Weekly Real Estate Take [December 2023 - Week 1]

New listings have dropped from 26 to 19, new sales have dropped from 19 to 10 and expired listings have held steady at 24. Normally these would be alarming reductions but given the time of year it is to be expected. Many sellers will choose not to list their homes over the holidays and buyer activity is always low this time of year as they shift their focus to the holiday season. I encourage my clients to embrace this slowdown. It can be a good time to engage in planning for the new year and I am available as needed.

If you are interested in learning what the market conditions are for your product type of interest, drop me an email and I will run the numbers specifically for you. Replies to this weekly take 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 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 3145 Green Leaf Pl, a 4 bed, 2 bath, 2328 sqft Departure Bay home listed for $599,900 ($258/sqft), 55 Riley Pl, a 3 bed, 2 bath, 1866 sqft North Nanaimo home listed for $599,900 ($321/sqft), & 2346 Wild Dove Rd, a 7 bed, 4 bath, 4173 sqft Diver Lake home listed for $1,372,000 ($329/sqft).

The 3 homes listed this week with the highest $/sqft are 7704 Clark Dr, a 4 bed, 3 bath, 709 sqft Upper Lantzville home listed for $819,900 ($1156/sqft), 156 Golden Oaks Cres, a 3 bed, 4 bath, 3596 sqft Hammond Bay home listed for $2,300,000 ($640/sqft), & 4161 Uplands Dr, a 3 bed, 2 bath 1170 sqft Uplands home listed for $674,900 ($577.sqft).

The 3 homes priced the most below their assessed value are 3145 Green Leaf Pl, a 4 bed, 2 bath, 2328 sqft Departure Bay home listed for $599,900 (11% below its tax-assessed value), 141 Cowling Pl, a 3 bed, 2 bath, 1343 sqft Chase River home listed for $749,900 (3% below their tax-assessed value), & 7087 Black Jack Dr, a 5 bed, 3 bath, 2593 sqft Upper Lantzville home listed for $899,999 (3% below tax-assessed value).

The 3 highest priced new listings this week are 156 Golden Oaks Cres (listed for $2,300,000), 124 Hawk Point Rd (listed for $1,649,000), & 6174 Metral Dr. (Listed for $1,500,000).

Notable New Sales

The 3 buyers that secured the largest discounts this week were the buyers of 431 Maple St, secured a 21% discount off the $449,900 asking price (sale price $400,000). The buyers of 495 Nicol St, secured a 20% discount off the $459,900 asking price (sale price $400,000). The buyers of 2852 Keighley Rd secured a 20% discount off the $684,900 asking price (sale price $684,500).

The 3 highest cost per sqft sales this week were 431 Maple St, 1 bed, 1 bath, 660 sqft Brechin Hill home that sold for $400,000 ($606/sqft), 6466 Thornwood Pl, a 4 bed, 3 bath, 3672 sqft home that sold for $1,662,500 ($453/sqft), & 5345 Smokey Cres, a 4 bed, 6 bath, 4369 sqft home that sold for $1,925,000 ($441/sqft).

The 3 highest sales this week were 5345 Smokey Cres (sold for $1,925,000), 6466 Thornwood Pl (sold for $1,662,500), & 2338 Panorama View Dr (sold for $1,250,000).

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

Listing Data (click links below to access reports)

• Nanaimo Residential New Listings
• Nanaimo Residential Home Sales This Week
• Nanaimo Residential Withdrawn / Cancelled / Expired Listings
• Additional Market Stats (Nanaimo, Parksville, Qualicum Beach, Ladysmith)

Social Media - Just in Case You Missed It:

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Your Essential Guide to Hiring the Perfect Real Estate Advisor!

Nanaimo Market Update - December 2023

This Week in John’s Life

This week I celebrated 3 important birthdays in my life. One of the incredible miracles of my family is that my mom, my sister and my youngest daughter all share the same birthday. Dec 4th is a big day for us and we celebrated with a fondue feast at my mom’s home in Nanaimo. It was spectacular. The rest of this week has been mostly preparing for year end. I have my real estate license renewal in April so I have taken several courses this week including one on Home Evaluations, Selling Tenant Occupied Properties, Legal Update 2023 and the Ethics 2023 course. I love learning and have enjoyed parts of each of the courses (admittedly some of the chapters are a little boring). Next weekend I am very excited to be taking Avery & June, my daughters, to Vancouver for our annual Christmas shopping weekend in the big city. This has become a beautiful annual tradition for us.