Nanaimo Weekly Real Estate Take  [July 2023 - Week 2]

This week was our 2nd busiest week since we started reporting weekly. 60 new listings hit the market this week. Do you remember in May when I said there is always a surplus of inventory that arrives at the beginning of summer/late spring? That inventory is here now. Anyone who has ever taken on a home renovation project can attest to it always taking longer than anticipated, which is why we always see a late rush to market this time of year. This can often be at the exact moment that buyer activity stalls during the “dog days of summer”. July & August can still be great months for selling but be prepared for more competition than earlier in the year.

Interesting Properties of The Week

Notable New Listings

Starting with ‘Best Value’ for the week lands us at 2900 Riverbend Road in the Extension area of Nanaimo. This home is priced 40% below its tax-assessed value and is comprised of 2 beds, 2 baths, 1431 sqft on 3.66 acres for $624,900. On a $/sqft analysis, I have identified 684 Pine Street in Downtown Nanaimo priced at $258/sqft 4 beds, 2 baths, 2010 sqft ($519,000). Also consider 5225 Fillinger Cres, 5 bed, 3 bath, 3108 sqft price at $289/sqft ($899,000). 4 new listings came up in Downtown Nanaimo: 684 Pine St, 685 Comox Rd, 315 Kennedy St and 54 Prideaux St. Other notable new listings include 905 Terminal Ave in Central Nanaimo, 236 Cilaire Dr. in Departure Bay, & 3483 Planta Rd in Hammond Bay.

Notable New Sales

The buyers of 2505 Glenayr Dr. secured the lowest $/sqft this week at $185/sqft, this property needed a massive renovation and ultimately sold at $606,000. The highest sale above the asking price was awarded to the sellers of 5878 Sunset Rd, selling for 10% above the list price. 1100 Spruston Rd. sold for 37% below its tax-assessed value of $1,400,000. The buyers of 922 Spring Pl. were the beneficiary of some productive negotiating, securing the property for 16% below the asking price.

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Nanaimo Residential Withdrawn / Cancelled / Expired Listings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)

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.