Weekly Real Estate Take [October 2024 - Week 1]

October 2024

The rate of new single-family residential listings has slowed since last week. 36 properties were listed this week, down from 47 last week. New single-family sales have increased subtly from 10 last week to 12 this week. The biggest increase has been in the number of cancellations and expired listings, which have more than doubled in the last week from 23 last week to 59 this week.  The next 10 weeks represent the last selling opportunity in 2024. Sales decrease substantially after December 15 and won't likely start to heat up again until March 2025.

If you are interested in learning what the market conditions are for your home, drop me an email and we can arrange for a conversation about your needs. Replies to this weekly email come directly to my personal inbox and I read and reply to every email I receive. I pride myself on my clients having direct contact and access to me. 

John Cooper
250.619.9207
john@johncooper.ca

Notable New Listings.

I like to start by outlining the best value based on $/sqft. The 3 best value homes listed this week are 253 Garner Cres a 2 bed, 3 bath, 2,894 sqft University District home listed for $749,900 ($259/sqft), 3099 Tanglewood Way a 5 bed, 3 bath, 2,744 sqft Departure Bay home listed for $849,000 ($309/sqft), 5387 Kenwill Dr a 5 bed, 3 bath, 3,114 sqft North Nanaimo home listed for $995,000 ($320/sqft).

The 3 homes listed this week with the highest $/sqft are 2405 Lindsey Rd a 2 bed, 3 bath, 1,405 sqft Cedar home listed for $1,288,000 ($917/sqft), 681 Oakley St a 2 bed, 1 bath, 784 sqft Central Nanaimo home listed for $549,000 ($700/sqft), 370 Shepherd Ave a 2 bed, 1 bath, 860 sqft University District home listed for $545,000 ($634/sqft).

The 3 homes priced the most below their assessed value are 253 Garner Cres a 2 bed, 3 bath, 2,894 sqft University District home listed for $749,900 (20% below its tax-assessed value), 407 - 225 Cypress St a 2 bed, 1 bath, 1,098 sqft Brechin Hill home listed for $375,000 (14% below its tax-assessed value), 202 - 119 Haliburton St a 1 bed, 1 bath, 740 sqft Old City home listed for $399,900 (13% below its tax-assessed value).

The 3 highest priced new listings this week are 7455 Copley Ridge Dr a 4 bed, 3 bath, 3,203 sqft Upper Lantzville home listed for $1,599,000, 2405 Lindsey Rd a 2 bed, 3 bath, 1,405 sqft Cedar home listed for $1,288,000. 3324 Greyhawk Dr a 6 bed, 4 bath, 3,240 sqft  Hammond Bay home listed for $1,269,900.

Notable New Sales.

The 3 buyers that secured the largest discounts this week are the buyers of  8028 Lantzville Rd who secured a 8% discount off the $1,798,000 asking price (sale price $1,650,000), The buyers of 2067 Forest Dr who secured a 7% discount off the $765,000 asking price (sale price $715,000), The buyers of 4130 Orchard Cir who secured a 6% discount off the $699,800 asking price (sale price $661,000).

The 3 highest cost per sqft sales this week were 8028 Lantzville Rd a 4 bed, 3 bath, 2,435 sqft Lower Lantzville home sold for $1,650,000 ($678/sqft), 3551 Bonnie Dr a 3 bed, 2 bath, 2,007 sqft Hammond Bay home sold for $1,250,000 ($623/sqft), 4130 Orchard Cir a 3 bed, 3 bath, 1,602 sqft Uplands home sold for $661,000 ($413/sqft).

The 3 highest sales this week were 8028 Lantzville Rd a 4 bed, 3 bath, 2,435 sqft Lower Lantzville home sold for $1,650,000, 3551 Bonnie Dr a 3 bed, 2 bath, 2,007 sqft Hammond Bay home sold for $1,250,000, 1885 White Blossom Way a 4 bed, 3 bath, 3,071 sqft Chase River home sold for $1,060,000.

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

This week is John’s life

This week was busy with many homeowners looking to obtain Property Value Reports and discuss their optimal exit timing. A few of these owners will be listing their homes for sale in the next 14 days including a home in Lakeside Estates and an epic custom Ocean View home in College Heights. 

Last week we celebrated the life of my Dad, Ronald John Cooper, with over 100 people attending the celebration. I released a brief memorial message with a collection of photos with my dad (video here). I also released a message of support for anyone embarking on a “Sober October” journey (video here).