Weekly Real Estate Take [January 2024 - Week 3]

We are back to our regular weekly format. New listings are starting to ramp back up with 40 single-family homes hitting the market in the last 7 days. Sales activity is still low (typical for this time of year) with only 6 single-family sales in the last 5 days. I am expecting sales to increase steadily over the next 12 weeks. The big question is if this increase in sales will be met with an increase in listings. Anecdotally we are having conversations with many sellers considering taking of advantage of the low inventory. I have heard from a few other agents in the market who are experiencing the same so perhaps we will see the arrival of more options for those looking to find a home in the 12 weeks.

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. You will never be handed off to a team member, I pride myself on my clients having direct contact and access to my advice and guidance.

- John Cooper

Notable New Listings

I like to start by outlining the best value based on $/sqft. The 3 best value homes listed this week are 3340 Stephenson Point Rd a 5 bed, 5 bath, 4,261 sqft Hammond Bay home listed for $3,590,000 ($843/sqft), 708 Hyatt Pl a 3 bed, 3 bath, 2,149 sqft North Nanaimo home listed for $1,599,900 ($744/sqft), 5123 Broughton Pl a 2 bed, 2 bath, 1,341 sqft Uplands home listed for $849,900 ($634/sqft).

The 3 homes listed this week with the highest $/sqft are 1515 White St a 3 bed, 2 bath, 2,522 sqft Central Nanaimo home listed for $729,900 ($289/sqft), 175 Acacia Ave a 4 bed, 2 bath, 2,184 sqft University District home listed for $649,900 ($298/sqft), 1746 Fry Rd a 5 bed, 2 bath, 2,836 sqft Cedar home listed for $849,900 ($300/sqft).

The 3 homes priced the most below their assessed value are 7537 Andrea Cres a 5 bed, 3 bath, 2,565 sqft Upper Lantzville home listed for $949,900 ($12% below its tax-assessed value), 1515 White St a 3 bed, 2 bath, 2,522 sqft Central Nanaimo home listed for $729,900 ($11% below its tax-assessed value), 589 Marisa St a 5 bed, 3 bath, 2,244 sqft South Nanaimo home listed for $795,000 ($8% below its tax-assessed value).

The 3 highest priced new listings this week are 3340 Stephenson Point Rd a 5 bed, 5 bath, 4,261 sqft Hammond Bay home listed for $3,590,000. 101 Prince John Way a 5 bed, 3 bath, 3,168 sqft Departure Bay home listed for $1,850,000. 708 Hyatt Pl a 3 bed, 3 bath, 2,149 sqft North Nanaimo home listed for $1,599,900.

Notable New Sales

The 3 buyers that secured the largest discounts this week are the buyers of 888 Blythe Ave secured a 2% discount off the $625,000 asking price (sale price $610,000). The buyers of 6672 Dover Rd secured a 1% discount off the $795,000 asking price (sale price $785,000). The buyers of 1965 Woodridge Rd secured a 1% discount off the $989,900 asking price (sale price $980,000).

The 3 highest cost per sqft sales this week were 888 Blythe Ave a 3 bed, 1 bath, 1,100 sqft Central Nanaimo home sold for $610,000 ($555/sqft), 1965 Woodridge Rd a 3 bed, 3 bath, 1,857 sqft Cedar home sold for $980,000 ($528/sqft), 6672 Dover Rd a 4 bed, 3 bath, 2,113 sqft North Nanaimo home sold for $785,000 ($372/sqft).

The 3 highest sales this week were 1965 Woodridge Rd a 3 bed, 3 bath, 1,857 sqft Cedar home sold for $980,000. 6672 Dover Rd a 4 bed, 3 bath, 2,113 sqft North Nanaimo home sold for $785,000. 7306 Harby Rd a 3 bed, 2 bath, 1,804 sqft Lower Lantzville home sold for $640,000.

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 has been much busier on the real estate side. Not as many fun trips to tropical places but lots of really good conversations with homeowners making plans. On Tuesday last week I was the guest speaker at a Monthly Realtor Collaboration held at the Nanaimo Golf Club. We had over 70 agents in attendance. I opened up my Homeowner Consultation Playbook and shared with other Realtors exactly how I conduct my consultations. It was a lot of fun. I enjoy sharing my experience with the agents in our community. Other big news this week was the launch of our refreshed real estate brand “John Cooper & Associates”. This included a new logo, the introduction of our ‘3 Core Commitments”, an introduction of members of our firm, and the launch of a brand new website. Please check it out and let us know what you think.

Whether you’re looking for further clarification on the points and insights above, would like to discover your specific home value, or just have real estate questions you’d like answered, I’d love to hear from you!

Reach out to me directly at john@johncooper.ca or 250-619-9207.