Weekly Real Estate Take [March 2024 - Week 4]

by John Cooper

There have been 26 new single-family home sales in the last 7 days. This is the highest number of sales we have seen in a week since September 2023. There have been 52 new single-family homes listed in Nanaimo every week for the last 3 weeks. The next 12 weeks will be the most active weeks for new listings that we are likely to see for the rest of the year. Sales will be steadily increasing and new listings will be steadily increasing. I am predicting that market conditions will remain balanced for the rest of the spring 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 727 Millstone Ave a 4 bed, 2 bath, 2,468 sqft Central Nanaimo home listed for $729,900 ($296/sqft), 2224 Dockside Way a 6 bed, 3 bath, 2,840 sqft South Jingle Pot home listed for $929,000 ($327/sqft), 3732 Cavendish Blvd a 4 bed, 3 bath, 3,052 sqft North Jingle Pot home listed for $999,900 ($328/sqft).

The 3 homes listed this week with the highest $/sqft are 2700 Labieux Rd a 3 bed, 1 bath, 1,526 sqft Diver Lake home listed for $1,500,000 ($983/sqft), 2458 Rosstown Rd a 4 bed, 1 bath, 728 sqft Diver Lake home listed for $600,000 ($824/sqft), 3121 Northwood Rd a 3 bed, 2 bath, 1,947 sqft South Jingle Pot home listed for $1,400,000 ($719/sqft).

The 3 homes priced the most below their assessed value are 3801 Jingle Pot Rd a 5 bed, 3 bath, 2,260 sqft North Nanaimo home listed for $899,900 (15% below its tax-assessed value), 586 Sperling Rd a 3 bed, 2 bath, 1,170 sqft University District home listed for $599,900 (5% below its tax-assessed value), 589 Marisa St a 5 bed, 3 bath, 2,244 sqft South Nanaimo home listed for $799,000 (4% below its tax-assessed value).

The 3 highest-priced new listings this week are 5238 Norton Rd a 5 bed, 4 bath, 3,922 sqft North Nanaimo home listed for $2,198,000. 3560 Bonnie Dr a 3 bed, 3 bath, 3,207 sqft Hammond Bay home listed for $2,195,000. 2700 Labieux Rd a 3 bed, 1 bath, 1,526 sqft Diver Lake home listed for $1,500,000.

Notable New Sales.

The 3 buyers that secured the largest discounts this week are the buyers of 6982 Saxon Cross Rd secured a 16% discount off the $949,000 asking price (sale price $800,000). The buyers of 7200 Lancrest Terr secured a 15% discount off the $1,257,420 asking price (sale price $1,070,000). The buyers of 125 Emery Way secured a 6% discount off the $699,900 asking price (sale price $65,4900).

The 3 highest cost per sqft sales this week were 483 Seventh St a 2 bed, 1 bath, 679 sqft South Nanaimo home sold for $520,000 ($766/sqft), 1930 Quadra Ave a 2 bed, 1 bath, 785 sqft Brechin Hill home sold for $515,000 ($656/sqft), 7402 High Ridge Cres a 3 bed, 3 bath, 2,524 sqft Upper Lantzville home sold for $1,435,000 ($569/sqft).

The 3 highest sales this week were 2560 Steve Ellis Rd a 8 bed, 5 bath, 5,866 sqft North Jingle Pot home sold for $2,628,000. 7402 High Ridge Cres a 3 bed, 3 bath, 2,524 sqft Upper Lantzville home sold for $1,435,000. 5613 Westdale Rd a 6 bed, 4 bath, 3,546 sqft North Nanaimo home sold for $1,320,000.

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

Social Media - Just in Case You Missed It:

This Week in My Life

Professionally, this week has been extremely busy with homeowner consultations and new buyer onboarding consultations. Anecdotally, confidence in the Nanaimo real estate market seems to be increasing. Within our real estate practice, we had 4 accepted offers this week on our listings and with some of our buyer clients.

Personally, this week was really inspiring with the arrival of warm weather. It left me reflecting on the last 6 months and the change that has been inspired in my life personally (IG post here). I have developed a new Saturday routine that starts with 830 am yoga followed by 90 minutes of boxing and circuit training (IG post here). My coach Zoltan and I have been refocusing on boxing basics and have refined my ‘1-2’ combination. After 20 years of martial arts, I am only now starting to feel confident in this fundamental movement (IG video here). On Sunday I spent the day with a friend exploring Parksville Beach (IG video here). I hit a huge milestone in my yoga practice and had my 200th class this week. Over the last 114 days, I attended 100 yoga classes (IG post here). Lastly, I took my girls to White Rock this week to visit my Dad and I visited Ocean Park Pizza, this was where I got my first job as a 16 year old pizza delivery driver. It was full of nostalgia! (IG post here).

Weekly Real Estate Take [March 2024 - Week 4]

by John Cooper

Notable New Listings.

Notable New Sales.

This Week in My Life

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