Weekly Real Estate Take  [March 2024 - Week 1]

February finished strong with a 20% increase in new single-family listings and a 35% increase in reported single-family sales. Anecdotally we have seen a substantial increase in showing requests on our active listings. The general state of the market is optimistic for Spring 2024. The slow start to the year hints at some pent-up demand for the next 3 months. As we head into summer we will be watching the market closely for any hints of rising inventory. At present, inventory levels remain low and market conditions are balanced. Watch our weekly and monthly reports for the most up-to-date statistics on the Nanaimo real estate market.

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 2207 Fern Rd a 5 bed, 3 bath, 2,747 sqft Central Nanaimo home listed for $779,000 ($284/sqft), 5450 Arnhem Terr a 3 bed, 2 bath, 2,161 sqft Pleasant Valley home listed for $649,000 ($300/sqft), 412 Milton St a 3 bed, 2 bath, 2,553 sqft Old City home listed for $799,000 ($313/sqft).

The 3 homes listed this week with the highest $/sqft are 7545 Copley Ridge Dr a 3 bed, 3 bath, 3,400 sqft Upper Lantzville home listed for $2,990,000 ($879/sqft), 7146 Vipond Rd a 4 bed, 2 bath, 2,054 sqft Pleasant Valley home listed for $1,649,900 ($803/sqft), 995 Nanaimo River Rd a 7 bed, 5 bath, 2,721 sqft South Nanaimo home listed for $2,114,900 ($777/sqft).

The 3 homes priced the most below their assessed value are 202 Albion St a 3 bed, 2 bath, 1,518 sqft South Nanaimo home listed for $589,900 (10% below its tax-assessed value), 2207 Fern Rd a 5 bed, 3 bath, 2,747 sqft Central Nanaimo home listed for $779,000 (8% below its tax-assessed value), 4154 Orchard Cir a 3 bed, 2 bath, 1,310 sqft Uplands home listed for $599,900 (6% below its tax-assessed value).

The 3 highest priced new listings this week are 7545 Copley Ridge Dr a 3 bed, 3 bath, 3,400 sqft Upper Lantzville home listed for $2,990,000. 995 Nanaimo River Rd a 7 bed, 5 bath, 2,721 sqft South Nanaimo home listed for $2,114,900. 2382/2380 Extension Rd a 6 bed, 6 bath, 3,225 sqft Chase River home listed for $1,899,900.

Notable New Sales

The 3 buyers that secured the largest discounts this week are the buyers of  863 Eberts St secured a 10% discount off the $569,000 asking price (sale price $512,500). The buyers of 561 Ruby Cres secured a 6% discount off the $649,900 asking price (sale price $610,000). The buyers of 6455 Groveland Dr secured a 5% discount off the $1,250,000 asking price (sale price $1,190,000).

The 3 highest cost per sqft sales this week were 4310 Ashbury Pl a 3 bed, 3 bath, 1,524 sqft Uplands home sold for $875,000 ($574/sqft), 3739 Elworthy Pl a 3 bed, 2 bath, 1,179 sqft Departure Bay home sold for $655,000 ($556/sqft), 141 Cowling Pl a 3 bed, 2 bath, 1,343 sqft Chase River home sold for $730,000 ($544/sqft).

The 3 highest sales this week were 13351 Keene Rd a 7 bed, 4 bath, 3,478 sqft Cedar home sold for $1,450,000. 4701 Ambience Dr a 7 bed, 4 bath, 3,250 sqft North Nanaimo home sold for $1,365,000. 6455 Groveland Dr a 6 bed, 4 bath, 3,563 sqft North Nanaimo home sold for $1,190,000. 

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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• Embrace the Now: Seizing Life's Opportunities with John Cooper

This Week in My Life

Last Saturday I hosted a social gathering at my place in Downtown Nanaimo. An incredible group of my friends attended and we enjoyed the firepit on the rooftop under the full moon. Huge thanks to everyone who attended. I will be hosting another very soon.  This week has been very busy at the office with new listings and buyers getting accepted offers. As noted in the weekly stats, the market is getting busy after a slow start to the year. This week I tried out Axe Throwing at Island Time Axe Throwing in Downtown Nanaimo (video here), it was a ton of fun and I recommend trying it out. I hit a personal milestone this week on my journey of self-discovery (details here). This weekend I will be visiting my Dad in the hospital in White Rock as his battle with dementia is getting much tougher. He turns 80 in July and I am reminded of the importance of making the most of our time here.