Weekly Real Estate Take [November 2023 - Week 5]

New listings of single-family homes in Nanaimo are holding steady at 26/week, new sales saw a small increase from 14 last week to 19 this week, & expired listings almost doubled from 14 to 24. This is a common trend this time of year as many sellers choose to take their homes off the market for the holiday season. This is generally not a bad idea as showing activity comes to a crawl and homeowners are busy entertaining and enjoying quality time with their loved ones. We will typically recommend that homeowners reconvene after January 15th depending on their goals and timelines.

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 54 Roberta Rd E, a 3 bed, 3 bath, 2747 sqft Chase River home listed at $599,900 ($218/sqft), 2389 Barclay Rd, a 5 bed, 4 bath, 2860 sqft Diver Lake home listed at $949,000 ($332/sqft), & 7087 Black Jack Dr, a 5 bed, 3 bath, 2593 sqft Upper Lantzville home listed at $899,999 ($347/sqft).

The 3 homes listed this week with the highest $/sqft are 971 Chelsea St, a 2 bed, 1 bath, 815 sqft Central Nanaimo home listed at $579,900 ($712/sqft), 520 Vancouver Ave, a 2 bed, 1 bath 908 sqft Brechin Hill home listed at $510,000 ($562/sqft), & 361 Fledgeling Pl, a 3 bed, 2 bath Uplands home listed at $629,000 ($554/sqft).

The 3 homes priced the most below their assessed value are 54 Roberta Rd E, a 3 bed, 3 bath, 2747 sqft Chase River home listed at $599,900 (27% below tax-assessed value), 54 Prideaux St, a 4 bed, 2 bath, 1682 sqft Old City home listed at $699,900 (19% below tax-assessed value), & 520 Vancouver Ave, a 2 bed, 1 bath 908 sqft Brechin Hill home listed at $510,000 (17% below tax-assessed value). On the other side of the spectrum 1615 Venlaw St, a 3 bed, 2 bath 2136 sqft Central Nanaimo home is listed 47% above its tax assessed value at $1,149,000 (it has a PLA approval for subdivision). 55% of the homes listed this week were listed at or below their tax assessed value.

The 3 highest priced new listings this week are 124 Hawk Point Rd (listed at $1,649,000), 5814 Linley Valley Dr (listed at $1,549,900), & 4667 Ambience Dr (listed at $1,469,900).

Notable New Sales.

The 3 buyers that secured the largest discounts this week were the purchasers of 3530 Hillside Ave, a 4 bed, 2 bath, 2585 sqft Uplands home that sold for $1,200,000 (20% below asking price), 1020 Bruce Ave, a 4 bed, 3 bath, 2127 sqft South Nanaimo home that sold for $622,000 (11% below asking price), & 3651 Place Rd, a 4 bed, 3 bath, 2200 sqft Hammond Bay home that sold for $785,000 (11% below asking price). The average discount YTD is less than 3%.

The 3 highest cost per sqft sales this week were 456 Milton St, a 3 bed, 1 bath, 906 sqft Old City home that sold for $690,000 ($652/sqft), 2357 Quill Dr, a 3 bed, 2 bath, 1064 sqft Diver Lake home that sold for $625,000 ($587/sqft), & 269 Tahoe Ave, a 3 bed, 2 bath, 1275 sqft South Jingle Pot home that sold for $630,000 ($494/sqft).

The 3 highest sales this week were 3530 Hillside Ave in Uplands (sold for $$1,200,000), 1591 Knight Court Rd in Departure Bay (sold for $1,155,000), & 5792 Bradbury Rd in North Nanaimo (sold for $1,150,000).

Other notable sales this week include 1340 Sherwood Dr in Departure Bay (sold for $950,000), 3197 Robin Hood Dr in Departure Bay (sold for $580,000) & 670 First St in the University District (sold for $828,000)

If you are looking for details on a recent sale not mentioned here, email me and I will send you the sale price.

• Nanaimo Residential New Listings
• Nanaimo Residential Home Sales This Week
• Nanaimo Residential Withdrawn / Cancelled / Expired Listings
• Nanaimo Residential Withdrawn / Cancelled / Expired Listings

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This past week I enjoyed a trip to White Rock to celebrate my older brother Ryan’s birthday. My brother is close in age to me so I know many of his friends and it was awesome to catch up with some friends from high school that I haven't seen in a while. We also went to a fundraiser at my high school (Semiahmoo Secondary) to support a fundraiser for the women’s rugby team as they get ready to head to New Zealand in 2024.  I went over with my girls and enjoyed some time at my sister Kim’s house with the cousins. I have planned some fun trips for the holiday break that I am excited about and will share more on that as we get closer to the break. Business activity tends to slow this time of year so we are catching up with clients and preparing for our 2024 marketing and strategic planning. We have a few exciting announcements coming in January.