Weekly Real Estate Take [June 2024 - Week 2]

New listings have dropped from 62 last week to 53 this week. Sales are up from 16 to 28. The market for single-family homes remains balanced. Well-priced homes are often receiving multiple offers, overpriced homes are sitting and having to adjust their price to remain competitive. Prices are not rising. I believe that prices will remain stable and inventory levels will rise slightly between now and August 2024.

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 365 Trinity Dr a 8 bed, 6 bath, 4,684 sqft University District home listed for $1,199,000 ($256/sqft), 1239 Okanagan Pl a 4 bed, 3 bath, 3,932 sqft University District home listed for $1,198,000 ($305/sqft), 131 Wildlife Pl a 4 bed, 2 bath, 2,596 sqft University District home listed for $799,900 ($308/sqft).

The 3 homes listed this week with the highest $/sqft are 3340 Stephenson Point Rd a 5 bed, 5 bath, 4,261 sqft Hammond Bay home listed for $3,390,000 ($796/sqft), 3871 Rock City Rd a 3 bed, 2 bath, 1,150 sqft Departure Bay home listed for $699,900 ($609/sqft), 3745 Elworthy Pl a 3 bed, 2 bath, 1,370 sqft Departure Bay home listed for $799,000 ($583/sqft).

The 3 homes priced the most below their assessed value are 131 Wildlife Pl a 4 bed, 2 bath, 2,596 sqft University District home listed for $799,900 (9% below its tax-assessed value), 5559 Cliffside Rd a 5 bed, 3 bath, 2,866 sqft North Nanaimo home listed for $1,149,000 (7% below its tax-assessed value), 370 Poets Trail Dr a 3 bed, 3 bath, 2,291 sqft University District home listed for $997,900 (2% below its tax-assessed value).

The 3 highest-priced new listings this week are 7971 Superior Rd a 4 bed, 3 bath, 2,016 sqft Upper Lantzville home listed for $3,450,000. 3340 Stephenson Point Rd a 5 bed, 5 bath, 4,261 sqft Hammond Bay home listed for $3,390,000. 3865 Gulfview Dr a 6 bed, 6 bath, 3,515 sqft Hammond Bay home listed for $1,825,000.

Notable New Sales

The 3 buyers that secured the largest discounts this week are the buyers of 5391 Kenwill Dr secured a 12% discount off the $2,500,000 asking price (sale price $2,195,000). The buyers of 1425 White St secured a 9% discount off the $599,000 asking price (sale price $545,000). The buyers of 1816 Meadowlark Cres secured a 7% discount off the $749,000 asking price (sale price $700,000).

The 3 highest cost per sqft sales this week were 5267 Fillinger Cres a 3 bed, 2 bath, 1,380 sqft North Nanaimo home sold for $935,000 ($678/sqft), 7357 Lantzville Rd a 3 bed, 3 bath, 1,530 sqft Lower Lantzville home sold for $1,035,000 ($676/sqft), 1655 Sheriff Way a 3 bed, 2 bath, 1,116 sqft Departure Bay home sold for $690,000 ($618/sqft).

The 3 highest sales this week were 5391 Kenwill Dr a 6 bed, 6 bath, 4,424 sqft North Nanaimo home sold for $2,195,000. 2873 Kilpatrick Rd a 3 bed, 3 bath, 3,176 sqft North Jingle Pot home sold for $1,625,000. 119 Black Powder Trail a 4 bed, 3 bath, 2,333 sqft Departure Bay home sold for $1,079,900.

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