Weekly Real Estate Take [August 2024 - Week 4]

This week, the Nanaimo real estate market has seen a slight shift. New single-family home listings have increased to 47 active listings, up from 38 last week. Sales have slightly decreased, with 17 homes sold compared to 19 the previous week. As we move closer to September, 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 102 Cypress St a 5 bed, 4 bath, 3,991 sqft Brechin Hill home listed for $799,900 ($200/sqft), 1624 Meredith Rd a 4 bed, 3 bath, 3,224 sqft Central Nanaimo home listed for $759,000 ($235/sqft), 95 Kennedy St S a 8 bed, 5 bath, 4,775 sqft Old City home listed for $1,300,000 ($272/sqft).

The 3 homes listed this week with the highest $/sqft are 7036 Dickinson Rd a 4 bed, 4 bath, 4,035 sqft Lower Lantzville home listed for $3,399,000 ($842/sqft), 3340 Stephenson Point Rd a 5 bed, 5 bath, 4,259 sqft Hammond Bay home listed for $3,150,000 ($740/sqft), 2359 Gould Rd E a 3 bed, 2 bath, 1,649 sqft Cedar home listed for $998,000 ($605/sqft).

The 3 homes priced the most below their assessed value are 2745 Nanaimo River Rd a 5 bed, 4 bath, 5,022 sqft Extension home listed for $1,999,900 (30% below its tax-assessed value), 102 Cypress St a 5 bed, 4 bath, 3,991 sqft Brechin Hill home listed for $799,900 (5% below its tax-assessed value), 3612 Departure Bay Rd a 5 bed, 3 bath, 2,268 sqft Departure Bay home listed for $799,900 (4% below its tax-assessed value).

The 3 highest priced new listings this week are 7036 Dickinson Rd a 4 bed, 4 bath, 4,035 sqft Lower Lantzville home listed for $3,399,000. 3340 Stephenson Point Rd a 5 bed, 5 bath, 4,259 sqft Hammond Bay home listed for $3,150,000. 2745 Nanaimo River Rd a 5 bed, 4 bath, 5,022 sqft Extension home listed for $1,999,900.

Notable New Sales

The 3 buyers that secured the largest discounts this week are the buyers of 210 Rovere Pl secured a 1% discount off the $750,000 asking price (sale price $632,500). The buyers of 1363 College Dr secured a 11% discount off the $1,099,900 asking price (sale price $980,000). The buyers of 2720 Extension Rd secured a 10% discount off the $689,900 asking price (sale price $619,900).

The 3 highest cost per sqft sales this week were 2720 Extension Rd a 3 bed, 1 bath, 875 sqft Extension home sold for $619,900 ($708/sqft), 452 Seventh St a 3 bed, 1 bath, 1,166 sqft University District home sold for $600,000 ($515/sqft), 488 Chestnut St a 3 bed, 2 bath, 1243 sqft Brechin Hill home sold for $629,000 ($506/sqft).

The 3 highest sales this week were 117 Royal Pacific Way a 6 bed, 4 bath, 2,982 sqft North Nanaimo home sold for $1,275,000. 6158 Icarus Dr a 4 bed, 4 bath, 2,856 sqft North Nanaimo home sold for $1,138,000. 1363 College Dr a 5 bed, 4 bath, 2,959 sqft University District home sold for $980,000.

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