Weekly Real Estate Take [March 2025 - Week 2]

Market Update

This week was another record week for new listings. We had 60 single-family homes listed in Nanaimo in the last 7 days. This is not unusual this time of year. However, we have seen an unexpected decrease in sales this week, with only 10 homes selling in the last 7 days. That is a 50% drop from 2 weeks ago. Increased global economic uncertainty seems to be impacting market confidence. Is this a small blip in weekly trading, or is it the start of a bigger trend in real estate market confidence? We will be watching this trend closely and reporting back here with real time data as it is released.

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 4080 Salal Dr a 3 bed, 2 bath, 1,197 sqft Uplands home listed for $749,900 ($626/sqft), 7500 Forest Turn Rd a 2 bed, 2 bath, 1,307 sqft Upper Lantzville home listed for $799,900 ($612/sqft), 6237 Dover Rd a 3 bed, 2 bath, 1,296 sqft North Nanaimo home listed for $760,000 ($586/sqft).

The 3 homes listed this week with the highest $/sqft are 5106 Carol Pl a 4 bed, 3 bath, 3,028 sqft Pleasant Valley home listed for $849,900 ($281/sqft), 4117 Ross Rd a 3 bed, 3 bath, 2,440 sqft Uplands home listed for $699,900 ($287/sqft), 781 Chelsea St a 5 bed, 2 bath, 2,208 sqft Central Nanaimo home listed for $649,900 ($294/sqft).

The 3 homes priced the most below their assessed value are 6162 Greenwood Pl a 6 bed, 4 bath, 5,139 sqft North Nanaimo home listed for $1,599,900 (14% below its tax-assessed value), 3279 Shearwater Dr a 5 bed, 5 bath, 5,274 sqft Hammond Bay home listed for $1,573,000 (11% below its tax-assessed value), 3669 Monterey Dr a 4 bed, 3 bath, 2,180 sqft North Jingle Pot home listed for $999,900 (9% below its tax-assessed value).

The 3 highest priced new listings this week are 5060 Broad Ridge Pl a 6 bed, 5 bath, 5,253 sqft Upper Lantzville home listed for $2,898,000. 5060 Lost Lake Rd a 8 bed, 5 bath, 5,516 sqft North Nanaimo home listed for $2,880,000. 6162 Greenwood Pl a 6 bed, 4 bath, 5,139 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  2127 Wren Pl who secured a 9% discount off the $1,159,000 asking price (sale price $1,054,000). The buyers of 2575 Glenayr Dr secured a 5% discount off the $879,900 asking price (sale price $834,999). The buyers of 120 Milton St secured a 5% discount off the $998,000 asking price (sale price $950,000).

The 3 highest cost per sqft sales this week were 5930 Oliver Rd a 3 bed, 2 bath, 1,624 sqft Uplands home sold for $912,500 ($562/sqft), 545 Nanaimo River Rd a 3 bed, 2 bath, 1,294 sqft Extension home sold for $710,000 ($549/sqft), 2205 Quail Grove Pl a 3 bed, 2 bath, 1,748 sqft Cedar home sold for $910,000 ($521/sqft).

The 3 highest sales this week were 2590 Holyrood Dr a 5 bed, 4 bath, 3,244 sqft Departure Bay home sold for $1,288,000. 2009 Cedar Rd a 5 bed, 4 bath, 3,376 sqft Cedar home sold for $1250000. 2127 Wren Pl a 6 bed, 4 bath, 3,170 sqft University District home sold for $1,054,000.

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 introduced a home to the market near Westwood Lake (video here). The market response has been impressive and we are planning on reviewing multiple offers on Saturday at 5 pm. We have an accepted offer on a Ladysmith light industrial space, & a waterfront condo in downtown Nanaimo. We handed over keys on several properties including a single-family home in Brannen Lake and a single-family home in Uplands.  This week was very busy with Homeowner Consultations, with 6 consults in the last 4 days. On Monday, we will be introducing an oceanview Parksville condo to the market.

The next 2 weeks are Spring Break and I am planning on spending some time with my girls on Salt Spring Island along with my brother and sister and nieces and nephews.

- John Cooper