Weekly Real Estate Take [September 2024 - Week 4]

For the third consecutive week, we’ve seen a steady influx of new listings in the Nanaimo real estate market. This week, 47 single-family detached homes came on the market, down slightly from last week’s 51. However, single-family home sales have slowed, with only 10 homes sold compared to 24 last week. With inventory gradually rising, buyers are gaining more options, though prices continue to hold steady.

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 1972 Cinnabar Dr a 6 bed, 3 bath, 3,826 sqft Chase River home listed for $1,150,000 ($301/sqft), 1059 Old Victoria Rd a 4 bed, 3 bath, 3,198 sqft South Nanaimo home listed for $975,000 ($305/sqft), 8446 Rumming Rd a 4 bed, 4 bath, 4,033 sqft Upper Lantzville home listed for $1,275,000 ($316/sqft).

The 3 homes listed this week with the highest $/sqft are 213 Machleary St a 2 bed, 1 bath, 805 sqft Old City home listed for $649,900 ($807/sqft), 460 8th St a 2 bed, 2 bath, 990 sqft South Nanaimo home listed for $699,000 ($706/sqft), 3551 Bonnie Dr a 3 bed, 2 bath, 2,007 sqft Hammond Bay home listed for $1,249,900 ($623/sqft).

The 3 homes priced the most below their assessed value are 341 Shepherd Ave a 3 bed, 1 bath, 847 sqft University District home listed for $524,900 (19% below its tax-assessed value), 8446 Rumming Rd a 4 bed, 4 bath, 4,033 sqft Upper Lantzville home listed for $1,275,000 (12% below its tax-assessed value), 8033 Lorenzen Lane a 3 bed, 4 bath, 2,531 sqft Upper Lantzville home listed for $1,220,000 (9% below its tax-assessed value).

The 3 highest-priced new listings this week are 990 Terminal Ave N a 2 bed, 1 bath, 1,200 sqft Central Nanaimo home listed for $474,900. 341 Shepherd Ave a 3 bed, 1 bath, 847 sqft University District home listed for $524,900. 365 Howard Ave a 3 bed, 2 bath, 1,813 sqft University District home listed for $619,000.

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.