John Cooper’s Weekly Real Estate Take (Week 2 - August 2023)

The growing optimism of the spring market has long since bloomed and sellers are reviewing their results. This is the market “stalemate” we have mentioned, with sellers not wanting to sell below last year’s record highs and buyers waiting for prices to improve. The reality is prices came down 10% from record highs in July of 2022. In the last 3 months, we have gained about 3% of that back, so we're down about 7% from the 2022 peak. Buyers waiting for another double-digit drop might be out of luck, as inventory levels would have to increase dramatically for that to occur. Given the high equity that islanders have in their homes, I am not predicting double-digit gains or losses. Minus 3% to plus 3% for the next 3 years is my current prediction.

Interesting Properties of The Week

Notable New Listings

The “Deal of the Week” award goes to 828 Harbour View Street in South Nanaimo. Ocean view with 3 beds and 2 baths, over 1800 sqft, priced 6% below assessed and a low $303/sqft! The lowest single-family detached home listed this week is 137 Strickland Street, 2 bed, 1 bath priced at $477,900. I also like the value offering at 1075 Old Victoria Rd, 4 beds, 3 baths over 2500 sqft priced at $829,000 ($326/sqft). There is good value at 3094 Shamrock Place, 4 bed, 2 bath, 2277 sqft priced at $749,999 ($329/sqft). 7421 Chataway Place is priced 13% below their tax-assessed value at $719,900 and $409/sqft. 2374 Mill Road in South Jingle Pot is priced 41% above their tax-assessed value at $1,499,000 with over 3900 sqft. The highest-priced home listed this week is the beautiful 3340 Stephenson Point Road in Hammond Bay. The highest cost per sqft for non-waterfront is 570 Maple Street in Brechin Hill, 2 bed, 1 bath 753 sqft priced at $579,000 ($768/sqft).

Notable New Sales

The lowest price paid per sqft this week was awarded to the buyers of 5816 Tweedsmuir Crescent who secured a 5 bed, 3 bath, 2683 sqft home in North Nanaimo for $317/sqft ($849,900). Other properties that sold for less than $330/sqft include 7365 Rossiter Avenue, 111 Maids Court, 3479 Santa Fe Place & 2560 Lynburn Crescent. The highest price per sqft sales this week were 2458 Jeans Way ($648/sqft), 6511 Halsall Terrace ($554/sqft), & 2721 Tamara Drive ($494/sqft). Tamara Drive was also the highest sale above the list price, selling for 8% above the asking price. Must be a nice house! The biggest discounts of the week were negotiated by the buyers of 100 Swan Place & 3962 Gulfview Drive.

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.