John Cooper’s Weekly

Nanaimo Real Estate Take

October has passed the mid-way point and the data is starting to show some trends. This week saw 3 times as many new listings as reported sales. When I am asked to provide a market analysis for my clients it always includes an “absorption rate analysis” for their property type. For example, if you own a 4 bed, 3 bath ocean view home, we can determine precisely how many have sold in the last 6 months, how many are currently listed, and how many months of inventory exist in the market. When we see more than 4 months in inventory, it is considered to be a ‘buyers market’. Most categories of homes have been in ‘balanced market’ conditions since August. This is starting to shift, and this shift is expected to continue for the foreseeable future. There is unlikely to be any relief any time soon. The general consensus in the market is “higher rates for longer”. This will keep our local market muzzled and prices are not expected to increase in the spring of 2024. I am optimistically hoping values hold but need to be realistic about the direction the data is trending. If you need some assistance in calculating where to “place your bet”, call me directly and let's talk it out. You will never be asked to work with an associate agent or team member, you will have direct access to me. - John Cooper.

Notable New Listings

I like to start by outlining the best value based on $/sqft. This week’s top 3 best value single family homes listed this week are, 3584 Ranch Point Rd, a 6 bed, 4 bath, 5435 sqft  North Jingle Pot home on 1.49 acres listed for $1,600,000 ($294/sqft), 528 Kennedy St, a 2 bed, 1 bath, 1793 sqft Old City home listed for $569,900 ($318/sqft), & 175 Acacia Ave, a 4 bed, 2 bath, 2184 sqft University District home listed for $699,900 ($320/sqft). The 3 homes listed this week with the highest $/sqft are 209 Prideaux St, a 3 bed, 3 bath, 1135 sqft home in the Old City listed for $799,000 ($704/sqft), 601 Brookeside Pl, a 3 bed, 1 bath, 1034 sqft home with a 32 x 16 shop in South Nanaimo listed for $699,900, & 359 Nottingham Dr, a 3 bed, 3 bath, 1504 sqft Departure Bay home listed for $874,800 ($582/sqft). The 3 homes priced the most below their assessed value are 5877 Broadway Rd, priced at $599,900 (16% below tax assessment), 3197 Robin Hood Dr priced at $650,000 (14% below tax assessment) & 296 Machleary St priced at $799,000 (10% below tax assessment). 44% of the homes listed this week were listed at or below their tax-assessed value. The 3 highest priced homes listed this week are 2560 Steve Ellis Rd ($2,799,000), 7619 Lantzville Rd ($2,500,000), & 2525 Departure Bay Rd ($2,299,900).

Notable New Sales

The buyers that secured the largest discounts this week were the purchasers of 3788 Howden Dr, a 4 bed, 2 bath Uplands home that sold for $590,000 (16% below original asking price), 98 Ridgeline Terr, a 5 bed, 5 bath Hammond Bay home that sold for $1,265,000 (9 % below original asking price), & 3324 Kite Way, a 3 bed, 3 bath Hammond Bay home that sold for $790,000 (7% below original asking price). The average discount across all single-family home sales YTD is less than 3%. No homes sold for above their asking price this week. 85% of homes sold this week sold below their asking price. The highest cost per sqft sale this week was 7123 Dickinson Rd in Lower Lantzville which sold for $1,249,000, 16% above their tax-assessed value ($529/sqft). The lowest cost per sqft sale this week was 120 Victoria Rd which sold for $640,000 ($291/sqft). 3447 Falcon Rd in Hammond Bay sold for $710,000 (26% below their tax-assessed value). Other notable sales include 1542 Knight Court Rd (sold for $1,250,000) & 6257 Caprice Rd (sold for $1,225,000).

 Listing Data (click links below to access reports)

This Week in John’s Life

My youngest daughter and I made a trip out to Silver Meadows Farm in Errington, as McNabb’s Corn Maze is not operating this year. It was super fun and the pumpkin selection was impressive with seemingly reasonable prices. We ended the day with a trip to Coombs Country Market and a mind-blowing late lunch at Cuckoos Italian restaurant in Coombs. On Thursday, I took my first Hullo Ferry trip to Vancouver. I referee professional mixed martial arts and the Battlefield Fight League brought me over to referee their event. The passenger ferry goes direct from Downtown Nanaimo to Downtown Vancouver which was so convenient! I basically walked from Nanaimo to my destination in Downtown Vancouver. I can attest to reliable wifi, which made for a super productive crossing. If you are heading into Downtown Vancouver, this is a great option. I have been promoting this “coming soon” connection for over 13 years so it was pretty special to finally experience it. Otherwise, I have been doing a lot of Yin yoga, Brazilian jiu-jitsu, Boxing, & weight training to keep myself as healthy as I can.

If you want to follow more of my content, make sure you follow my Instagram or Facebook. I post multiple educational videos per week as well as highlights of some of my weekly adventures. And if you have an idea for content or topics you want my take on, reach out to me as I am always looking for more ideas.

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.