Weekly Real Estate Take [August 2024 - Week 2]

This week, Nanaimo's real estate market has seen a slight increase in new single-family detached home listings, with 56 new properties hitting the market, up from 52 last week. However, sales have dipped slightly, with 16 sales reported compared to 18 last week. While it's common to see fluctuations this time of year, what's notable is the ongoing rise in new listings despite the decline in sales. This trend aligns with my current forecast of a subtle increase in inventory without any significant upward pressure on prices.

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. I pride myself on my clients having direct contact and access to me.

- 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 302 Benson View Blvd a 4 bed, 3 bath, 3,386 sqft South Jingle Pot home listed for $898,000 ($265/sqft), 1681 Gerrand Rd a 5 bed, 2 bath, 2,810 sqft Cedar home listed for $799,000 ($284/sqft), 6138 Mystic Way a 5 bed, 3 bath, 3,560 sqft North Nanaimo home listed for $1,020,000 ($287/sqft).

The 3 homes listed this week with the highest $/sqft are 2405 Lindsey Rd a 2 bed, 3 bath, 1,405 sqft Cedar home listed for $1,288,000 ($917/sqft), 7886 Clark Dr a 2 bed, 1 bath, 1,013 sqft Upper Lantzville home listed for $899,000 ($887/sqft), 6147 Garside Rd a 3 bed, 2 bath, 1,240 sqft Pleasant Valley home listed for $720,000 ($581/sqft).

The 3 homes priced the most below their assessed value are 686 Sarum Rise Way a 3 bed, 3 bath, 2,150 sqft University District home listed for $899,000 (6% below its tax-assessed value), 5767 Bradbury Rd a 5 bed, 4 bath, 3,018 sqft North Nanaimo home listed for $1,049,900 (4% below its tax-assessed value), 550 Holly Ave a 4 bed, 2 bath, 2,086 sqft Brechin Hill home listed for $750,000 (4% below its tax-assessed value).

The 3 highest priced new listings this week are 7255 Aulds Rd a 4 bed, 4 bath, 4,882 sqft Upper Lantzville home listed for $2,600,000. 5998 Icarus Dr a 4 bed, 5 bath, 4,616 sqft North Nanaimo home listed for $2,495,000. 180 Holland Rd a 3 bed, 5 bath, 3,445 sqft South Jingle Pot home listed for $1,959,000.

Notable New Sales

The 3 buyers that secured the largest discounts this week are the buyers of 7163 Peterson Rd secured a 26% discount off the $1,399,900 asking price (sale price $1,035,000). The buyers of 1430 Bay St secured a 14% discount off the $749,000 asking price (sale price $644,900). The buyers of 5933 Tasha Pl secured a 7% discount off the $899,000 asking price (sale price $840,000).

The 3 highest cost per sqft sales this week were 7163 Peterson Rd a 3 bed, 2 bath, 1,370 sqft Lower Lantzville home sold for $1,035,000 ($755/sqft), 7146 Vipond Rd a 4 bed, 2 bath, 2,054 sqft Pleasant Valley home sold for $1,500,000 ($730/sqft), 1430 Bay St a 3 bed, 2 bath, 1,159 sqft Departure Bay home sold for $644,900 ($556/sqft).

The 3 highest sales this week were 7146 Vipond Rd a 4 bed, 2 bath, 2,054 sqft Pleasant Valley home sold for $1,500,000. 250 Blairgowrie Pl a 4 bed, 3 bath, 3,316 sqft Central Nanaimo home sold for $1,215,000. 1757 Starling Rd a 4 bed, 4 bath, 2,902 sqft Cedar home sold for $1,200,000.

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