Weekly Real Estate Take December 2024 - Week 2

Market Update

The number of new single-family homes being listed is declining each week. We are down about 50% from 30 days ago. This is a predictable seasonal trend. The next 30 days are not ideal for selling homes, as attention is elsewhere. That said, we saw 14 homes sell in the last 7 days, which is consistent with the last 2 weeks. Interest rates were lowered this week, which should help maintain healthy sales volume in the first quarter of 2025.

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- 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 545 Poets Trail Dr a 6 bed, 4 bath, 2,904 sqft University District home listed for $928,000 ($320/sqft), 408 10th St a 6 bed, 4 bath, 2,669 sqft South Nanaimo home listed for $886,000 ($332/sqft), 650 Hawkins St a 5 bed, 2 bath, 2,364 sqft Brechin Hill home listed for $839,900 ($355/sqft).

The 3 homes listed this week with the highest $/sqft are 6237 Dover Rd a 3 bed, 2 bath, 1,296 sqft North Nanaimo home listed for $760,000 ($586/sqft), 109 - 1217 Manzanita Pl a 4 bed, 4 bath, 2,120 sqft Departure Bay home listed for $1,199,000 ($566/sqft), 5993 Sealand Rd a 3 bed, 2 bath, 1,306 sqft North Nanaimo home listed for $709,900 ($544/sqft).

The 3 homes priced the most below their assessed value are 545 Poets Trail Dr a 6 bed, 4 bath, 2,904 sqft University District home listed for $928,000 (3% below its tax-assessed value), 5993 Sealand Rd a 3 bed, 2 bath, 1,306 sqft North Nanaimo home listed for $709,900 (0% below its tax-assessed value), 6237 Dover Rd a 3 bed, 2 bath, 1,296 sqft North Nanaimo home listed for $760,000 (3% below its tax-assessed value).

The 3 highest priced new listings this week are 426 Aysgarth St a 4 bed, 2 bath, 1,678 sqft University District home listed for $640,000. 638 Poplar St a 2 bed, 1 bath, 1,510 sqft Brechin Hill home listed for $649,900. 5993 Sealand Rd a 3 bed, 2 bath, 1,306 sqft North Nanaimo home listed for $709,900.

Notable New Sales

The 3 buyers that secured the largest discounts this week are the buyers of 7408 High Ridge Cres who secured a 15% discount off the $2,385,000 asking price (sale price $2,025,000). The buyers of 1011 Beach Dr who secured a 10% discount off the $999,999 asking price (sale price $900,000). The buyers of 3456 Budehaven Dr who secured a 9% discount off the $1,492,000 asking price (sale price $1,360,000).

The 3 highest cost per sqft sales this week were 365 Pine St a 2 bed, 1 bath, 611 sqft University District home sold for $400,000 ($655/sqft), 432 Pine St a 2 bed, 2 bath, 913 sqft South Nanaimo home sold for $515,000 ($564/sqft), 270 Crestline Terr a 4 bed, 3 bath, 2,722 sqft Hammond Bay home sold for $1,375,000 ($505/sqft).

The 3 highest sales this week were 365 Pine St a 2 bed, 1 bath, 611 sqft University District home sold for $400,000. 432 Pine St a 2 bed, 2 bath, 913 sqft South Nanaimo home sold for $515,000. 2750 Country Club Dr a 3 bed, 3 bath, 1,659 sqft Departure Bay home sold for $710,000.

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 celebrated an outstanding year as a team. We accomplished a lot in 2024 including a brand revamp and a valuable addition to our advisor team (image here). View our sales results here. View our listing results here.

Last week I witnessed a gorgeous winter day while visiting Thetis Island (video here). I am now celebrating our year with some much-needed recharge time in Puerto Vallarta (image here). I spent some time in El Malecon (video here). The last 2 days were spent witnessing a massive Mexican holiday (video here). Feliz Navidad y próspero año nuevo.