John Cooper’s Weekly

Nanaimo Real Estate Take

The first week of November saw new listings begin to decline, which is typical for this time of year. Weekly sales have held steady with a dozen single-family sales. We typically see the market trading volume’s lowest trading volume from Dec 15 to Jan 15. The decline in sales has not been met with a substantial increase in inventory.

This week, I did an absorption analysis for single-family homes with a minimum of 3 bedrooms and 2 bathrooms priced under $1,200,000 for all of Nanaimo. As of today, there are 3.3 months of inventory, which puts us at the top side of balanced market territory. 4 months or more is considered a buyer’s market. The market conditions vary from product category to product category so if you are interested in learning what the market conditions are for your product type of interest, drop me an email and I will run the numbers specifically for you. Replies to this weekly take 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 me.

- 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 645 Railway Ave, a 5 bed, 3 bath 2972 sqft South Nanaimo home listed for $775,000 ($261/sqft), 2318 Golden Meadows Cres, a 4 bed, 3 bath, 2805 sqft Diver Lake home listed for $869,900 ($310/sqft), & 310 Canterbury Cres, a 4 bed, 4 bath, 3236 sqft Departure Bay home listed for $1,050,000 (324/sqft).

The 3 homes listed this week with the highest $/sqft are 3560 Bonnie Dr, a new 3 bed, 3 bath, 3207 sqft ocean front Hammond Bay home listed at $2,295,000 ($716/sqft), 431 Maple Street, a 1 bed, 1 bath 660 sqft Brechin Hill home listed for $449,900 ($682/sqft), & 674 Miller Farm Dr, a 3 bed, 2 bath, 1488 sqft Hammond Bay home listed for $865,000 ($581/sqft).

The 3 homes priced the most below their assessed value are 460 Seventh St, a 2 bed, 1 bath, 1196 sqft South Nanaimo home listed for $485,000 (16% below their tax assessed value, 131 Sandpiper Pl, a 5 bed, 3 bath 2797 sqft North Nanaimo home listed for $949,900 (13% below their tax-assessed value), & 431 Maple St listed at $449,000 (11% below tax-assessed value). 30% of the homes listed this week were listed at or below their tax-assessed value.

The 3 highest priced homes listed this week are 2650 Steve Ellis Rd in North Jingle Pot listed at $1,999,900, 3560 Bonnie Dr in Hammond Bay listed at $2,295,000 & 2655 Steve Ellis Rd in North Jingle Pot listed at $2,999,999.

Notable New Sales

The buyers that secured the largest discounts this week were the purchasers of 4090 Tiki Lane who secured a 7% discount., the buyers of 2133 Nimpkish Lake Way secured a 7 % discount and the buyers of 1065 Southwood Dr, who secured a 6% discount. The average discount across all single-family home sales YTD is less than 3%. None of the single-family home sales sold for above asking price this week. 83% of homes sold this week sold below their asking price. The 2 highest cost per sqft sales this week were 5785 Vanderneuk Rd, a 6 bed, 2 bath 2242 sqft North Nanaimo home that sold for $1,235,000 & 3445 Country Club Dr, a 4 bed, 3 bath 1425 sqft Departure Bay home that sold for $720,000. The 2 lowest cost per sqft sales this week were 4090 Tiki Lane, a 4 bed, 3 bath 4241 sqft Hammond Bay home that sold for $1,020,000 & 3221 Telescope Terr, a 4 bed, 3 bath 2777 sqft Departure Bay home that sold for $835,000 .  Other notable sales this week include 1340 Thalia Pl in College Heights for $800,000, 2142 Lang Cres in Central Nanaimo sold for $790,000 & 2249 Neil Dr, in South Jinglepot sold for $1,215,000. If you are looking for details on a recent sale not mentioned here, email me and I will send you the sale price.

Listing Data (click links below to access reports)

This Week in John’s Life

I celebrated my birthday this weekend. My sister came over from White Rock, and we hiked Christie Falls in Ladysmith. It was amazing, we made a fun video you can find here - John Cooper’s Christie Falls Hike.  Avery, June, Kim, and my mom all went bowling on Saturday night. We took this fun picture here:  John & Family Bowling and on Saturday night my sister and I went through a bunch of my old photos and made this embarrassing slide show here: John’s Childhood Pictures. I hit a fitness milestone and completed my 75th yoga class at Modo Yoga. Tomorrow my daughters and I will be attending the Remembrance Day celebration in downtown Nanaimo. Maybe I will see you there

Whether you’re looking for further clarification on the points and insights above, would like to discover your specific home value, or just have real estate questions you’d like answered, I’d love to hear from you!

Reach out to me directly at john@coopergroup.ca or 250-619-9207.