Weekly Nanaimo Real Estate Newsletter Template - Week of March 16

John Cooper’s Weekly Real Estate Take - March 16, 2023

Another net gain of 25 properties this week, with 41 new listings and a weekly decline in sales this week, with only 16 single-family homes changing hands in Nanaimo. My prediction is that inventory will gradually increase over the next 3 months, peaking in July 2023. If I was selling a property in 2023, I would be moving to the market immediately. Market conditions will be good for sellers for at least another 12 weeks. The back half of 2023 and early 2024 will be more competitive for sellers than it is now, as inventory is still relatively low when compared to the 10-year average.

Interesting Properties of The Week

Of the 16 sales this week, there were 2 standouts. 3211 Hammond Bay Rd. was on the market for over 361 days, 188 of those were at $879,900. The price was reduced to $850,000, followed by a bidding war that drove the sale price back up to $875,000. Has the market improved or did a buyer get caught up in the frenzy? Time will tell. The lowest-priced home was also the biggest discounted home this week, 2313 Bowen Rd was listed at $480,500 and the lucky buyers negotiated a 10% discount and scored this opportunity for $432,000. That is way above our average 3% discount on single-family homes in Nanaimo. Of the 41 new listings this week, I wanted to point out 4360 Glen Craig Drive as it is priced 33% below its assessed value and is one of the lowest $Price/SqFt homes listed this week at $294/sqft. On the opposite side of the coin is 1320 Ivy Lane, priced 32% above its assessed value at $454/sqft. 

Nanaimo Residential New Listings

Nanaimo Residential Home Sales This Week

Nanaimo Residential Withdrawn/Cancelled/Expired Listings

Additional Market Stats for Nanaimo, Parksville, Qualicum Beach, & Ladysmith