John's Weekly Vancouver Island Real Estate Take [May 2023 - Week 1]

This week compared to last week, we saw an increase in new listings and a decrease in reported sales. 12 more new listings this week than last week’s 45. 9 fewer sales were reported this week compared to the previous week’s 27. That said, the market is still slightly favouring sellers for single-family homes. Market conditions remain relatively balanced, especially when compared to the last 3 years. Sharply priced homes are occasionally receiving multiple expressions of interest and selling above list price, but more often than not, buyers are able to negotiate and sellers are agreeing to reasonable due diligence timelines.

Interesting Properties of The Week

Notable New Listings

The big splash this week was made when 1830 Haslam Rd hit the market. Topping the “incredible value” charts at $217/sq ft and a whopping 44% below their tax-assessed value, this property was priced to sell at a head-turning price of $599,900!  The market responded and every agent in town had clients clamouring for access. In the face of this demand, they decided to review offers after only 72 hours of exposure! The last update on May 3 was that they received 10 to 12 offers and accepted a conditional offer until May 15. They must have wanted this one done quickly. 5342 Somerset Dr. is great value at $303/sq ft, priced at $799,900 (4% below assessment). Good value can be found at 7384 High Ridge Cres. at $541/sqft, 18% below-assessed value, this lottery home can be bought for $1,795,000.  A notable outlier is 3414 Stephenson Point Rd, priced at $831/sqft, this waterfront home can be purchased for $3,490,000. 

Notable New Sales

A few trades that stood out to me this week include 115 Ranchview Rd, in Chase River, a 3388 sqft. home which sold in 17 days for $273/sqft. ($925,000). 966 Glen Cres in South Nanaimo sold for $288/sqft, this 1930 sq ft home received $540,000 after 22 days. 630 Hawkins St. in Brechin Hill started out at $769,000 and ultimately sold for $699,000. 1370 Ivor Rd. sold for $364/sqft after 56 days. Top 5 lowest this week for cost per sq ft. This 5,268 sq.ft. Cedar, BC home sold for $1,920,000 after 56 days.

Listing Data (click links below to access reports)

Nanaimo Residential New Listings

Nanaimo Residential Home Sales This Week

Nanaimo Residential Withdrawn / Cancelled / Expired Listings

Additional Market Stats (Nanaimo, Parksville, Qualicum Beach & Ladysmith)