Weekly Real Estate Take [January 2025 - Week 5]

Market Update

New listings have held steady this week, with 37 single-family homes being introduced to the Nanaimo market in the last 7 days. The most impactful change has been the number of reported sales. Spring has arrived early this year. Home sales have doubled in the last week, with 19 homes selling in the last 7 days, up from 10 last week. My team has been extremely active this week. If this trend continues, we can expect a very busy spring market in Nanaimo.

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 217 Tahoe Ave a 5 bed, 4 bath, 3,083 sqft  South Jingle Pot home listed for $955,000 ($310/sqft), 2240 Leighton Rd a 5 bed, 3 bath, 3,505 sqft  South Jingle Pot home listed for $1,199,000 ($342/sqft), 1222 Nelson St a 4 bed, 2 bath, 1,972 sqft  Central Nanaimo home listed for $679,000 ($344/sqft).

The 3 homes listed this week with the highest $/sqft are 2271 East Wellington Rd a 3 bed, 3 bath, 1,418 sqft  South Jingle Pot home listed for $2,048,000 ($1444/sqft), 2760 Ritten Rd a 2 bed, 1 bath, 1,242 sqft  Cedar home listed for $1,499,000 ($1207/sqft), 3667/3663 Allsop Rd a 4 bed, 4 bath, 1,928 sqft  North Jingle Pot home listed for $1,499,900 ($778/sqft).

The 3 homes priced the most below their assessed value are 426/436 Wharton St a 3 bed, 2 bath, 1,427 sqft  University District home listed for $849,900 (7% below its tax-assessed value), 6018 Sunset Rd a 4 bed, 3 bath, 1,976 sqft  North Nanaimo home listed for $765,000 (3% below its tax-assessed value), 1222 Nelson St a 4 bed, 2 bath, 1,972 sqft Central Nanaimo home listed for $679,000 (% below its tax-assessed value).

The 3 highest-priced new listings this week are 3340 Stephenson Point Rd a 5 bed, 5 bath, 4,259 sqft  Departure Bay home listed for $2,995,000. 2271 East Wellington Rd a 3 bed, 3 bath, 1,418 sqft South Jingle Pot home listed for $2,048,000. 6290 Phantom Rd a 2 bed, 3 bath, 2,570 sqft Upper Lantzville home listed for $1,950,000.

Notable New Sales

The 3 buyers that secured the largest discounts this week are the buyers of  2875 Elk St who secured a 40% discount off the $875,000 asking price (sale price $525,000). The buyers of 6060 Nelson Rd who secured a 19% discount off the $3,200,000 asking price (sale price $2,600,000). The buyers of 600 Ravenswood Dr who secured a 8% discount off the $998,900 asking price (sale price $917,500).

The 3 highest cost per sqft sales this week were 6060 Nelson Rd a 3 bed, 1 bath, 1,572 sqft North Nanaimo home sold for $2,600,000 ($1654/sqft), 1300 Seaview Pl a 3 bed, 3 bath, 1,972 sqft Departure Bay home sold for $1,535,000 ($778/sqft), 1329 Wexford Rd a 3 bed, 1 bath, 965 sqft  Chase River home sold for $700,000 ($725/sqft).The 3 highest sales this week were 6060 Nelson Rd a 3 bed, 1 bath, 1,572 sqft North Nanaimo home sold for $2,600,000. 1300 Seaview Pl a 3 bed, 3 bath, 1,972 sqft Departure Bay home sold for $1,535,000. 3804 Overlook Dr a 4 bed, 3 bath, 3,267 sqft Hammond Bay home sold for $995,000.

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