Weekly Real Estate Take [February 2024 - Week 3]

by John Cooper

41 new single family homes hit the market this week (down from 53 last week). 13 single family homes sold this week (up from 7 last week). New inventory is on the rise. This is a welcomed trend as buyers are expressing their concerns about a lack of options to choose from. According to the BC Real Estate Association, market conditions are balanced in all major markets, including Vancouver Island. I expect inventory to rise faster than new home sales over the next 12 weeks but not enough to tip the market into a “buyers market”. Spring 2024 is forecasted to remain 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 1901 Meredith Rd a 5 bed, 2 bath, 2,471 sqft Central Nanaimo home listed for $715,000 ($289/sqft), 3467 Littleford Rd a 5 bed, 4 bath, 2,695 sqft Uplands home listed for $839,000 ($311/sqft), 3513 Hallberg Rd a 5 bed, 3 bath, 2,984 sqft Extension home listed for $949,849 ($318/sqft).

The 3 homes listed this week with the highest $/sqft are 708 Hyatt Pl a 3 bed, 3 bath, 2,149 sqft North Nanaimo home listed for $1,499,900 ($698/sqft), 388 Hillcrest Ave a 2 bed, 1 bath, 1,074 sqft University District home listed for $599,900 ($559/sqft), 3540 Castle Rock Dr a 3 bed, 3 bath, 2,149 sqft North Jingle Pot home listed for $1,150,000 ($535/sqft).

The 3 homes priced the most below their assessed value are 1455 Fiddick Cres a 2 bed, 3 bath, 2,294 sqft Cedar home listed for $965,000 (14% below its tax-assessed value), 2054 Bluebell Terr a 5 bed, 3 bath, 1,856 sqft Central Nanaimo home listed for $769,000 (4% below its tax-assessed value), 320 Fawn Pl a 3 bed, 3 bath, 2,345 sqft Uplands home listed for $825,000 (3% below its tax-assessed value).

The 3 highest priced new listings this week are 198 Heritage Dr a 4 bed, 4 bath, 3,563 sqft North Nanaimo home listed for $1,698,000. 4680 Ambience Dr a 9 bed, 6 bath, 3,925 sqft North Nanaimo home listed for $1,685,000. 708 Hyatt Pl a 3 bed, 3 bath, 2,149 sqft North Nanaimo home listed for $1,499,900.

Notable New Sales.

The 3 buyers that secured the largest discounts this week are 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 3602 Victoria Ave secured a 6% discount off the $685,000 asking price (sale price $642,500). The buyers of 5123 Somerset Dr secured a 3% discount off the $699,900 asking price (sale price $680,000).

The 3 highest cost per sqft sales this week were 1927 Woobank Rd a 3 bed, 1 bath, 1186 sqft Cedar home sold for $720,000 ($607/sqft), 7055 Doumont Rd a 3 bed, 3 bath, 2,364 sqft Pleasant Valley home sold for $1,285,000 ($544/sqft), 3602 Victoria Ave a 3 bed, 2 bath, 1,283 sqft Uplands home sold for $642,500 ($501/sqft).

The 3 highest sales this week were 7055 Doumont Rd a 3 bed, 3 bath, 2,364 sqft Pleasant Valley home sold for $1,285,000. 373 Avaani Way a 5 bed, 3 bath, 2,415 sqft South Nanaimo home sold for $939,900. 367 Avaani Way a 5 bed, 3 bath, 2,408 sqft University District home sold for $934,900.

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

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This Week in John’s Life

This week I celebrated my daughter's 16th birthday (video here). We went out for a nice dinner at Kim’s Korean BBQ on Bowen Rd (she loves that place). On Superbowl Sunday, my associate Stephen Schaff hosted a gathering at our office in Downtown Nanaimo and we enjoyed food and football. On Thursday we hosted a strategic planning session in our office and set our trajectory for the next 90 days. These are always fun and engaging meetings. The session was led by our Operations Manager Sara Browne. The team and I are very excited about our plans for 2024 and beyond. We have several new listings launching this upcoming Tuesday so watch out on our social media for details. We have a single family Nanaimo home coming up for under $460,000 and a 2.5 acre house with a suite and a shop for under $1,060,000.