John Cooper’s Weekly

Nanaimo Real Estate Take

A total of 37 single-family homes hit the market this week in Nanaimo, down subtly from last week (43 last week). Sales were 54% lower this week compared to last week with 13 single-family homes reported sold in the last 7 days. Lending markets are continuing to complicate the real estate trading climate. Sellers with fixed rates are staying put to avoid having to requalify at new rates. As these terms come up for renewal it will be interesting to see how many of these homeowners look into selling. Values are down about 10% YTD and this downward pressure has been mitigated with supply constraints. If homeowners deem that they can no longer afford their new mortgage payments, it is safe to assume that many of these could show up in our local market as “motivated sellers”. We have seen very little seller motivation in the market for the last 5 years and we will be monitoring this closely in these weekly reports. If you know someone that would benefit from keeping a closer eye on the Nanaimo residential real estate market, please forward this email to them and they can simply email us to be added to the list of over 10,000 people who receive the report every week.

Notable New Listings

The top 3 lowest $/sqft homes listed this week are 301 Carnduff Pl., a 6 bed, 3 bath, 3457 sqft home in South Jingle Pot listed at $949,900 ($275/sqft), 5470 Mildmay Rd., a 5 bed, 4 bath, 4090 sqft. home in Pleasant Valley listed at $1,185,000 ($290.sqft), & 541 Charfinch Pl., a 4 bed, 3 bath, 3057 sqft. Uplands home listed at $949,900 ($311/sqft). The 3 highest $/sqft homes listed this week are 7793 Superior Rd. a 3 bed, 1 bath 1763 sqft home on 2.47 acres in Upper Lantzville listed at $1,149,900 ($652/sqft), 888 Blythe Ave. a 3 bed, 1 bath, 1100 sqft Central Nanaimo home listed at $675,000 ($614/sqft), & 1010 St. David St. a 3 bed, 1 bath, 980 sqft Central Nanaimo home listed at $589,900 ($602/sqft). If homes priced below tax-assessed value are your thing then scope out 3447 Falcon Dr., a 3 bed, 3 bath Hammond Bay home listed for 22% below their tax-assessed value (listed at $750,000). Also consider 628 Winchester Ave. a 3 bed, 2 bath South Nanaimo home listed 11% below their tax-assessed value (listed at $619,900). Other notable listings this week include 4759 Spirit Pl. in Hammond Bay, 1687 Brierly Pl. in Brechin Hill, 103 Clover Pl. in Departure Bay, & 2115 Caledonia Ave. in Extension. The most expensive home listed this week is 2650 Steve Ellis Rd. a 6 bed, 6 bath, 3825 sqft home in North Jingle Pot listed at $2,195,000. 30% of the homes listed this week were listed at or below their tax-assessed value.

Notable New Sales

Only 13 homes sold this week. Of the 13 homes sold this week only 1 sold for above their asking price. 6546 Groveland sold for 13% above the asking price after 51 days on the market. This was also the highest reported sale this week. 3 buyers were successful in negotiating a discount 4 times the market average; these were 155 Adams Ave, 5153 Owlstone Pl. & 52 Athletic St. (also the highest $/sqft sale this week at $510/sqft) The lowest $/sqft sales this week were 3368 Tunnah Rd. ($306/sqft) & 3401 Uplands Dr. ($309/sqft). 4836 Logans Run in Hammond Bay sold for 14% below its tax-assessed value. 62% of home sales this week sold for at or below their tax-assessed value. The quickest sale this week was 1064 St. David Cres. which sold in 8 days for 3% below the asking price.

Listing Data (click links below to access reports)

This Week in John’s Life

This week was a big week at the office with some exciting team announcements coming soon!

Thanksgiving weekend is here and I am looking forward to some of my mom’s home cooking. Our Thanksgiving spread includes roasted turkey, mashed potatoes, stuffing, cauliflower with cheese sauce, brussel sprouts and carrots. I can't wait! I have increased the yoga in my life this week and have really started to enjoy my yin practice, it has become a much-needed complement to the boxing, jiu jistu and strength training that has been my focus for the past few years. For yoga I attend Modo Yoga on Dufferin, for Boxing, I train at Force Boxing on Terminal, for Strength Training I train out of Fitness World at Country Club,  and for Jiu-Jitsu I train at Island Top Team on McCullough Rd.

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.