Weekly Real Estate Take [June 2024 - Week 3]

61 single-family homes were listed this week.  That is an increase from 53 last week. Sales have remained steady with 26 homes selling in the last 7 days. Anecdotally the market is very active right now. The market conditions remain balanced which means that homes with good value are selling quickly. Prices are holding steady but not increasing, so buyers are being cautious. I am encouraging our sellers to price accurately and firmly.

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 5375 Bayshore Dr a 5 bed, 4 bath, 4,963 sqft North Nanaimo home listed for $1,180,000 ($238/sqft), 646 Georgia Ave a 4 bed, 3 bath, 2,175 sqft South Nanaimo home listed for $734,900 ($338/sqft), 332 Georgia Ave a 5 bed, 2 bath, 2,108 sqft University District home listed for $725,000 ($344/sqft).

The 3 homes listed this week with the highest $/sqft are 2868 Gordons Lane a 5 bed, 4 bath, 2,428 sqft North Jingle Pot home listed for $1,825,000 ($752/sqft), 7 Albion St a 2 bed, 1 bath, 746 sqft University District home listed for $525,000 ($704/sqft), 6071 Pine Ridge Cres a 2 bed, 1 bath, 926 sqft Pleasant Valley home listed for $628,400 ($679/sqft).

The 3 homes priced the most below their assessed value are 7466 Elizabeth Way a 2 bed, 1 bath, 1,224 sqft Upper Lantzville home listed for $499,000 (25% below its tax-assessed value), 999 Beach Dr a 2 bed, 3 bath, 1,682 sqft Departure Bay home listed for $749,999 (11% below its tax-assessed value), 401 Hamilton Ave a 4 bed, 1 bath, 1,628 sqft South Nanaimo home listed for $599,000 (3% below its tax-assessed value).

The 3 highest priced new listings this week are 6259 Icarus Dr a 7 bed, 5 bath, 5,465 sqft North Nanaimo home listed for $2,099,000. 2868 Gordons Lane a 5 bed, 4 bath, 2,428 sqft North Jingle Pot home listed for $1,825,000. 4648 Sheridan Ridge Rd a 6 bed, 5 bath, 4,074 sqft North Nanaimo home listed for $1,628,000.

Notable New Sales

The 3 buyers that secured the largest discounts this week are the buyers of 613 Hecate St secured an 8% discount off the $799,900 asking price (sale price $735,000). The buyers of 37 Morgan Pl secured a 7% discount off the $569,900 asking price (sale price $529,900). The buyers of 5670 Yorkshire Terr secured a 7% discount off the $750,000 asking price (sale price $699,000).

The 3 highest cost per sqft sales this week were 2536 Quill Dr a 2 bed, 2 bath, 990 sqft Diver Lake home sold for $665,000 ($672/sqft), 551 Ruby Cres a 3 bed, 1 bath, 1,048 sqft Uplands home sold for $650,000 ($620/sqft), 5123 Broughton Pl a 2 bed, 2 bath, 1,341 sqft Uplands home sold for $779,000 ($581/sqft).

The 3 highest sales this week were 5775 Alder Way a 5 bed, 4 bath, 3,290 sqft North Nanaimo home sold for $1,238,352. 263 Westwood Rd a 6 bed, 4 bath, 2,784 sqft South Jingle Pot home sold for $1,170,000. 5790 Linyard Rd a 5 bed, 4 bath, 3,364 sqft North Nanaimo home sold for $1,145,000.

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