John Cooper’s Weekly

Nanaimo Real Estate Take

50 New listings hit the Nanaimo single-family home market this week, down from 60 the previous week. 13 single-family homes sold in the last 7 days, down from 20 the previous week. Market conditions remain balanced in all product and price categories. Subject-to-sale offers are becoming increasingly more common. Homeowners need to be very careful when considering accepting or writing a subject-to-sale offer as they can get very complex, very fast. Your advisor needs to understand how to ensure you don't end up with your home sold and no place to go or end up owning 2 homes. Move slowly, ask a lot of questions, and do not be afraid to get another opinion.

Notable New Listings

Best value picks for this week, based on $/sq ft are a court-ordered sale at 629 Railway Ave., a 3 bedroom, 2 bathroom, 2497 sqft South Nanaimo homes listed for $649,900 ($181/sqft) & 296 Machleary St., in the Old City, a 3 bed, 3 bath, 3500 sqft home listed for $829,900 ($232/sqft). If vintage palaces are your thing, have a look at 156 Cilaire Dr., incredible value at $331/sqft, that includes 5 beds, 3 baths and over 4000 sq ft priced at $1,350,000 in one of Nanaimo’s most sought-after neighbourhoods. Also listed this week in Cilaire is 107 Black Powder Trail. 2 nice ranchers hit the market this week, 658 Second St. (3 bed, 1 bath) and 601 Brookeside Pl. (3 bed, 1 bath plus detached shop). Other interesting listings this week include: 750 Hunter St., 167 Golden Oaks Cres., & 7402 High Ridge Cres. in Lantzville, BC

Notable New Sales

The biggest discount negotiated this week was awarded to the buyers of 1640 Cedar Rd. with a 15% discount, securing a 4 bed, 1 bath, 1015 sq ft home in Cedar, BC for $3560,000 (original asking price $424,900).  The buyers of 469 Mulberry Dr. were lucky enough to secure a 8% discount on a 3 bed, 2 bath 1776 sq ft home that sold for $725,000 (original asking price $789,900). The buyers of 118 Royal Pacific Way also secured an 8% discount with a final purchase price of $1,280,000 (original asking price $1,385,000). Best value sale on $/sqft went to the buyers of 3534 Oakridge Dr. in Hammond Bay. The 2 highest $/sqft sales this week were 339 Harwell Rd. which sold for $629,000 ($605/sqft), & 204 Princess St. which sold for $575,000 ($566/sqft). The biggest sale this week was 71 River Terrace which sold for $1,535,000. 

 Listing Data (click links below to access reports)

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.