John Cooper’s Weekly

Nanaimo Real Estate Take

The 4th week of November saw new listings drop by 38% and new sales increase by 3 (11 last week). With the holiday season looming I expect to see a rise in price reductions as motivated sellers start to identify themselves during the final stretch of the 2023 selling season

The market conditions vary from product category to product category so if you are interested in learning what the market conditions are for your product type of interest, drop me an email and I will run the numbers specifically for you. Replies to this weekly take come directly to my personal inbox and I read and reply to every email I receive. You will never be handed off to a team member, I pride myself on my clients having direct contact and access to me.

- John Cooper

Notable New Listings

I like to start by outlining the best value based on $/sqft. The 3 best value homes listed this week are 2330 Panorama View Dr, a 5 bed, 3 bath, 2992 sqft South Jingle Pot home listed at $898,000 ($300/sqft), 1777 Eglington Ave, a 4 bed, 3 bath, 2946 sqft Cedar, BC home listed at $1,099,900 ($373/sqft) & 1591 Knight Court Rd, a 4 bed, 4 bath, 3125 sqft Departure Bay home listed at $1,175,000 ($376/sqft).

The 3 homes listed this week with the highest $/sqft are 6470 Ptarmigan Way, a 6 bed, 6 bath, 4632 sqt ft North Nanaimo home listed at $3,799,500 ($820/sqft), 3500 Hammond Bay Rd, a 3 bed, 1 bath, 972 sqft Hammond Bay home listed at $709,900, & 375 Nicol St, a 2 bed, 1 bath, 740 sqft South Nanaimo home listed at $474,999 ($642/sqft).

The 3 homes priced the most below their assessed value are 2330 Panorama View Dr priced at $898,000 (13% below tax-assessed value), 269 Tahoe Ave, a 3 bed, 2 bath 1275 sqft South Jingle Pot home listed at $639,000 (11% below tax-assessed value) & 7411 Spence’s Way a 4 bed, 3 bath, 2950 sqft Upper Lantzville home listed at $1,855,000 (9% below tax-assessed value). 52% of the homes listed this week were listed at or below their tax-assessed value (the highest % since we started reporting).

The 3 highest priced homes listed this week are 6470 Ptarmigan Way priced at $3,799,500, 7971 Superior Rd, a 4 bed, 3 bath, 2016 sqft Upper Lantzville home listed at $3,750,000 & 7411 Spence’s Way priced at $1,855,000.

Notable New Sales

The buyers that secured the largest discounts this week were the purchasers of 3270 Ridgeview Pl who secured a 15% discount. The purchasers of 1521 Thompson Ave secured an 8% discount, & the purchasers of 578 Bradley Ave secured a 7% discount.  The average discount across all single-family home sales YTD is less than 3%. None of the single-family home sales sold for above asking price this week. 83% of homes sold this week sold below their asking price.

The 3 highest cost per sqft sales this week were 2910 Jameson Rd, a 3 bed, 2 bath, 1295 sqft North Jingle Pot home that sold for $1,250,000 (965/sqft), 128 Bray Rd, a 4 bed, 4 bath, 2517 sqft Departure Bay home that sold for $1,190,000, & 1186 Patrick Cres, a 3 bed, 3 bath, 1520 sqft Central Nanaimo home that sold for $682,500.

Other notable sales this week include 415 Hillcrest Ave, a 3 bed, 2 bath, 1610 sqft University District home that sold for $699,000, 310 Canterbury Cres, a 4 bed, 4 bath, 3236 sqft Departure Bay home that sold for $1,050,000 & 2083 Sara’s Way a 3 bed, 2 bath 2370 sqft, Cedar, BC home that sold for $915,000.

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

  Listing Data (click links below to access reports)

This Week in John’s Life

During this final stretch of 2023, I spent a lot of time preparing and organizing for 2024. The team and I have been getting ready for our 2024 Strategic Planning sessions. This usually means reviewing the last 12 months of performance metrics and trying to predict what 2024 has in store for us.  Avery & June are counting the days to Christmas break. We have our annual Vancouver shopping adventure planned for the weekend of Dec 15 with a couple of nights booked at the Fairmont Vancouver (yes they are spoiled). This week I attended a record 6 yoga classes and am finally starting to feel like I know most of the poses (I can’t necessarily do them all). I can attest to the incredible impact it has started to have on my mental and physical health. It hasn't happened overnight but my body is feeling more limber than it has in over a decade and my mind is clearer than ever.

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!

Reach out to me directly at john@coopergroup.ca or 250-619-9207.