Weekly Real Estate Take [August 2024 - Week 5]

This week, the Nanaimo real estate market has seen a slight decrease in activity. New listings have dropped from 47 last week to just 32 this week, indicating a subtle tightening in inventory. Sales have also seen a slight dip, with 16 homes sold compared to 17 the previous week. As we approach September, I anticipate that inventory levels will remain stable and that prices will continue to hold steady, perhaps dip slightly, as we move into 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 1624 Meredith Rd a 5 bed, 3 bath, 3,200 sqft Central Nanaimo home listed for $759,000 ($237/sqft), 3513 Hallberg Rd a 5 bed, 3 bath, 2,984 sqft Extension home listed for $899,900 ($302/sqft), 122 Bonavista Pl a 6 bed, 4 bath, 3,151 sqft North Nanaimo home listed for $1,025,000 ($325/sqft).

The 3 homes listed this week with the highest $/sqft are 1750 Waddington Rd a 1 bed, 1 bath, 668 sqft Central Nanaimo home listed for $649,000 ($972/sqft), 1790 Waddington Rd a 1 bed, 1 bath, 503 sqft Central Nanaimo home listed for $429,000 ($853/sqft), 3871 Rock City Rd a 3 bed, 2 bath, 1,150 sqft Departure Bay home listed for $699,900 ($609/sqft).

There was only 1 home priced below its assessed value this week. 217 Westwood Rd a 3 bed, 2 bath, 1,087 sqft South Jingle Pot home listed for $659,900 (1% below its tax-assessed value).

The 3 highest priced new listings this week are 5667 Muggies Way a 5 bed, 4 bath, 3,385 sqft North Nanaimo home listed for $1,388,000. 2127 Yellow Point Rd a 4 bed, 3 bath, 2,964 sqft Cedar home listed for $1,299,900. 5658 Malibu Terr a 6 bed, 4 bath, 3,578 sqft North Nanaimo home listed for $1,299,000.

Notable New Sales

The 3 buyers that secured the largest discounts this week are the buyers of 221 Calder Rd secured a 9% discount off the $949,900 asking price (sale price $865,000). The buyers of 1745 Alice Rd secured an 8% discount off the $589,000 asking price (sale price $540,000). The buyers of 3458 Decourcy Dr secured a 7% discount off the $1,499,900 asking price (sale price $1,400,000).

The 3 highest cost per sqft sales this week were 7144 Eby Rd a 3 bed, 3 bath, 3,323 sqft Lower Lantzville home sold for $3,650,000 ($1,098/sqft), 3458 Decourcy Dr a 3 bed, 3 bath, 2,362 sqft Cedar home sold for $1,400,000 ($593/sqft), 583 Chestnut St a 2 bed, 2 bath, 1,221 sqft Brechin Hill home sold for $629,900 ($516/sqft).

The 3 highest sales this week were 7144 Eby Rd a 3 bed, 3 bath, 3,323 sqft Lower Lantzville home sold for $3,650,000. 3458 Decourcy Dr a 3 bed, 3 bath, 2,362 sqft Cedar home sold for $1,400,000. 3424 Galveston Pl a 4 bed, 3 bath, 2,810 sqft North Jingle Pot home sold for $1,025,000.

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