John Cooper’s Weekly

Nanaimo Real Estate Take

36 new properties came to the Nanaimo single-family market this week and 17 single-family properties were sold. The first 2 weeks of April have seen sales activity and market confidence increase substantially. The detached single-family homes we are presently marketing have all seen steady activity from buyers. Buyers are taking less time to decide before writing and homes priced at current market prices are getting activity and offers. Inventory levels are declining moderately and in single-family homes we have touched back down into Sellers Market conditions bordering on Balanced Market” conditions. The absorption rate of single-family homes (aka: “rate of sale”) for the last 90 days is 86 homes sold per month.

Interesting Properties of The Week

Notable New Listings

The 2 best value homes listed this week, based on the cost per square foot are 551 Nanaimo River Rd and 115 Ranchview Drive. These homes are both priced at less than $265/sqft. On the other end of the spectrum is the 3 highest price per sq/ft homes; 3230 Ferguson Rd is priced at $727/sq ft; 1300 Seaview Place is priced at $961/sqft and 7181 Lantzville Rd is priced at $1061/sq ft. 966 Glen Cres is priced at 18% below its assessed value at $550,000.

Notable New Sales

My pick for ‘deal of the week’ goes to 464 Bruce Ave. The property has 5 beds, and 2 bathrooms with a suite and sold for less than $277/sqft at $550,000. A property at 480 Deering sold for 16% below its assessed value at $500,000. The property located at 6613 Groveland took 101 days to sell and sold for 98% of its original listing price at $359/sq ft ($930,000).

Listing Data (click links below to access reports)

Nanaimo Residential New Listings

Nanaimo Residential Home Sales This Week

Nanaimo Residential Withdrawn / Cancelled / Expired

Additional Market Stats (Nanaimo, Parksville, Qualicum Beach & Ladysmith)