Weekly Real Estate Take [May 2024 - Week 2]

This was a record week for new single-family homes hitting the market in 2024 with 66 homes. The last record was set back in the last week of March 2024 (64 homes). Sales have dropped by 50% to 15 sales, down from 30 last week. None of these statistics are particularly alarming as they only cover a 7 day period. That said, they do support my general observations that inventory is likely to continue to rise, albeit subtly,  throughout the rest of 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. 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 267 Harvey St a 4 bed, 3 bath, 2,616 sqft University District home listed for $678,900 ($260/sqft), 109 Bray Rd a 7 bed, 7 bath, 6,831 sqft North Nanaimo home listed for $1,898,200 ($278/sqft), 5518 Clipper Dr a 4 bed, 3 bath, 2,791 sqft North Nanaimo home listed for $849,900 ($305/sqft).

The 3 homes listed this week with the highest $/sqft are 2760 Ritten Rd a 2 bed, 1 bath, 1,242 sqft Cedar home listed for $1,598,000 ($1287/sqft), 3071 Jameson Rd a 4 bed, 2 bath, 1,837 sqft South Jingle Pot home listed for $1,399,900 ($762/sqft), 6470 Ptarmigan Way a 6 bed, 6 bath, 4,632 sqft North Nanaimo home listed for $3,199,000 ($691/sqft).

The 3 homes priced the most below their assessed value are 3121 Northwood Rd a 3 bed, 2 bath, 1,947 sqft South Jingle Pot home listed for $999,900 (16% below its tax-assessed value), 217 Howard Ave a 2 bed, 2 bath, 1,488 sqft University District home listed for $539,900 (8% below its tax-assessed value), 6021 Icarus Dr a 3 bed, 2 bath, 1,766 sqft North Nanaimo home listed for $884,000 (8% below its tax-assessed value).

The 3 highest priced new listings this week are 4470 Burma Rd a 5 bed, 4 bath, 2,800 sqft North Nanaimo home listed for $15,888,888. 6470 Ptarmigan Way a 6 bed, 6 bath, 4,632 sqft North Nanaimo home listed for $3,199,000. 7408 High Ridge Cres a 5 bed, 6 bath, 5,338 sqft Upper Lantzville home listed for $2,885,000.

Notable New Sales

The 3 buyers that secured the largest discounts this week are the buyers of 6380 Phantom Rd secured a 12% discount off the $1,299,000 asking price (sale price $1,139,000). The buyers of 2350 Gould Rd secured a 8% discount off the $675,000 asking price (sale price $620,000). The buyers of 2700 Labieux Rd secured a 5% discount off the $1,500,000 asking price (sale price $1,422,500).

The 3 highest cost per sqft sales this week were 2700 Labieux Rd a 3 bed, 1 bath, 1,526 sqft Diver Lake home sold for $1,422,500 ($932/sqft), 3512 Stephenson Point Rd a 3 bed, 2 bath, 1,735 sqft Hammond Bay home sold for $1,355,000 ($781/sqft), 1047 St. David Cres a 2 bed, 1 bath, 853 sqft Central Nanaimo home sold for $561,000 ($658/sqft).

The 3 highest sales this week were 2700 Labieux Rd a 3 bed, 1 bath, 1,526 sqft Diver Lake home sold for $1,422,500. 3512 Stephenson Point Rd a 3 bed, 2 bath, 1,735 sqft Hammond Bay home sold for $1,355,000. 3651 Monterey Dr a 4 bed, 4 bath, 3,371 sqft North Jingle Pot home sold for $1,350,000.

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:

• Mastering the Move: Navigating Selling and Buying Simultaneously in Real Estate

• Real Talk: Navigating Challenges in the Real Estate Industry

• Unlocking Property Ownership: What You Need to Know

• May 2024 Market Update

This Week in My Life

This week I introduced a beautiful ladysmith character home with redevelopment potential to the market (video here). The team and I have been writing a lot of offers, some of them are staying together and some of them have not (video here). 

Last Sunday, I took my girls out on a beautiful hike to Dodd Narrows along Cable Bay Trail (video here). Last night I flew via Harbour Air to Vancouver to referee at one of the largest Professional MMA shows in Canada (other than the UFC) Battlefield Fight Leagie. The night ended with me getting a backstage pass to attend a nearby hip-show with the old school hip hop legend Xzibit (video here).  I am constantly reminded of how lucky we are to have such convenient access to the great Canadian city of Vancouver, BC.