John Cooper’s Weekly Real Estate Take (Week 1 - September 2023)

The warmth of July has collided with the cool of September as August comes to a seemingly abrupt end. As much as it feels like the end of summer, we still have 22 days left of it. I have a similar sentiment towards the pace of our market. It is still warm and cozy for sellers right now. 797 single-family homes have sold in Nanaimo since Jan 1, 2023. That's about 100/mth and with only 337 active listings on the market today we are still firmly in a market favouring sellers with only 3.4 months in inventory. As of today, inventory is low, prices are stable and the timing is very good if you own a home & are thinking about moving before the end of the year.

Interesting Properties of The Week

Notable New Listings

The lowest-priced $/sqft home listed this week is 2037 Forest Dr, priced 19% below its tax-assessed value at $594,900 ($249/sqft). Other notables include 1708 Timberlands Rd, a 4 bed, 5 bath 3268 sqft rancher on a ¾ acre lot for $859,900 ($263/sqft) & 1467 Bay St in Departure Bay, a 4 bed, 3 bath, 2692 sqft home listed at $780,000 ($290/sqft). The highest $/sqft homes listed this week are 563 Poplar St, a 2 bed, 1 bath 724 sqft home in Brechin Hill listed at $549,900 ($760/sqft) & 909 Brookfield Pl, a 3 bed, 2 bath 1255 sqft in South Nanaimo listed at $799,900 ($637/sqft). I see good value in 2945 Thomas St. in Departure Bay, listed at $639,900. I also like 6962 Geisler Pl in Lower Lantzville listed at $799,900. The highest priced home listed this week is 2745 Nanaimo River Rd, a 5 bed, 4 bath timber frame riverfront home listed for $2,249,900. 51% of homes listed this week were listed at or below their tax-assessed value.

Notable New Sales

The average discount for single-family detached homes in Nanaimo YTD is 2%. The buyers of 510 Hecate St secured an 18% discount, and the buyers of 1847 Meredith Rd secured a 12% discount. 3483 Planta Rd sold for a 10% discount (from the original asking price). The quickest sales this week were 46 Irwin St, 7-4604 Hammond Bay Rd, & 3844 Sundown Dr 67% of homes that sold this week sold for at or below their tax-assessed value. The highest sale price per sqft was 7 - 4604 Hammond Bay Rd ($442/sqft). The lowest sale price/sqft was 2660 Willow Grouse Cres selling for $500,700 ($271/sqft).

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.