Weekly Real Estate Take [February 2024 - Week 4]

New listings are down subtly from last week with 37 new homes hitting the market (down from 41 last week). Nanaimo single-family home sales are holding steady at 13 per week for the last 2 weeks. Inventory continues to increase and market conditions remain balanced in most product and price categories.

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 2212 Dockside Way a 5 bed, 3 bath, 2,766 sqft South Jingle Pot home listed for $849,900 ($307/sqft), 2934 Colwood Rd a 4 bed, 2 bath, 2,303 sqft Departure Bay home listed for $734,900 ($319/sqft), 131 Wildlife Pl a 4 bed, 2 bath, 2,596 sqft University District home listed for $834,900 ($322/sqft).

The 3 homes listed this week with the highest $/sqft are 483 Seventh St a 2 bed, 1 bath, 679 sqft South Nanaimo home listed for $548,000 ($807/sqft), 32 Fourth St a 2 bed, 1 bath, 897 sqft South Nanaimo home listed for $674,900 ($752/sqft), 1930 Quadra Ave a 2 bed, 1 bath, 785 sqft Brechin Hill home listed for $549,900 ($701/sqft).

The 3 homes priced the most below their assessed value are 54 Prideaux St a 4 bed, 2 bath, 1,682 sqft Old City home listed for $749,000 (11% below its tax-assessed value), 2212 Dockside Way a 5 bed, 3 bath, 2,766 sqft South Jingle Pot home listed for $849,900 (8% below its tax-assessed value), 206 Sabiston St a 2 bed, 1 bath, 980 sqft South Nanaimo home listed for $455,000 (6% below its tax-assessed value).

The 3 highest priced new listings this week are 105 Bray Rd a 5 bed, 4 bath, 3,894 sqft Hammond Bay home listed for $1,550,000. 1164 College Dr a 3 bed, 4 bath, 3,421 sqft University District home listed for $1,499,900. 3354 Greyhawk Dr a 5 bed, 5 bath, 4,067 sqft Hammond Bay home listed for $1,349,900.

Notable New Sales

The 3 buyers that secured the largest discounts this week are the buyers of  7773 Lantzville Rd secured a 15% discount off the $679,000 asking price (sale price $575,000). The buyers of 5120 Aho Rd secured a 10% discount off the $1,699,900 asking price (sale price $1,525,000). The buyers of 720 Winchester Ave secured a 7% discount off the $719,900 asking price (sale price $670,000).

The 3 highest cost per sqft sales this week were 721 St. Andrews St a 3 bed, 1 bath, 1,208 sqft Central Nanaimo home sold for $712,000 ($589/sqft), 2477 Nadely Cres a 3 bed, 2 bath, 1,324 sqft Diver Lake home sold for $725,000 ($548/sqft), 4145 Orchard Cir a 3 bed, 2 bath, 1,427 sqft Uplands home sold for $695,000 ($487/sqft).

The 3 highest sales this week were 5120 Aho Rd a 4 bed, 4 bath, 3,986 sqft Cedar home sold for $1,525,000. 3938 Jingle Pot Rd a 5 bed, 4 bath, 3,340 sqft North Jingle Pot home sold for $1,185,000. 1455 Fiddick Cres a 3 bed, 3 bath, 2,294 sqft Cedar home sold for $1,026,000.

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

I enjoyed a fun-filled family day weekend with my 2 girls, Avery & June. Our adventures included an overnight trip to Salt Spring Island. My family has had a property on Salt Spring Island for over a decade and we have built many great memories there. We had a nice lunch at the Cassette Dive Bar & Cafe and enjoyed one of the best smash burgers we have ever had. This week was full of yoga and boxing (video here).  This morning I was able to capture a gorgeous Departure Bay Sunrise (video here).  We launched 2 new listings this week, 1 on Sabiston (video here) and another on Fourneau (video here). Next week we have a beautiful new Hammond Bay Ocean View home coming to market.