Weekly Real Estate Take [May 2024 - Week 3]

We continue to see a large amount of new single-family homes hitting the market in Nanaimo. 65 new homes were listed this week (66 last week). Sales have increased subtly from 15 last week to 19 this week.  Inventory continues to rise, albeit slowly. Market conditions remain balanced for detached single-family homes in Nanaimo. Homes need to be priced accurately, sellers need to be proactively responsive to the market and be willing to reasonably negotiate. Buyers looking for extreme discounts are being met with resistance as homes are still selling for within 5% of the asking price (on average).

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 2102 Manchester Lane a 4 bed, 2 bath, 2,594 sqft Central Nanaimo home listed for $759,900 ($293/sqft), 15 Acacia Ave a 4 bed, 2 bath, 2,127 sqft University District home listed for $649,900 ($306/sqft), 815 Oakley St a 4 bed, 1 bath, 1,944 sqft Central Nanaimo home listed for $599,900 ($309/sqft).

The 3 homes listed this week with the highest $/sqft are 7886 Clark Dr a 2 bed, 1 bath, 1,013 sqft Upper Lantzville home listed for $925,000 ($913/sqft), 5803 Quarry Cres a 4 bed, 3 bath, 2,342 sqft Pleasant Valley home listed for $1,899,900 ($811/sqft), 7455 Copley Ridge Dr a 4 bed, 3 bath, 3,203 sqft Upper Lantzville home listed for $2,250,000 ($702/sqft).

The 3 homes priced the most below their assessed value are 496 Bruce Ave a 3 bed, 2 bath, 1,164 sqft South Nanaimo home listed for $544,900 (9% below its tax-assessed value), 229 Seven Oaks Pl a 2 bed, 2 bath, 1,818 sqft North Nanaimo home listed for $840,000 (4% below its tax-assessed value), 826 Rockland Rd a 3 bed, 2 bath, 1,308 sqft University District home listed for $724,900 (1% below its tax-assessed value).

The 3 highest priced new listings this week are 7455 Copley Ridge Dr a 4 bed, 3 bath, 3,203 sqft Upper Lantzville home listed for $2,250,000. 2375 Holden Corso Rd a 3 bed, 2 bath, 1,566 sqft Cedar home listed for $1,999,999. 180 Holland Rd a 3 bed, 5 bath, 3,445 sqft South Jingle Pot home listed for $1,959,000.

Notable New Sales.

The 3 buyers that secured the largest discounts this week are the buyers of  480 Nova St secured a 15% discount off the $500,000 asking price (sale price $425,000). The buyers of 714 Bruce Ave secured an 8% discount off the $945,000 asking price (sale price $865,000). The buyers of 5458 Kenwill Dr secured a 6% discount off the $1,150,000 asking price (sale price $1,076,000).

The 3 highest cost per sqft sales this week were 3560 Bonnie Dr a 5 bed, 4 bath, 3,207 sqft Hammond Bay home sold for $2,995,000 ($934/sqft), 8038 Lantzville Rd a 3 bed, 3 bath, 3,778 sqft Lower Lantzville home sold for $2,975,000 ($787/sqft), 1746 Vowels Rd a 3 bed, 1 bath, 1,065 sqft Cedar home sold for $670,000 ($629/sqft).

The 3 highest sales this week were 3560 Bonnie Dr a 5 bed, 4 bath, 3,207 sqft Hammond Bay home sold for $2,995,000. 8038 Lantzville Rd a 3 bed, 3 bath, 3,778 sqft Lower Lantzville home sold for $2,975,000. 3676 Overlook Dr a 3 bed, 3 bath, 2,942 sqft Hammond Bay home sold for $1,240,000.

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:

• Choosing the Right Real Estate Advisor: What to Look for Beyond the Price and Brand
• 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

This Week in My Life

This week I launched a new listing in Chemainus (video here). I received an accepted offer on a listing in Ladysmith and Hammond  Bay.  We also have an accepted offer on a condo in North Nanaimo. On Thursday I had 2 properties on the Chemainus/Ladysmith Realtor tour and had a great time touring properties in the region (video here).

On Saturday I was lucky enough to to attend the Champions Boxing event in Victoria and had a front-row seat to a Canadian Title fight! My associate Stephen attended the Party for the Ocean event at Beban Park on behalf of our team and Sunday we honoured my mom for Mother’s Day (video here).