Weekly Real Estate Take [March 2024 - Week 3]

by John Cooper

A healthy supply of new single-family homes has been hitting the Nanaimo market. 52 new homes, for 2 weeks in a row. This inventory has been met with reasonable demand as 18 homes sold in the last 7 days. For some perspective, in September we were selling up to 36 homes in a week, and in January this was as low as 5 homes sold in a week. With the spring weather arriving, I am predicting a steady weekly increase in sales and new listings.

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 5375 Bayshore Dr a 5 bed, 4 bath, 4,963 sqft North Nanaimo home listed for $1,299,990 ($262/sqft), 55 Riley Pl a 3 bed, 2 bath, 1,866 sqft North Nanaimo home listed for $589,900 ($316/sqft), 2123 Cinnabar Dr a 4 bed, 3 bath, 2,748 sqft Chase River home listed for $879,000 ($320/sqft).

The 3 homes listed this week with the highest $/sqft are 640 Campbell St a 2 bed, 1 bath, 565 sqft Old City home listed for $440,000 ($779/sqft), 3121 Northwood Rd a 3 bed, 2 bath, 1,947 sqft South Jingle Pot home listed for $1,400,000 ($719/sqft), 734 Cadogan St a 3 bed, 1 bath, 872 sqft Central Nanaimo home listed for $619,000 ($710/sqft).

The 3 homes priced the most below their assessed value are 6380 Phantom Rd a 5 bed, 5 bath, 3134 sqft Upper Lantzville home listed for $1,299,000 (33% below its tax-assessed value), 5904 Parkway Dr a 4 bed, 3 bath, 2,224 sqft North Nanaimo home listed for $779,900 (10% below its tax-assessed value), 3170 Uplands Dr a 2 bed, 1 bath, 944 sqft Uplands home listed for $609,900 (6% below its tax-assessed value).

The 3 highest priced new listings this week are 2525 Departure Bay Rd a 5 bed, 2 bath, 3,198 sqft Departure Bay home listed for $1,995,000. 180 Holland Rd a 5 bed, 8 bath, 3,445 sqft South Jingle Pot home listed for $1,959,000. 2730 Cedar Heights Cres a 4 bed, 5 bath, 3,626 sqft Cedar home listed for $1,750,000.

Notable New Sales.

The 3 buyers that secured the largest discounts this week are the buyers of 6122 La Marche Pl secured an 11% discount off the $1,269,000 asking price (sale price $1,125,000). The buyers of 6290 Invermere Rd secured a 9% discount off the $1,150,000 asking price (sale price $1,050,000). The buyers of 5125 Carriage Dr secured a 4% discount off the $1,225,000 asking price (sale price $1,170,000).

The 3 highest cost per sqft sales this week were 3553 Allsop Rd a 4 bed, 2 bath, 1,698 sqft North Jingle Pot home sold for $1,200,000 ($707/sqft), 388 Hillcrest Ave a 2 bed, 1 bath, 1,074 sqft University District home sold for $580,000 ($540/sqft), 1730 Country Hills Dr a 3 bed, 2 bath, 1,570 sqft Chase River home sold for $799,900 ($509/sqft).

The 3 highest sales this week were 1164 College Dr a 3 bed, 4 bath, 3,421 sqft University District home sold for $1,500,000. 1343 Langara Dr a 5 bed, 4 bath, 3,186 sqft University District home sold for $1,250,000. 3553 Allsop Rd a 4 bed, 2 bath, 1,698 sqft North Jingle Pot home sold for $1,200,000.

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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This Week in My Life

Professionally we managed to get accepted offers on 3 of our listings and are currently working through due diligence with the buyer’s agents. We sold an ocean-view acreage in Nanoose (image here). The team and I finalized part 2 of our annual strategic planning for 2024. I am very excited about 2024, and I believe this is the best team I have ever had in my 16 years of real estate advising in Nanaimo. We have 3 new listings onboarding this week, set to launch next Monday.

Personally, I have been focused heavily on my yoga practice and my boxing skills (video here). I am set to attend my 200th yoga class in the next 7 days! I have been alcohol-free for 6 months coming up on April 3 and this has taken my fitness gains to a new level (video here).

I have been doing a lot of reflecting this week, thinking about my dad as he struggles with Alzheimer's in the hospital (tribute video here). I went through some old photos and came across one of my grandpa and me with long hair (image here). The spring energy is hitting me hard and I commented on my feeling about spring being the natural start to the “new year” (post here). Have a great weekend.

- John