John Cooper’s Weekly

Nanaimo Real Estate Take

New listings have held steady this week with 43 new single-family homes hitting the market. New sales were up subtly this week from 22 to 25. The big increase was in expired listings, almost doubling from 15 to 28 this week. The monthly market stats get released Sunday and our monthly report with my take on the stats will be released early next week. Anecdotally it appears that showing volume is declining alongside sale volume. That is the general seasonal trend, however, this year it seems to be setting in a little earlier. The high-rate environment has dramatically reduced demand. Supply remains low and that is mitigating downward pressure on pricing at present. Market conditions remained balanced, but seemingly in transition. Time will tell.

Notable New Listings

Top 3 lowest $/sqft homes listed this week are 697 Bruce Ave., a 7 bed, 3 bath 3419 sqft home listed at $699,900 ($204/sqft); 1080 Nanaimo River Rd., a 3 bed, 2 bath 4851 sqft home listed for $1,250,000 ($258/sqft); & 4090 Tiki Lane, a 4 bed, 3 bath 4241 sqft home listed for $1,098,000 ($259/sqft). Priced at 14% below their tax-assessed value is 686 Beaconsfield Rd., a 5 bed, 2 bath 2372 sqft home priced very sharply at $714,000 ($301/sqft). The 3 highest $/sqft homes listed this week are 7536 Tonnerre Way, a 5 bed, 3 bath, 2902 sq ft ocean view home listed at $2,399,900 ($827/sqft); 6466 Thornwood Pl., a 4 bed, 3 bath 3672 sqft home listed at $1,849,900 ($504/sqft); & 1652 Cedar Rd., a 4 bed, 2 bath 1668 sqft. home listed for $825,000 ($495/sqft).  Other notable listings include 1047 Harewood Mines Rd. in South Nanaimo, 1340 Thalia Place in the University District, & 1542 Knight Court Rd., in Departure Bay. 34% of the homes listed this week were listed at or below their tax-assessed value.

Notable New Sales

This week’s biggest discounts were secured by the buyers of 3168 Uplands Dr., a 6 bed, 3 bath, 3152 sqft home that sold for $1,050,000 (12% below original list price), 2723 Majestic Pl., a 3 bed, 2 bath, 1607 sqft home that sold for $790,000 (7% below original price), & 3134 Queen’s Court, a 4 bed, 2 bath home that sold for $630,000 (7% below original price). The buyers of 5225 Fillinger Cres. secured a sale price 14% below the tax-assessed value and was also the lowest sale price on a $/sqft ($296/sqft). 4 properties sold for above asking price: 3088 Shamrock Pl., 227 Golden Oaks Cres., 2521 Cosgrove Cres., & 5225 Fillinger Cres. The highest sale price/sqft was 563 Poplar St. in Brechin Hill ($733/sqft) and 2232 Bourbon Rd. 9$578/sqft) in Central Nanaimo. 61% of the homes sold this week, sold for at or below their tax-assessed value.

Listing Data (click links below to access reports)

This Week in John’s Life

Avery (15) & June (12) started Grade 10 and Grade 8 this week at NDSS. They appear to be enjoying high school so far and have adjusted well to their new school schedule. This weekend has me honouring Truth & Reconciliation Day Saturday, then later in the weekend showing a few homes and likely taking my girls on a little trip to Vancouver to hit up Brandy Melville and the rest of the usual stops. After that, it's time to winterize the summer equipment and prepare our Thetis Island Cottage for the rainy season. I'm hoping for some sunshine. We have been interviewing for a new administrative position at the office and have met some great candidates. If you know a great candidate we would still love to meet them.

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.