Weekly Real Estate Take [July 2024 - Week 2]

This week new Nanaimo single family listings increased from 38 last week to 49 this week. There was a decrease in sales from 28 last week to 19 this week. This is a trend that we see most summers. Inventory is on the rise, sales are slowing and price gains have plateaued. Market conditions are starting to subtly favour buyers 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. 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 1340 Boundary Cres a 5 bed, 4 bath, 2,800 sqft  Central Nanaimo home listed for $87,5000 ($313/sqft), 332 Georgia Ave a 5 bed, 2 bath, 2,108 sqft  University District home listed for $699,900 ($332/sqft), 3759 Oak Crest Pl a 3 bed, 3 bath, 3,082 sqft  Hammond Bay home listed for $1,050,000 ($341/sqft).

The 3 homes listed this week with the highest $/sqft are 2453 East Wellington Rd a 3 bed, 2 bath, 2,342 sqft  North Jingle Pot home listed for $2,350,000 ($1,003/sqft), 2458 Rosstown Rd a 3 bed, 1 bath, 728 sqft  Diver Lake home listed for $600,000 ($824/sqft), 2720 Extension Rd a 3 bed, 1 bath, 875 sqft Extension home listed for $689,900 ($788/sqft).

The 3 homes priced the most below their assessed value are 5007 Laguna Way a 4 bed, 4 bath, 2,442 sqft  Hammond Bay home listed for $925,000 (10% below its tax-assessed value), 320 Fawn Pl a 3 bed, 3 bath, 2,345 sqft  Uplands home listed for $799,000 (6% below its tax-assessed value), 5992 Schooner Way a 3 bed, 3 bath, 1,938 sqft North Nanaimo home listed for $855,000 (4% below its tax-assessed value).

The 3 highest priced new listings this week are 2453 East Wellington Rd a 3 bed, 2 bath, 2,342 sqft  North Jingle Pot home listed for $2,350,000. 5005 Winchelsea Pl a 4 bed, 3 bath, 3,795 sqft  North Nanaimo home listed for $1,788,000. 198 Heritage Dr a 4 bed, 4 bath, 3,563 sqft  North Nanaimo home listed for $1,595,000.

Notable New Sales

The 3 buyers that secured the largest discounts this week are the buyers of 5227 Lost Lake Rd secured a 27% discount off the $1,099,900 asking price (sale price $800,000). The buyers of 545 Prideaux St secured a 15% discount off the $668,888 asking price (sale price $570,000). The buyers of 1986 Coal Tyee Trail secured a 10% discount off the $850,000 asking price (sale price $765,000).

The 3 highest cost per sqft sales this week were 609 Prideaux St a 2 bed, 1 bath, 811 sqft  South Nanaimo home sold for $460,000 ($567/sqft), 352 Ninth St a 3 bed, 2 bath, 1,361 sqft South Nanaimo home sold for $690,000 ($507/sqft), 1821 Meadowlark Cres a 3 bed, 2 bath, 1,168 sqft  Cedar home sold for $587,500 ($503/sqft).

The 3 highest sales this week were 1771 Morden Rd a 4 bed, 3 bath, 2,913 sqft  Cedar home sold for $1,160,000. 3357 Whitetail Pl a 3 bed, 3 bath, 2,420 sqft  Hammond Bay home sold for $1,128,000. 3309 Shearwater Dr a 4 bed, 4 bath, 3,236 sqft Hammond Bay home sold for $960,000.

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