Weekly Real Estate Take [December 2024 - Week 1]

The last 12 months have seen a modest reduction in interest rates, combined with a modest increase in housing inventory. This has led to balanced market conditions for most of 2024. Sellers waiting for prices to increase are being met with market resistance. Buyers waiting for prices to drop are seeing prices hold steady. It is my prediction that this trend will continue into 2025. Rates will continue to come down subtly, inventory will continue to increase subtly. Trading volume will continue to hold. Considering global macroeconomic factors, this is a positive outlook for 2025 in Central Vancouver Island.

Interested in Your Home's Value?

The time for 2025 real estate planning is now! Email me for a personalized market assessment. I respond to every inquiry personally and prioritize open communication with my clients. I'm here to help! 
 

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 994 Old Victoria Rd a 5 bed, 2 bath, 2,466 sqft Chase River home listed for $499,000 ($202/sqft), 307 Elizabeth St a 3 bed, 2 bath, 2,759 sqft Old City home listed for $724,900 ($263/sqft), 1020 Hawkes Turnaround a 5 bed, 3 bath, 2,526 sqft Central Nanaimo home listed for $675,000 ($267/sqft),

The 3 homes listed this week with the highest $/sqft are 3780 Norwell Dr a 3 bed, 2 bath, 1,744 sqft Uplands home listed for $1,249,000 ($716/sqft), 109 - 1217 Manzanita Pl a 4 bed, 4 bath, 2,120 sqft Departure Bay home listed for $1,199,000 ($566/sqft), 502 Ninth St a 3 bed, 2 bath, 1,409 sqft South Nanaimo home listed for $750,000 ($532/sqft).

The 3 homes priced the most below their assessed value are 994 Old Victoria Rd a 5 bed, 2 bath, 2,466 sqft Chase River home listed for $499,000 (17% below its tax-assessed value). 1020 Hawkes Turnaround a 5 bed, 3 bath, 2,526 sqft Central Nanaimo home listed for $675,000 (5% below its tax-assessed value), 1010 Chelsea Cres a 1 bed, 2 bath, 1,134 sqft  Central Nanaimo home listed for $569,900 (4% below its tax-assessed value).

The 3 highest priced new listings this week are 3623 Ranch Point Rd a 5 bed, 5 bath, 3,700 sqft North Jingle Pot home listed for $1,259,900. 3780 Norwell Dr a 3 bed, 2 bath, 1,744 sqft  Uplands home listed for $1,249,000. 5565 Norton Rd a 5 bed, 6 bath, 3,352 sqft North Nanaimo home listed for $1,200,000.

Notable New Sales.

The 3 buyers that secured the largest discounts this week are the buyers of  6225 Garside Rd who secured a 9% discount off the $975,000 asking price (sale price $890,000). The buyers of 2027 Cinnabar Dr secured a 7% discount off the $699,900 asking price (sale price $650,000). The buyers of 896 Townsite Rd secured a 7% discount off the $565,000 asking price (sale price $525,000).

The 3 highest cost per sqft sales this week were 896 Townsite Rd a 2 bed, 1 bath, 981 sqft  Central Nanaimo home sold for $525,000 ($535/sqft), 117 Kamp Pl a 2 bed, 2 bath, 1,302 sqft University District home sold for $631,000 ($485/sqft), 2750 Country Club Dr a 3 bed, 3 bath, 1,659 sqft Departure Bay home sold for $710,000 ($428/sqft).

The 3 highest sales this week were 7940 Northwind Dr a 5 bed, 4 bath, 2,928 sqft Upper Lantzville home sold for $1,070,000. 7118 Caillet Rd a 3 bed, 3 bath, 2,528 sqft Lower Lantzville home sold for $1,065,000. 618 Eighth St a 6 bed, 4 bath, 2,540 sqft South Nanaimo home sold for $979,500.

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 saw us hand over keys on a condo in South Nanaimo and a rancher in the University District. We also removed subjects on a large development property in North Nanaimo.

I welcomed a new member to our family with the addition of Lucille (image here). I witnessed a beautiful sunrise on a recent trip to our cottage on Thetis Island (image here).  The big highlight of this week was the celebration of my youngest daughter Junes’s 14th Birthday (image here). Lucille has also applied to be a part of our client care team and interviews are ongoing (image here).