Weekly Real Estate Take  [May 2024 - Week 4]

New listings have dropped from 65 last week to 53 this week. Sales are down subtly from 19 to 15. The market for single-family homes remains balanced. Well priced homes are often receiving multiple offers, overpriced homes are sitting and having to adjust their price to remain competitive. Prices are not rising. If anything there is subtle downward pressure on housing. I believe that prices will remain stable and inventory levels will rise slightly between now and August 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 3524 Wiltshire Dr a 4 bed, 3 bath, 3,061 sqft Hammond Bay home listed for $849,000 ($277/sqft), 2067 Forest Dr a 5 bed, 3 bath, 2,513 sqft Central Nanaimo home listed for $765,000 ($304/sqft), 2150 Spencer Rd a 4 bed, 2 bath, 2,514 sqft Central Nanaimo home listed for $788,000 ($313/sqft).

The 3 homes listed this week with the highest $/sqft are 1410 Spruston Rd a 5 bed, 3 bath, 1,551 sqft Extension home listed for $1,450,000 ($935/sqft), 3110 Roper Rd a 2 bed, 2 bath, 1,536 sqft Cedar home listed for $1,299,000 ($846/sqft), 3399 Stephenson Point Rd a 5 bed, 6 bath, 4,856 sqft Hammond Bay home listed for $3,150,000 ($649/sqft).

The 3 homes priced the most below their assessed value are 3043 Rosalie Rd a 3 bed, 1 bath, 1,973 sqft Cedar home listed for $799,000 (21% below its tax-assessed value), 13620 Cedar Rd a 2 bed, 1 bath, 820 sqft Cedar home listed for $399,900 (12% below its tax-assessed value), 3524 Wiltshire Dr a 4 bed, 3 bath, 3,061 sqft Hammond Bay home listed for $849,000 (9% below its tax-assessed value).

The 3 highest priced new listings this week are 3399 Stephenson Point Rd a 5 bed, 6 bath, 4,856 sqft Hammond Bay home listed for $3,150,000. 3780 Hammond Bay Rd a 5 bed, 5 bath, 3,497 sqft Hammond Bay home listed for $2,099,900. 2873 Kilpatrick Rd a 3 bed, 3 bath, 3,176 sqft North Jingle Pot home listed for $1,649,900.

Notable New Sales.

The 3 buyers that secured the largest discounts this week are the buyers of  6068 Breonna Dr secured a 9% discount off the $1,320,000 asking price (sale price $1,200,000). The buyers of 829 Harewood Mines Rd secured a 7% discount off the $729,800 asking price (sale price $680,000). The buyers of 5386 Georgiaview Cres secured a 6% discount off the $1,358,000 asking price (sale price $1,275,000).

The 3 highest cost per sqft sales this week were 3723 Sandra Rd a 3 bed, 2 bath, 1,359 sqft Departure Bay home sold for $787,000 ($579/sqft), 829 Harewood Mines Rd a 3 bed, 2 bath, 1,200 sqft South Nanaimo home sold for $680,000 ($567/sqft), 6092 Nelson Rd a 3 bed, 2 bath, 1,151 sqft North Nanaimo home sold for $646,500 ($562/sqft).

The 3 highest sales this week were 1320 Ivy Lane a 4 bed, 4 bath, 4,112 sqft Departure Bay home sold for $1,600,000. 4667 Ambience Dr a 7 bed, 5 bath, 3,315 sqft North Nanaimo home sold for $1,499,000. 5386 Georgiaview Cres a 4 bed, 4 bath, 3,619 sqft North Nanaimo home sold for $1,275,000.

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:

• Understanding Building Inspections: What to Expect and How It Impacts Your Home Purchase

• 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

This Week in My Life

This week was the busiest week of 2024 for our team. I launched marketing campaigns on 6 listings including a waterfront condo in Downtown Nanaimo (video here) and an epic Craig Bay beachfront property (video here).  Trade complexity is increasing and I released a video to assist our clients in navigating home inspections (video here).  We have a few more new listings launching this week. Watch my Instagram page for sneak peaks (link here).

I had a beautiful Victoria Day long weekend spent with my daughter June & my sister (Avery spent the long weekend with Grammy). We did a beautiful hike on Salt Spring Island on Bare Point in the Maracaibo neighourhood (video here). I also caught this incredible sunset on the ferry ride home (video here). This week I celebrated a personal milestone (post here) and shared my excitement for the pending summer boating season (video here).