John Cooper’s Weekly Real Estate Take (Week 3 - August 2023)

New homes are still coming on the market at a rate of about 40 per week in Nanaimo. Sales are holding steady, so far, at 20 to 30 per week. Looking specifically at detached homes with at least 3 bedrooms and 2 bathrooms, 192  have sold in the last 3 months (64 homes sold/month). As of today, there are currently 269 such homes available for sale in Nanaimo. This equates to 4.2 months of inventory. This is indicative of very balanced market conditions in what was previously a lopsided market that made selling easy and buying extremely difficult. Balanced markets are the best possible markets for making a housing change within the same community. If you know someone that wants to change their current housing situation but remain in Nanaimo this would be a great time to introduce them to me (or forward them this newsletter).

Interesting Properties of The Week

Notable New Listings

Not including the burned out currently not-occupiable home for sale at 1665 Meredith Rd listed at $157/sqft for $425,000, the lowest cost per sqft home listed this week is 412 Milton St in the Old City, this 3 bed, 2 bath 2553 sqft character home is listed for $284/sqft at $725,000 (it also sits on a 10,098 sqft lot). Other considerations for value on a cost per sqft. analysis are 3538 Departure Bay Rd, a 5 bed, 3 bath 2839 sqft home listed at $879,000 ($310/sqft); 1075 Old Victoria Rd a 4 bed, 3 bath 2546 sqft home listed at $829,000 ($326/sqft); & 253 Garner Cres has 2894 sqft and is listed for $950,000 ($328/sqft). 7421 Chattaway Pl is a 4 bed, 3 bath 1760 sqft home in Lower Lantzville listed at $719,999 (13% below the tax-assessed value). 2852 Keighley Rd is a 3 bed, 2 bath 1750 sqft home in Departure Bay listed for $780,000 (9% below the tax-assessed value). 25% of all the single-family detached homes listed this week were listed below their tax-assessed value. 60% were listed above their tax-assessed value.

Notable New Sales

This week’s show-stopper sale is 3410 Arrowsmith Rd in Departure Bay. An absolute masterpiece selling for $2,913,000 ($546/sqft). This was the highest sale this week, but the 2nd highest $/sqft. The #1 spot goes to 7448 High Ridge Cres in Upper Lantzville (The Foothills) for $2,075,000 ($622/sqft). An impressive $/sqft for a 1953 built home sold this week, 1072 Strathmore St in Central Nanaimo achieved $496/sqft, selling in 54 days for $672,900. The sellers of 2721 Tamara Dr achieved an impressive $494/sqft with a sale price of $990,000 for a 2007 built, 2004 sqft Diver Lake home (7% above tax-assessed value & 8% above the asking price). 85% of detached homes sold this week for the asking price or less. 2900 Riverbend Rd sold for 43% below tax-assessed value, $597,000 for a 2 bed, 2 bath on 3.66 acres!  55% of homes sold this week, sold at their tax-assessed value or lower.

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.