Weekly Real Estate Take [October 2024 - Week 4]

This week we, surprisingly, saw an increase in new single-family listings with 32 new listings hitting the market. Up from 28 last week. There was also an increase in new sales, with 21 single-family homes selling in the last 7 days, compared to 14 sales last week. The latest interest rate announcements have led to an increase in optimism and momentum with purchasers and this should keep our local market healthy as we head into the last 69 days of 2024.

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

Notable New Listings.

I like to start by outlining the best value based on $/sqft. The 3 best value homes listed this week are 2021 Frostbirch Way a 6 bed, 4 bath, 2,824 sqft Chase River home listed for $950,000 ($336/sqft), 6418 Dover Rd a 6 bed, 4 bath, 2,961 sqft North Nanaimo home listed for $999,000 ($337/sqft), 410 Rosehill St a 3 bed, 2 bath, 1,750 sqft Central Nanaimo home listed for $599,000 ($342/sqft).

The 3 homes listed this week with the highest $/sqft are 1641 Bowen Rd a 2 bed, 1 bath, 776 sqft Central Nanaimo home listed for $1,149,900 ($1482/sqft), 3760 Polaris Dr a 4 bed, 4 bath, 3,028 sqft Hammond Bay home listed for $3,495,000 ($1154/sqft), 1300 Seaview Pl a 3 bed, 3 bath, 1,972 sqft Departure Bay home listed for $1,499,900 ($761/sqft).

The 3 homes priced the most below their assessed value are 2021 Frostbirch Way a 6 bed, 4 bath, 2,824 sqft Chase River home listed for $950,000 (16% below its tax-assessed value), 6063 Breonna Dr a 3 bed, 5 bath, 3,890 sqft North Nanaimo home listed for $2,149,900 (11% below its tax-assessed value), 410 Rosehill St a 3 bed, 2 bath, 1,750 sqft Central Nanaimo home listed for $599,000 (8% below its tax-assessed value).

The 3 highest priced new listings this week are 3760 Polaris Dr a 4 bed, 4 bath, 3,028 sqft Hammond Bay home listed for $3,495,000. 2655 Steve Ellis Rd a 7 bed, 7 bath, 6,368 sqft North Jingle Pot home listed for $2,899,900. 6063 Breonna Dr a 3 bed, 5 bath, 3,890 sqft North Nanaimo home listed for $2,149,900. 

Notable New Sales.

The 3 buyers that secured the largest discounts this week are the buyers of  121 Shammys Pl who secured a 10% discount off the $1,998,000 asking price (sale price $1,800,000). The buyers of 2189 Michigan Way secured a 7% discount off the $890,000 asking price (sale price $825,000). The buyers of 421 Blythe Ave secured a 7% discount off the $724,900 asking price (sale price $675,000).

The 3 highest cost per sqft sales this week were 7704 Clark Dr a 2 bed, 2 bath, 774 sqft Upper Lantzville home sold for $735,000 ($950/sqft), 5933 Breonna Dr a 3 bed, 2 bath, 1,458 sqft North Nanaimo home sold for $758,000 ($520/sqft), 3780 Hammond Bay Rd a 5 bed, 5 bath, 3,497 sqft Hammond Bay home sold for $1,788,000 ($511/sqft).

The 3 highest sales this week were 121 Shammys Pl a 4 bed, 4 bath, 3,743 sqft Uplands home sold for $1,800,000. 3780 Hammond Bay Rd a 5 bed, 5 bath, 3,497 sqft Hammond Bay home sold for $1,788,000. 282 Westwood Rd a 6 bed, 5 bath, 3,541 sqft South Jingle Pot home sold for $1,459,000. 

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 in John’s Life

This week we sold an acreage we had listed in Errington and a light industrial warehouse we had listed in Parksville. We also had an accepted offer on a rancher in Qualicum Beach. The big team news this week is being recognized as one of the Top 10 teams in the Province of BC by eXp Realty (link here). This was a big win for the team as most of the teams on the list have 2 to 5 times as many agents as we have.

I had a nice weekend with my girls including lunch at our favorite local cafe, The Vault (image here). I also enjoyed my bi-weekly boxing training and paid tribute to my coach Zoltan (video here).

- John Cooper