2 bed, 2 bath, 806 sqft Cedar home sold for $1,050,000 ($1303/sqft), 7181 Lantzville Rd a 2 bed, 1 bath, 1,037 sqft Lower Lantzville home sold for $1,125,000 ($1085/sqft) & 2910 Jameson Rd a 3 bed, 2 bath, 1,295 sqft North Jingle Pot home sold for $1,250,000 ($965/sqft)

The 3 lowest $/sqft homes sold were 3010 Frost Rd a 4 bed, 2 bath, 3,108 sqft Extension home sold for $468,900 ($151/sqft), 2505 Glenayr Dr a 6 bed, 4 bath, 3,281 sqft Central Nanaimo home sold for $606,000 ($185/sqft) & 3614 Hillside Ave a 7 bed, 3 bath, 5,400 sqft Uplands home sold for $606,000 ($185/sqft)

The 3 homes that sold the most above their asking price were 2911 Barnes Rd a 3 bed, 3 bath, 2,061 sqft Cedar home sold for $1,050,000  (24% over asking), 6424 Portsmouth Rd a 3 bed, 3 bath, 1,852 sqft North Nanaimo home sold for $752,000 ($22% over asking), & 1830 Haslam Rd a 4 bed, 3 bath, 2,768 sqft Cedar home sold for $711,750 (19% over asking price)

The 3 homes that sold the most below their asking price were 1667 Extension Rd a 3 bed, 1 bath, 1,280 sqft Chase River home sold for $480,000 (40% below), 3365 Hallberg Rd a 4 bed, 2 bath, 2,040 sqft Extension home sold for $1,400,000 (30% below), 1100 Spruston Rd a 1 bed, 1 bath, 1,100 sqft Extension home sold for $1,400,000 (29% below)

If you are looking for details on a recent sale not mentioned here, email me and I will send you the sale price.

Guidance for Homeowners Selling in the Upcoming Year

I speak regularly about the benefits of getting an early start in the year. In real estate, early spring starts in February and has a few clear benefits as opposed to waiting until April. Most notably, there is far less competition and the early spring has the maximum number of buyers entering the market. There is always an influx of listings in late spring that enter the market at a time when the pool of buyers has declined. The other primary advantage is that you are afforded a “second chance” to tune your listing ahead of late 

spring, armed with the market feedback from early spring to guide your strategic direction.

If you have questions about the real estate market, I invite you to give me a call. I'm here to provide you with the information you need to make the right decision for your unique situation. In an industry sometimes plagued by what I call "Commission Breath," where agents might tell clients what they want to hear just to secure a listing, I take a different approach. My commitment is to give you both the good and the tough insights—the kind that helps you make an informed decision.

Your satisfaction and confidence in your decision matter most to me. 

Guidance for Buyers in the Upcoming Year

If you are considering entering the real estate market this year I want to share with you my 3 most important guiding principles. These are covered in our initial consultation in detail so this will give you a head start.

1. 1. Do not let anyone make you feel rushed or pressured. This is likely one of the biggest financial decisions you will ever make. You should feel supported in your decision to take your time and make a decision that is thoroughly evaluated and thought through.
   2. Do not spend more than you can afford for the long haul. Life happens and market conditions change. Whether it is mortgage rates or home prices, the people who win in real estate are the people who stay in control of their exit timing at all times. You need to be able to weather the storms that you don’t see coming and this is afforded by making responsible decisions when you purchase. Do not let anyone pressure you into buying outside of your comfort zone.
   3. Who you have at your side is critical. Buying a home is an emotionally charged decision and your advisor's job is to help you stay grounded in your decision making. A good advisor helps you organize your emotions and stay the course. Do not make the mistake of working with just anyone, do your research, and interview multiple agents. You should feel heard & understood and feel confident in your advisor at all times.

Reply to this email and let's schedule a free consultation with me personally. In 25 minutes I will help you set you up for success with no obligation whatsoever to work with me. We can have the consultation over Zoom or in my office. I promise that you will leave the consultation with a much clearer picture of what the path to homeownership looks like, armed with an up-to-the-minute understanding of the current marketplace. 

Whether you’re looking for further clarification on the points and insights above, would like to discover your specific home value, or just have real estate questions you’d like answered, I’d love to hear from you!