John Cooper’s Weekly

Nanaimo Real Estate Take

The second week of November saw new listings hold steady at 37 (36 last week) and new sales hold steady at 11(12 last week). With the holiday season looming I expect to see a rise in price reductions as motivated sellers start to identify themselves during the final stretch of the 2023 selling season

This week I wanted to compare the market conditions for 3 separate market segments to see how they contrast over the last 3 months. I calculated absorption rates for 3 product categories. Here are the results:

Nanaimo Single Family Homes $400,000 to $749,999 = 5 months of inventory = Buyers Market

Nanaimo Single Family Homes $750,000 to $999,999 = 6 months of inventory = Buyers Market

Nanaimo Single Family Homes $1M to $1.4M = 8.5 months of inventory = Buyers 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 4621 Bates Rd a 5 bed, 3 bath, 2460 sqft Diver Lake home priced at $750,000 ($305/sqft), 83 Riley Pl, a 4 bed, 2 bath, 2261 sqft Hammond Bay home priced at $699,000 ($309/sqft), & 3513 Hallberg Rd, a 5 bed, 3 bath, 2984 sqft Extension area home priced at $935,000 ($313/sqft)

The 3 homes listed this week with the highest $/sqft are 640 Campbell St, a 2 bed, 1 bath, 565 sqft Old City home listed at $445,000 ($788/sqft), 5267 Fillinger Cres, a 3 bed, 2 bath 1380 sqft North Nanaimo home listed at $974,900 ($706/sqft), & 431 Maple Street, a 1 bed, 1 bath, 660 sqft Brechin Hill home listed at $449,900 (682/sqft).

The 3 homes priced the most below their assessed value are 5120 Aho Rd, a 4 bed, 4 bath, 3986 sqft Cedar BC, home listed for $1,600,000 (23% below tax assessed value), 3197 Robin Hood Dr, a 3 bed, 2 bath, 1552 sqft Departure Bay home listed at $599,900 (21% below tax-assessed value), & 7306 Harby Rd, a 3 bed, 2 bath, 1804 sqft  Lower Lantzville home listed at $695,000 (15% below tax-assessed value). 54% of the homes listed this week were listed at or below their tax-assessed value (the highest % since we started reporting).

The 3 highest priced homes listed this week are 7162 Lancrest Terr, a 2 bed, 3 bath waterfront home in Lower Lantzville priced at $1,800,000, 7411 Spence’s Way, a 4 bed, 3 bath, Upper Lantzville home priced at $1,855,000 & 2525 Departure Bay Rd, a 5 bed, 2 bath, Departure Bay home listed at $2,099,900.

Notable New Sales

The buyers that secured the largest discounts this week were the purchasers of 5341 Hammond Bay Rd who secured a 6% discount, the buyers of 6268 Waterbury Rd secured a 5% discount, & the buyers of 686 Beaconsfield Rd secured a 5% 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 317 Cobblestone Pl, a 3 bed, 2 bath, 1326 sqft Diver Lake home that sold for $645,000 ($486/sqft), 3607 Ranch point Rd, a 6 bed, 4 bath, 3320 sqft North Jingle Pot Rd home that sold for $1,549,000 ($467/sqft), & 6258 Waterbury Rd, a 3 bed, 2 bath, 1630 sqft home that sold for $750,000 ($460/sqft).

Other notable sales this week include 103 Clover Pl, a 4 bed, 2 bath, 2099 sqft Departure Bay home that sold for $819,000, 3221 Telescope Terrace, a 4 bed, 3 bath, 2777 sqft Departure Bay home that sold for $835,000, & 460 Seventh St, a 2 bed, 1 bath, 1196 sqft South Nanaimo home that sold for $480,000.

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

This week has been busy as we push through to the end of the year. My activities have shifted to work with more buyers, as many sellers are choosing to wait until spring. My girls and I attended the Remembrance Day Celebration in Downtown Nanaimo. The weather was incredible and it was nice to see such a great turnout. I hit another yoga milestone with 88 Hot yoga classes since I joined the club. I have also been enjoying Brazilian Jiu Jitsu practice every Tues & Thurs at 6am at Island Top Team and 2 to 3 afternoons a week you will find me refining my boxing skills at Force Boxing & Fitness in Nanaimo. My fitness has really improved since I refined my morning routine and it has translated to more focus and attention in my work days. It also feels great!

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.