Weekly Real Estate Take [September 2024 - Week 3]

We have seen a big increase in new listings for the 2nd week in a row. 51 new single family detached homes hit the Nanaimo market this week, up from 41 last week and 25 the week prior to that. Single family home sales are holding steady with 22 this week (24 last week). Buyers have an increasing amount of choices. Prices are holding steady and inventory continues to rise subtly.

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 183 Acacia Ave a 4 bed, 3 bath, 2,642 sqft University District home listed for $689,900 ($261/sqft), 2027 Cinnabar Dr a 4 bed, 3 bath, 2,324 sqft Chase River home listed for $699,900 ($301/sqft), 7753 Lantzville Rd a 4 bed, 3 bath, 2,172 sqft  Lower Lantzville home listed for $698,000 ($321/sqft).

The 3 homes listed this week with the highest $/sqft are 1660 Fawcett Rd a 4 bed, 5 bath, 3,665 sqft Cedar home listed for $3,595,000 ($981/sqft), 50 Harewood Rd a 3 bed, 2 bath, 1,783 sqft  University District home listed for $1,550,000 ($869/sqft), 674 Miller Farm Dr a 3 bed, 2 bath, 1,488 sqft  Hammond Bay home listed for $850,000 ($571/sqft).

The 3 homes priced the most below their assessed value are 2066 Placid Cres a 4 bed, 3 bath, 2,455 sqft  South Jingle Pot home listed for $849,900 (6% below its tax-assessed value), 2027 Cinnabar Dr a 4 bed, 3 bath, 2,324 sqft  Chase River home listed for $699,900 (6% below its tax-assessed value), 410 Rosehill St a 3 bed, 2 bath, 1,750 sqft Central Nanaimo home listed for $619,000 (5% below its tax-assessed value).

The 3 highest priced new listings this week are 905 Harbour View St a 5 bed, 5 bath, 2,860 sqft South Nanaimo home listed for $949,000, 1675 Kelsie Rd a 6 bed, 4 bath, 5,049 sqft Chase River home listed for $2,295,000,,1660 Fawcett Rd a 4 bed, 5 bath, 3,665 sqft  Cedar home listed for $359,5000.

Notable New Sales

The 3 buyers that secured the largest discounts this week are the buyers of  3308 Mcguire Way secured a 21% discount off the $1,200,000 asking price (sale price $945,000). The buyers of 2695 Camcrest Dr secured a 9% discount off the $789,000 asking price (sale price $715,000). The buyers of 3495 Buffalo Trail secured a 9% discount off the $749,000 asking price (sale price $685,000).

The 3 highest cost per sqft sales this week were 217 Westwood Rd a 3 bed, 2 bath, 1,087 sqft South Jingle Pot home sold for $673,000 ($619/sqft), 3716 Howden Dr a 3 bed, 2 bath, 1,196 sqft  Uplands home sold for $692,500 ($579/sqft), 6261 Dover Rd a 3 bed, 2 bath, 1,536 sqft  North Nanaimo home sold for $725,000 ($472/sqft).

The 3 highest sales this week were 6611 Hillside Terr a 3 bed, 3 bath, 2,960 sqft Pleasant Valley home sold for $1,250,000, 3998 Gulfview Dr a 5 bed, 3 bath, 3,487 sqft Hammond Bay home sold for $1,190,000, 2338 Rockwood Pl a 6 bed, 3 bath, 2,934 sqft South Jingle Pot home sold for $1,081,000.

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