Nanaimo Weekly Real Estate Take [August 2023 - Week 3]

It’s the biggest summer weekend in Nanaimo, 2023 Marine Festival and Bathtub Race kicks off this weekend. The weather is perfect and it looks like a great weekend to celebrate. The Nanaimo housing market can also celebrate as YTD we are in Sellers Market conditions for single-family homes with at least 3 bedrooms and 2 bathrooms.  Currently, 281 of these homes are listed, and 514 have sold since Jan 1, 2023. That equates to about 85 homes per month. Quick math confirms that we have 3.28 months of inventory which equals SELLERS MARKET. That said, I am expecting to see inventory increase between now and the end of 2023.

Interesting Properties of The Week

Notable New Listings

The best value on a cost per square foot this week is awarded to 5451 Arnhem Terr. in Pleasant Valley at $298/sqft, this 5 bed, 3 bath home sits on an 18,000 sqft lot and has over 2766 finished interior sqft (Asking price: $825,000). 412 Milton St. in Downtown Nanaimo lands in 2nd place with 2553 sqft, 3 beds, 2 baths and priced at $789,000. Third place is awarded to 2560 Lynburn Cres. in Departure Bay, over 3000 sq ft of living space with ocean views priced at $1,000,000. If homes priced below tax-assessed values are your thing, scope out 6380 Phantom Rd. in Lantzville, priced 28% below assessed at $1,399,900 (tax assessed at $1,952,000).  Other interesting new listings this week include: 936 Wentworth St. in the Old City, 280 Juniper St. in Brechin Hill, & 1398 Rose Ann Dr. in Departure Bay.

Notable New Sales

The sellers of 7139 Blackjack Dr. should be proud, having acquired the highest sale price/sqft this week, attracting an impressive $644/sqft, with a sale price of $699,900 on 1087 sq ft.  Also impressive was 3285 Ridgeview Pl. at $625/sqft selling for $1,900,000 with over 3000 sq ft on almost 5 acres. On the other end of the spectrum are 684 Pine St. ($258/sqft) and 603 Howard Ave ($278/sqft). It looks like the buyers of 3254 Ridgeview Pl. secured a great price ($2,400,000) 6 bed, 7 bath home with over 7000 sq ft. on over 5 acres.

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Nanaimo Residential Withdrawn / Cancelled / Expired Listings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.