Weekly Real Estate Take [February 2024 - Week 2]

by John Cooper

New single-family listing inventory is on the rise. We saw new listings more than double, this week over last from 23 to 53. We also saw sales drop by almost 50% from 13 to 7. This is good news for buyers looking for more options in the market. That said, we are not sitting in a ‘buyer's market’. Inventory is still considered to be low. For most product and price categories market conditions are considered to be ‘balanced’.

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 478 Deering St a 4 bed, 2 bath, 2,314 sqft South Nanaimo home listed for $659,900 ($285/sqft), 770 Beach Dr a 6 bed, 4 bath, 4,817 sqft Departure Bay home listed for $1,400,000 ($291/sqft), 1386 Graham Cres a 4 bed, 3 bath, 2,156 sqft Central Nanaimo home listed for $719,000 ($333/sqft).

The 3 homes listed this week with the highest $/sqft are 1300 Seaview Pl a 3 bed, 3 bath, 1,972 sqft Departure Bay home listed for $1,675,000 ($849/sqft), 7128 Benwaldun Rd a 5 bed, 2 bath, 2,256 sqft Lower Lantzville home listed for $1,649,900 ($731/sqft), 2120 Huddington Rd a 4 bed, 2 bath, 2,301 sqft Cedar home listed for $1,650,000 ($717/sqft).

The 3 homes priced the most below their assessed value are 5517 Noye Rd a 3 bed, 2 bath, 1,414 sqft Pleasant Valley home listed for $511,000 ($28% below its tax-assessed value), 7194 Dickinson Rd a 2 bed, 2 bath, 3,282 sqft Lower Lantzville home listed for $1,099,900 ($21% below its tax-assessed value), 422 Victoria Rd a 3 bed, 2 bath, 1,081 sqft South Nanaimo home listed for $439,900 ($17% below its tax-assessed value).

The 3 highest priced new listings this week are 120 Hawk Point Rd a 5 bed, 5 bath, 3,157 sqft North Nanaimo home listed for $1,849,999. 1300 Seaview Pl a 3 bed, 3 bath, 1,972 sqft Departure Bay home listed for $1,675,000. 2120 Huddington Rd a 4 bed, 2 bath, 2,301 sqft Cedar home listed for $1,650,000.

Notable New Sales

The 3 buyers that secured the largest discounts this week are the buyers of 5999 Icarus Dr secured an 8% discount off the $1,475,000 asking price (sale price $1,350,000). The buyers of 7055 Doumont Rd secured an 8% discount off the $1,400,000 asking price (sale price $1,285,000). The buyers of 163 Pacific Terr secured a 6% discount off the $985,000 asking price (sale price $930,000).

The 3 highest cost per sqft sales this week were 2053 Lakeside Dr a 4 bed, 3 bath, 2,068 sqft Chase River home sold for $800,000 ($387/sqft), 2053 Mountain Vista Dr a 5 bed, 4 bath, 3,552 sqft Diver Lake home sold for $1,072,000 ($302/sqft), 4801 Fairbrook Cres a 5 bed, 3 bath, 2,527 sqft Uplands home sold for $914,000 ($362/sqft).

The 3 highest sales this week were 7536 Tonnerre Way a 5 bed, 3 bath, 2,902 sqft Upper Lantzville home sold for $2,190,000. 5999 Icarus Dr a 4 bed, 3 bath, 3,173 sqft North Nanaimo home sold for $1,350,000. 7055 Doumont Rd a 3 bed, 3 bath, 2,364 sqft Pleasant Valley home sold for $1,285,000.

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

This Week in My Life

This week was a busy week of real estate. We launched 5 listings on Monday so much of the week was spent getting our launch plans activated. There was some extra effort involved as we also had our brand new real estate signs hit the ground (image here).

Last night I was in Vancouver for the night to wear my other hat as an MMA referee for the Province of British Columbia. I have been involved in Professional MMA since 1999 and have been reffing in the sport for over 15 years. Last night I was in the cage for BFL 79, which was broadcast on the UFC Fight Pass network. You can watch a little highlight of my quick trip to Vancouver here (video link).