Although not statistically significant, the last 2 weeks have been the 2 lowest weeks in reported sales in the last 6 months. September typically experiences an increase in new listings and an increase in sales, however, we have experienced a decrease in sales month to date. The next 10 weeks will be interesting to observe as we head into the low-volume trading months of December and January. Overall inventory levels have increased subtly, not enough to shift into buyers' market conditions. For single-family homes in Nanaimo, we are still sitting in very balanced market conditions. Balanced market conditions are the absolute best markets to downsize, upsize or change houses in. If you are considering making a move within Central Vancouver Island, this is the best opportunity since 2016. 2016 was the last time we had balanced market conditions in single-family homes in Nanaimo.
Notable New Listings
I like to start my weekly listing review by outlining the best value, based on a $/sqft analysis. This week has 3 notable properties with $/ft listed below $300. 54 Roberta Rd E, is a 3 bed, 3 bath 2747 sqft home on a 20,000 sqft lot in Chase River listed at $725,000 ($264/sqft); 418 Kennedy St., is a 4 bed, 3 bath, 3034 sqft home on a 9400 sqft lot in the Old City listed at $849,900 ($280/sqft); & 5792 Bradbury Rd. is a 7 bed, 4 bath, 4156 sqft home on a 29,000 sqft lot listed at $1,249,000 ($300/sqft). The 3 homes listed this week with the highest $/sqt this week are: 2458 Rosstown Rd., a 4 bed, 1 bath, 728 sqft home on a 6800 sqft lot listed at $619,900 ($850/sqft), 2232 Bourbon Rd., a 3 bed, 2 bath 1255 sqft home in Central Nanaimo listed at $729,000 ($581/sqft), & 5110 Sam’s Way, a 3 bed, 2 bath, 1500 sqft home in Uplands listed at $835,000 ($557/sqft). Priced almost 30% below tax-assessed value is 6380 Phantom Rd. in Upper Lantzville. 1222 Nanaimo Lakes Rd. is priced 18% below tax assessed value. Other notable new listings include: 1328 Jesters Way, in Departure Bay, 1675 King John Rd., in Departure Bay, & 3454 Sante Fe Pl. in North Jingle Pot. 38% of homes listed this week were listed at or below their tax-assessed value.
Notable New Sales
Year to date, the average discount negotiated by buyers is 3%. 60% of the sales this week secured a discount above the YTD average. None of the homes sold this week sold above their asking price. The biggest discounts were secured by the buyers of 3699 Hammond Bay Rd. (12% discount off original price), 280 Juniper St. in Brechin Hill (11% discount off original price), & 2370 Arbot Rd. (10% discount off original price). The buyers of 3090 Decourcy Rd. secured a purchase 18% below tax-assessed value, this sale was also the highest $/sqft sale this week ($641/sqft). The lowest sale on a $/sqft this week was 2945 Thomas St. which sold for $630,000 ($286/sqft). Other notable sales this week include 3306 Greyhawk Dr. in Hammond Bay, & 5478 Leslie Cres. in North Nanaimo. 85% of homes sold this week sold at or below their tax-assessed value.
