Weekly Real Estate Take [January 2025 - Week 2]

Market Update

December was an unseasonably busy month with sales up 35% over December 2023. Sales have slown down a bit in January, as is to be expected. New listings have remained steady with 18 new single family homes being introduced to the Nanaimo market in the last 7 days. I am predicting that 2024 will be similar to last 6 months with subtle increases in inventory, steady sales volume and flat appreciation in home prices. Home buyers should expect to see more options over the next 12 weeks. Home sellers should expect prices to be similar to last year.

Interested in Your Home's Value?

For a personalized market assessment of your home, please email me. I respond directly to every email and prioritize open communication with my clients.

Notable New Listing

I like to start by outlining the best value based on $/sqft. The 3 best value homes listed this week are 5680 Lost Lake Rd a 4 bed, 3 bath, 3,261 sqft North Nanaimo home listed for $989,900 ($304/sqft), 3279 Shearwater Dr a 5 bed, 5 bath, 5,274 sqft Hammond Bay home listed for $1,649,000 ($313/sqft), 120 Milton St a 6 bed, 3 bath, 3,090 sqft Old City home listed for $998,000 ($323/sqft).

The 3 homes listed this week with the highest $/sqft are 3174 Skyview Rd a 3 bed, 2 bath, 1,262 sqft Upper Lantzville home listed for $995,000 ($788/sqft), 3225 Wayne Morgan Rd a 4 bed, 3 bath, 3,112 sqft North Jingle Pot home listed for $1,999,900 ($643/sqft), 4080 Salal Dr a 3 bed, 2 bath, 1,197 sqft Uplands home listed for $765,000 ($639/sqft).

The 3 homes priced the most below their assessed value are 3279 Shearwater Dr a 5 bed, 5 bath, 5,274 sqft Hammond Bay home listed for $1,649,000 (7% below its tax-assessed value), 3174 Skyview Rd a 3 bed, 2 bath, 1,262 sqft Upper Lantzville home listed for $995,000 (7% below its tax-assessed value), 5680 Lost Lake Rd a 4 bed, 3 bath, 3,261 sqft North Nanaimo home listed for $989,900.

The 3 highest priced new listings this week are 3225 Wayne Morgan Rd a 4 bed, 3 bath, 3,112 sqft North Jingle Pot home listed for $1,999,900. 156 Golden Oaks Cres a 3 bed, 4 bath, 3,596 sqft Hammond Bay home listed for $1,999,900. 3279 Shearwater Dr a 5 bed, 5 bath, 5,274 sqft Hammond Bay home listed for $1,649,000.

Notable New Sales

The 3 buyers that secured the largest discounts this week are the buyers of 3603 Oakridge Dr who secured a 22% discount off the $1,099,900 asking price (sale price $860,000). The buyers of 165 Cilaire Dr who secured a 13% discount off the $1,295,000 asking price (sale price $1,130,000). The buyers of 638 Poplar St who secured a 5% discount off the $649,900 asking price (sale price $620,000).

The 3 highest cost per sqft sales this week were 870 Dufferin St a 2 bed, 1 bath, 1,016 sqft  Central Nanaimo home sold for $619,000 ($609/sqft), 5133 Parton Dr a 2 bed, 2 bath, 1,542 sqft Uplands home sold for $712,000 ($462/sqft), 638 Poplar St a 2 bed, 1 bath, 1,510 sqft Brechin Hill home sold for $620,000 ($411/sqft).

The 3 highest sales this week were 2127 Yellow Point Rd a 4 bed, 3 bath, 2,964 sqft Cedar home sold for $1,200,000. 5565 Norton Rd a 5 bed, 6 bath, 3,352 sqft North Nanaimo home sold for $1,150,000. 165 Cilaire Dr a 5 bed, 4 bath, 3,490 sqft Departure Bay home sold for $1,130,000.

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 has been a busy week on the listing side. Most of this week was spent meeting with homeowners and putting together our plans to introduce their properties to market at the most opportune time. This can be different, depending on the property type and exit timing. This week we introduced a beautiful downtown condo to the market (video here) and handed over keys to a new homeowner in Parksville.

I spent to the last 2 weeks reflecting on what a transformative year 2024 was for me personally and professionally (post here). Professionally, we had an exceptional year and the team and I very grateful for the support we were shown in our community (video here).