Weekly Real Estate Take [July 2024 - Week 3]

New listing inventory of single family homes in Nanaimo is holding steady with 44 new listings hitting the market this week, compared to 49 last week. Sales have seen an increase this week, with 25 homes selling in the last 7 days, up from 19 last week. Inventory conditions continue to see a subtle rise and prices remain steady. I am predicting this trend to continue. Prices are predicted to hold firm with buyer leverage increasing marginally as we head into August.

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 5358 Bayshore Dr a 5 bed, 4 bath, 4,822 sqft North Nanaimo home listed for $1,365,000 ($283/sqft), 3858 Uplands Dr a 5 bed, 3 bath, 2,248 sqft Uplands home listed for $699,999 ($311/sqft), 7419 Mrus Dr a 4 bed, 3 bath, 2,926 sqft Lower Lantzville home listed for $949,000 ($324/sqft).

The 3 homes listed this week with the highest $/sqft are 7036 Dickinson Rd a 4 bed, 4 bath, 4,035 sqft Lower Lantzville home listed for $3,699,000 ($917/sqft), 3560 Bonnie Dr a 3 bed, 4 bath, 3,207 sqft Hammond Bay home listed for $2,375,000 ($741/sqft), 681 Cadogan St a 3 bed, 2 bath, 1,346 sqft Central Nanaimo home listed for $905,000 ($672/sqft).

There were only 2 homes priced below their assessed value this week. 1689 Bob O Link Way a 4 bed, 2 bath, 1,675 sqft Central Nanaimo home listed for $619,900 (5% below its tax-assessed value), 5969 Oliver Rd a 5 bed, 4 bath, 2,452 sqft North Nanaimo home listed for $849,900 (1% below its tax-assessed value).

The 3 highest priced new listings this week are 7036 Dickinson Rd a 4 bed, 4 bath, 4,035 sqft Lower Lantzville home listed for $3,699,000. 3560 Bonnie Dr a 3 bed, 4 bath, 3,207 sqft Hammond Bay home listed for $2,375,000. 5391 Kenwill Dr a 6 bed, 6 bath, 4,424 sqft North Nanaimo home listed for $2,299,000.

Notable New Sales

The 3 buyers that secured the largest discounts this week are the buyers of  1846 Richardson Rd secured a 9% discount off the $720,000 asking price (sale price $655,000). The buyers of 36 Kanaka Pl secured a 7% discount off the $629,000 asking price (sale price $585,000). The buyers of 533 Kennedy St secured a 6% discount off the $778,000 asking price (sale price $728,000).

The 3 highest cost per sqft sales this week were 7 Albion St a 2 bed, 1 bath, 746 sqft University District home sold for $494,000 ($662/sqft), 5803 Quarry Cres a 4 bed, 3 bath, 2,374 sqft Pleasant Valley home sold for $1,515,000 ($638/sqft), 2229 Fern Rd a 3 bed, 2 bath, 1,164 sqft Central Nanaimo home sold for $655,000 ($563/sqft).

The 3 highest sales this week were 5803 Quarry Cres a 4 bed, 3 bath, 2,374 sqft Pleasant Valley home sold for $1,515,000. 1047 Harewood Mines Rd a 4 bed, 4 bath, 3,231 sqft South Nanaimo home sold for $1,325,000. 112 Sandpiper Pl a 4 bed, 3 bath, 3,406 sqft North Nanaimo home sold for $1,275,000.

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