Weekly Real Estate Take [August 2024 - Week 3]

New single-family listings have started to decline. 38 new homes hit the market this week, down from 56 last week. Sales of single-family homes have increased from 16 last week to 19 this week. As we head towards September we should see both sales and new listings increase. I am predicting inventory to stay stable and prices to hold as we head towards the fourth quarter of 2024.

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 Listing

I like to start by outlining the best value based on $/sqft. The 3 best value homes listed this week are 1943 Kelsie Rd a 5 bed, 4 bath, 3,001 sqft Chase River home listed for $936,900 ($312/sqft), 53 Kennedy St a 4 bed,1 bath, 1,744 sqft Old City home listed for $599,700 ($344/sqft), 2406 Departure Bay Rd a 6 bed, 4 bath, 3,950 sqft Departure Bay home listed for $1,399,000 ($354/sqft).

The 3 homes listed this week with the highest $/sqft are 2760 Ritten Rd a 2 bed, 1 bath, 1,242 sqft Cedar home listed for $1,499,000 ($1207/sqft) , 7144 Eby Rd a 3 bed, 3 bath, 3,323 sqft Lower Lantzville home listed for $3,699,900 ($1,113/sqft), 2245 Tiara Pl a 3 bed, 3 bath, 2,015 sqft Cedar home listed for $1,549,000 ($769/sqft)

The 3 homes priced the most below their assessed value are 5559 Cliffside Rd a 5 bed, 3 bath, 2,866 sqft North Nanaimo home listed for $1,099,000 (11% below its tax-assessed value), 4371 Martin Pl a 3 bed, 2 bath, 1,463 sqft Uplands home listed for $699,900 (4% below its tax-assessed value), 1850 Shasta Rd a 3 bed, 3 bath, 2,248 sqft Cedar home listed for $1,599,900 (10% 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 $3,699,900. 1850 Shasta Rd a 3 bed, 3 bath, 2,248 sqft Cedar home listed for $1,599,900. 6888/6896 Doumont Rd a 7 bed, 5 bath, 4,100 sqft Pleasant Valley home listed for $1,598,000.

Notable New Sales

The 3 buyers that secured the largest discounts this week are the buyers of 5964 Ralston Dr. They secured an 18% discount off the $887,000 asking price (sale price $728,000).The buyers of 431 Blythe Ave secured a 9% discount off the $699,900 asking price (sale price $637,500). The buyers of 2481 Lynburn Cres secured a 8% discount off the $845,000 asking price (sale price $780,000).

The 3 highest cost per sqft sales this week were 3110 Roper Rd a 2 bed, 2 bath, 1,536 sqft Cedar home sold for $1,290,000 ($840/sqft), 730 Oakley St a 2 bed, 1 bath, 752 sqft Central Nanaimo home sold for $540,000 ($718/sqft), 3560 Bonnie Dr a 3 bed, 4 bath, 3,207 sqft Hammond Bay home sold for $2,225,000 ($694/sqft).

The 3 highest sales this week were 3560 Bonnie Dr a 3 bed, 4 bath, 3,207 sqft Hammond Bay home sold for $2,225,000. 3474 Santa Fe Pl a 5 bed, 4 bath, 3,580 sqft North Jingle Pot home sold for $1,345,000. 3110 Roper Rd a 2 bed, 2 bath, 1,536 sqft Cedar home sold for $1,290,000.

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