Weekly Real Estate Take [February 2024 - Week 1]

This week saw a 14%  decline in new listings when compared to last week. Sales are holding steady at just over a dozen sales per week. February marks the beginning of “early spring” in the Nanaimo real estate market. This is when home sellers can take advantage of the low seasonal inventory. Anecdotally we have seen an increase in showing requests on our active inventory and this trend is expected to progressively increase over the coming weeks.

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. You will never be handed off to a team member, I pride myself on my clients having direct contact and access to my advice and guidance. 

 - 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 377 Howard Ave a 4 bed, 3 bath, 2,513 sqft University District home listed for $735,000 ($292/sqft), 125 Emery Way a 4 bed, 3 bath, 2,140 sqft University District home listed for $699,900 ($327/sqft), 2114 Spencer Rd a 4 bed, 2 bath, 2,054 sqft Central Nanaimo home listed for $725,000 ($353/sqft).

The 3 homes listed this week with the highest $/sqft are 3079 Barnes Rd a 2 bed, 2 bath, 1,340 sqft Cedar home listed for $1,300,000 ($970/sqft), 7536 Tonnerre Way a 5 bed, 3 bath, 2,902 sqft Upper Lantzville home listed for $2,299,900 ($793/sqft), 2099 Lark Cres a 2 bed, 2 bath, 993 sqft Central Nanaimo home listed for $719,000 ($724/sqft).

Only 1 home was priced below its assessed value this week. 377 Howard Ave a 4 bed, 3 bath, 2,513 sqft University District home listed for $735,000 ($4% below its tax-assessed value).  

The 3 highest priced new listings this week are 3218 Andres Rd a 5 bed, 6 bath, 4,791 sqft North Jingle Pot home listed for $2,499,999. 7536 Tonnerre Way a 5 bed, 3 bath, 2,902 sqft Upper Lantzville home listed for $2,299,900. 3504 Berton Rd a 4 bed, 5 bath, 3,374 sqft North Jingle Pot home listed for $1,598,000.

Notable New Sales.

The 3 buyers that secured the largest discounts this week are the buyers of 1344 Lincoln Green Pl secured a 15% discount off the $1,140,000 asking price (sale price $970,000). The buyers of 715 O'Brien Pl secured a 9% discount off the $719,900 asking price (sale price $655,000). The buyers of 111 Linette Pl secured a 7% discount off the $1,399,900 asking price (sale price $1,300,000).

The 3 highest cost per sqft sales this week were 361 Fledgeling Pl a 3 bed, 2 bath, 1,144 sqft Uplands home sold for $625,000 ($546/sqft), 1010 St. David St a 3 bed, 1 bath, 980 sqft Central Nanaimo home sold for $505,000 ($515/sqft), 628 Winchester Ave a 3 bed, 2 bath, 1,299 sqft South Nanaimo home sold for $579,900 ($446/sqft).

The 3 highest sales this week were 4968 Bella Vista Cres a 6 bed, 3 bath, 4,254 sqft Hammond Bay home sold for $1,339,000. 111 Linette Pl a 4 bed, 3 bath, 3,483 sqft North Nanaimo home sold for $1,300,000. 204 Golden Oaks Cres a 7 bed, 5 bath, 3,430 sqft Hammond Bay home sold for $1,260,000.

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

Social Media - Just in Case You Missed It:

• Navigating Real Estate: Key Questions to Consider Before Buying
• Preparing your home for sale

This Week in My Life

On Monday I returned to Vancouver Island after a week in Mexico making memories with my Dad. My Dad’s health is failing him so my brother and sister and I along with 6 kids all gathered in Puerto Morellos to soak up some time with him. It was a wonderful experience that our kids will remember for the rest of their lives (highlight video here). 

This week I received my 5th consecutive ICON award from eXp Realty for outstanding sales production and my commitment to the eXp core values (picture here). 

On Thursday, Feb 1, I was invited to MC the 2024 Vancouver Island Business Excellence Awards at the Vancouver Island Conference Centre (VICC). The event was sold out with over 400 business leaders in attendance. This is the 3rd time that I have been the MC and I really enjoy the energy at the event. The room is full of that inspiring entrepreneurial spirit (picture here). 

This Saturday, I am attending the Harbour City Badge Battle at the VICC. This is another sold out event. This event is a charitable amateur boxing event hosted by the Professional Firefighters Charitable Society. Each amateur boxing match has a firefighter competing against a member of the RCMP. I have my 2 nephews flying over from Vancouver to join me. We are super excited!