Weekly Real Estate Take [January 2025 - Week 4]

Market Update

The momentum continues as we move deeper into January 2025. This week saw 34 new single-family homes hit the market, a slight increase from the 32 new listings last week. Sales have slowed a little further, with 10 new sales this week compared to 11 last week. Our team is still seeing a high level of activity, and with this early surge in new listings, we're anticipating a dynamic spring season. If current trends hold, 2025 is shaping up to be a busy and competitive year for the real estate market!

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.

- 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 748 Nicol St a 5 bed, 4 bath, 2,218 sqft South Nanaimo home listed for $579,000 ($261/sqft), 410 Rosehill St a 3 bed, 2 bath, 1,750 sqft Central Nanaimo home listed for $575,000 ($329/sqft), 2555 Departure Bay Rd a 5 bed, 1 bath, 3,151 sqft Departure Bay home listed for $1,100,000 ($349/sqft).

The 3 homes listed this week with the highest $/sqft are 2375 Holden Corso Rd a 3 bed, 2 bath, 1,566 sqft Cedar home listed for $1,950,000 ($1245/sqft), 608 Harewood Rd a 1 bed, 1 bath, 968 sqft University District home listed for $884,000 ($913/sqft), 1620 Loat St a 1 bed, 1 bath, 664 sqft Departure Bay home listed for $579000 ($872/sqft).

The 3 homes priced the most below their assessed value are 6259 Icarus Dr a 6 bed, 5 bath, 5,156 sqft  North Nanaimo home listed for $1,888,000 (12% below its tax-assessed value), 410 Rosehill St a 3 bed, 2 bath, 1,750 sqft Central Nanaimo home listed for $575,000 (12% below its tax-assessed value), 6018 Sunset Rd a 4 bed, 3 bath, 1,976 sqft North Nanaimo home listed for $765,000 (% below its tax-assessed value).

The 3 highest priced new listings this week are 2375 Holden Corso Rd a 3 bed, 2 bath, 1,566 sqft Cedar home listed for $1,950,000. 6259 Icarus Dr a 6 bed, 5 bath, 5,156 sqft North Nanaimo home listed for $1,888,000. 3667/3663 Allsop Rd a 4 bed, 4 bath, 1,928 sqft North Jingle Pot home listed for $1,499,900.

Notable New Sales

The 3 buyers that secured the largest discounts this week are the buyers of 213 Machleary St who secured a 8% discount off the $649,900 asking price (sale price $600,000). The buyers of 5590 Westdale Rd who secured a 4% discount off the $849,900 asking price (sale price $820,000). The buyers of 5872 Roy Lane who secured a 3% discount off the $950,000 asking price (sale price $920,000).

The 3 highest cost per sqft sales this week were 213 Machleary St a 2 bed, 1 bath, 805 sqft Old City home sold for $600,000 ($745/sqft), 5590 Westdale Rd a 3 bed, 2 bath, 1,423 sqft North Nanaimo home sold for $820,000 ($576/sqft), 1100 Friar Tuck Way a 5 bed, 4 bath, 3,598 sqft Departure Bay home sold for $2,050,000 ($570/sqft.

The 3 highest sales this week were 1100 Friar Tuck Way a 5 bed, 4 bath, 3,598 sqft Departure Bay home sold for $2,050,000. 5184 Lost Lake Rd a 4 bed, 5 bath, 3,595 sqft North Nanaimo home sold for $1,255,000. 3623 Ranch Point Rd a 5 bed, 5 bath, 3,700 sqft North Jingle Pot home sold for $1,226,900.

If you are looking for details on a recent sale not mentioned here, email me and I will send you the sale price.

With a packed schedule of showings, inspections, and homeowner consultations, I still made the most of the beautiful weather. I hopped on the Hullo Ferry to Vancouver to referee several BFL title fights, including the main event (photo here), and jumped right back into prepping to list 2 more properties next week

- John Cooper

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.