Weekly Real Estate Take [April 2024 - Week 3]

This week new listings held steady with an additional 54 new single-family homes hitting the market (that’s 108 homes in the last 14 days). New sales have also held steady with an increase from 18 last week to 24 homes selling in the last 7 days. Inventory is rising. I expect this trend to continue with markets remaining balanced and perhaps a slight favour towards buyers by early summer. That said, the home inventory by mid-summer is typically made up of the homes that failed to sell over the spring and can often have some features that the market rejected (most often the price).

If you are interested in learning what the market conditions are for your home, drop me an email and we can arrange for a conversation about your needs. Replies to this weekly email come directly to my personal inbox and I read and reply to every email I receive. You will never be handed off to a team member, I pride myself on my clients having direct contact and access to my advice and guidance.

- John Cooper

Notable New Listings

I like to start by outlining the best value based on $/sqft. The 3 best value homes listed this week are 1986 Coal Tyee Trail a 6 bed, 4 bath, 2,799 sqft University District home listed for $850,000 ($304/sqft), 5227 Lost Lake Rd a 4 bed, 3 bath, 3,584 sqft North Nanaimo home listed for $1,099,900 ($307/sqft), 120 Pine St a 4 bed, 2 bath, 2,420 sqft Old City home listed for $745,900 ($308/sqft).

The 3 homes listed this week with the highest $/sqft are 7144 Eby Rd a 3 bed, 3 bath, 3,323 sqft Lower Lantzville home listed for $3,899,000 ($1173/sqft), 2445 Godfrey Rd a 5 bed, 3 bath, 2,342 sqft Extension home listed for $2,224,999 ($950/sqft), 6071 Pine Ridge Cres a 2 bed, 1 bath, 926 sqft Pleasant Valley home listed for $648,400 ($700/sqft).

The 3 homes priced the most below their assessed value are 3622 Apsley Ave a 3 bed, 2 bath, 1,524 sqft Uplands home listed for $675,000 (11% below its tax-assessed value), 5359 Kenwill Dr a 5 bed, 3 bath, 2,968 sqft North Nanaimo home listed for $998,700 (6% below its tax-assessed value), 284 Applegreen Ave a 3 bed, 2 bath, 1,655 sqft South Nanaimo home listed for $695,000 (5% below its tax-assessed value).

The 3 highest priced new listings this week are 7144 Eby Rd a 3 bed, 3 bath, 3,323 sqft Lower Lantzville home listed for $3,899,000. 3230 Ferguson Rd a 4 bed, 3 bath, 3,934 sqft North Jingle Pot home listed for $2,695,000. 5391 Kenwill Dr a 6 bed, 6 bath, 4,424 sqft North Nanaimo home listed for $2,500,000.

Notable New Sales

The 3 buyers that secured the largest discounts this week are the buyers of 1051 Old Victoria Rd secured a 14% discount off the $874,900 asking price (sale price $750,000). The buyers of 109 Gibralter Rock secured a 4% discount off the $1,190,000 asking price (sale price $1,145,000). The buyers of 1510 Bush St secured a 4% discount off the $669,699 asking price (sale price $645,000).

The 3 highest cost per sqft sales this week were 734 Cadogan St a 3 bed, 1 bath, 872 sqft Central Nanaimo home sold for $610,000 ($700/sqft), 5454 Clipper Dr a 3 bed, 2 bath, 1,270 sqft North Nanaimo home sold for $700,000 ($551/sqft), 823 Glengarry Cres a 3 bed, 2 bath, 1,318 sqft South Nanaimo home sold for $726,000 ($551/sqft).

The 3 highest sales this week were 6624 Groveland Dr a 3 bed, 3 bath, 3,079 sqft North Nanaimo home sold for $1,425,000. 649 Belle View Pl a 5 bed, 3 bath, 3,019 sqft North Nanaimo home sold for $1,190,649. 109 Gibralter Rock a 3 bed, 4 bath, 3,200 sqft Hammond Bay home sold for $1,145,000.

If you are looking for details on a recent sale not mentioned here, email me and I will send you the sale price.

Social Media - Just in Case You Missed It:

• Finding Your Perfect Home: Balancing Emotion and Investment with John Cooper, Real Estate Advisor

• Define Your Own Success: Letting Go of Comparison in Real Estate and Life
  

• The Art of Advising: The Vital Skills of Active Listening and Creative Problem Solving
  

• Maximize Your Home's Value: Why Multiple Expert Opinions Are Crucial Before Selling!

This Week in John’s Life

Professionally, this week we hosted 2 information sessions for an exciting new waterfront condo project that is proposed for Newcastle Ave in Nanaimo (website here). We are 72 hours away from launching a unique light industrial strata warehouse project comprising 18 strata lots (details coming soon). We also launched a new listing on Irwin St (Video here).

Personally, I hosted a gathering at my home in downtown Nanaimo. We had a massive turnout and much fun was had (IG picture here). I witnessed a breathtaking sunset after a yoga class (video here). I got my butt-kicked at Force Boxing in one of my weekly training sessions (video here). Last night, my Operations Manager Sara Browne & I attended a Chris D'elia comedy show at the Port Theatre. His take on Nanaimo was hilarious.

- John Cooper