Weekly Real Estate Take [September 2024 - Week 2]

“Second Spring” is here with new listings more than doubling over last week. 57 new single family homes hit the market this week (25 last week). Sales have declined with 17 sales this week compared to 24 last week. I have been suggesting that inventory will continue to see subtle increases, sales will continue to be steady and values will remain stable with slight downward pressure on prices. This is trend is holding true.

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 Listing

I like to start by outlining the best value based on $/sqft. The 3 best value homes listed this week are 771 Arbutus Ave a 5 bed, 3 bath, 2,514 sqft Central Nanaimo home listed for $749,900 ($298/sqft), 5903 Red Wing Cres a 5 bed, 3 bath, 2,912 sqft  Pleasant Valley home listed for $899,900 ($309/sqft), 2166 Wren Pl a 4 bed, 3 bath, 2,551 sqft University District home listed for $799,900 ($314/sqft).

The 3 homes listed this week with the highest $/sqft are 670 Chelsea St a 2 bed, 1 bath, 755 sqft Central Nanaimo home listed for $549,900 ($728/sqft), 4808 Aho Rd a 2 bed, 2 bath, 1,767 sqft Cedar home listed for $1,275,000 ($722/sqft), 3071 Jameson Rd a 4 bed, 2 bath, 1,837 sqft  South Jingle Pot home listed for $1,299,900 ($708/sqft).

The 3 homes priced the most below their assessed value are 2166 Wren Pl a 4 bed, 3 bath, 2,551 sqft  University District home listed for $799,900 (12% below its tax-assessed value), 5925 Tasha Pl a 4 bed, 3 bath, 2,453 sqft North Nanaimo home listed for $799,000 (9% below its tax-assessed value), 960 Malaspina Cres a 5 bed, 3 bath, 2,960 sqft Departure Bay home listed for $815,000 (10% below its tax-assessed value).

The 3 highest priced new listings this week are 4630 Laguna Way a 6 bed, 5 bath, 4,403 sqft North Nanaimo home listed for $1,984,900, 2500 Myles Lake Rd a 4 bed, 4 bath, 2,423 sqft Extension home listed for $1,499,900, 6487 Raven Rd a 5 bed, 4 bath, 3,478 sqft North Nanaimo home listed for $1,350,000.

Notable New Sales

The 3 buyers that secured the largest discounts this week are the buyers of  515 Prideaux St secured a 11% discount off the $634,500 asking price (sale price $567,000). The buyers of 2695 Camcrest Dr secured a 9% discount off the $789,000 asking price (sale price $715,000). The buyers of 5407 Bayshore Dr secured a 7% discount off the $1,024,900 asking price (sale price $952,500).

The 3 highest cost per sqft sales this week were 2193 Village Dr a 3 bed, 2 bath, 1,263 sqft Cedar home sold for $745,000 ($590/sqft), 2367 Troy Anne Way a 3 bed, 2 bath, 1,365 sqft  Diver Lake home sold for $694,900 ($509/sqft), 109 Tom Harris Dr a 5 bed, 4 bath, 2,652 sqft Hammond Bay home sold for $1,233,000 ($465/sqft).

The 3 highest sales this week were 109 Tom Harris Dr a 5 bed, 4 bath, 2,652 sqft  Hammond Bay home sold for $1,233,000, 3508 Monterey Dr a 3 bed, 2 bath, 2,133 sqft  North Jingle Pot home sold for $980,000, 5161 Colony Park Pl a 4 bed, 3 bath, 2,441 sqft North Nanaimo home sold for $975,000.

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