Weekly Real Estate Take [March 2025 - Week 4]

This week we saw a subtle increase in new listings with 46 new single-family homes getting introduced to the Nanaimo market (up from 41 last week). Sales have declined by 34%, with 12 homes selling in the last 7 days. Anecdotally, Spring 2025 is outperforming 2024 and it will be interesting to see if the March market statistics reflect that observation. I am anticipating an increase in inventory in late spring & early summer as many sellers are pausing to see how the current “trade war” plays out. I am encouraging many of my clients that listing sooner may actually be a better strategy as they will avoid increased competition.

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- 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 781 Chelsea St a 5 bed, 2 bath, 2,208 sqft Central Nanaimo home listed for $649,900 ($294/sqft), 3220 Arrowsmith Rd a 5 bed, 3 bath, 2,644 sqft Uplands home listed for $799,900 ($303/sqft), 2617 Willow Grouse Cres a 6 bed, 3 bath, 2,778 sqft  Diver Lake home listed for $849,000 ($306/sqft).

The 3 homes listed this week with the highest $/sqft are 1641 Bowen Rd a 2 bed, 1 bath, 776 sqft  Central Nanaimo home listed for $1,100,000 ($1418/sqft), 7619 Lantzville Rd a 4 bed, 1 bath, 1,387 sqft Lower Lantzville home listed for $1,799,000 ($1297/sqft), 474 Wakesiah Ave a 850 sqft University District home listed for $1,050,000 ($1235/sqft).

The 3 homes priced the most below their assessed value are 6248 McGirr Rd a 4 bed, 2 bath, 2,314 sqft North Nanaimo home listed for $984,900 (12% below its tax-assessed value), 365 Howard Ave a 3 bed, 2 bath, 1,813 sqft University District home listed for $580,000 (11% below its tax-assessed value), 5430 Arnhem Terr a 5 bed, 3 bath, 2,670 sqft Pleasant Valley home listed for $999,998 (6% below its tax-assessed value).

The 3 highest priced new listings this week are 7619 Lantzville Rd a 4 bed, 1 bath, 1,387 sqft Lower Lantzville home listed for $1,799,000. 3768 Oak Crest Pl a 3 bed, 3 bath, 2,888 sqft  Hammond Bay home listed for $1,745,000. 4618 Glen Oaks Dr a 6 bed, 4 bath, 3,343 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  4765 Yellow Point Rd who secured a 12% discount off the $1,250,000 asking price (sale price $1,100,000). The buyers of 440 Nicol St who secured a 10% discount off the $499,000 asking price (sale price $450,000). The buyers of 5109 Williamson Rd who secured a 4% discount off the $899,000 asking price (sale price $865,000).

The 3 highest cost per sqft sales this week were 2708 Tamara Dr a 3 bed, 2 bath, 1,653 sqft  Diver Lake home sold for $850,000 ($514/sqft), 5207 Dewar Rd a 5 bed, 3 bath, 2,211 sqft North Nanaimo home sold for $985,000 ($445/sqft), 4765 Yellow Point Rd a 5 bed, 2 bath, 2,603 sqft Cedar home sold for $1,100,000 ($423/sqft).

The 3 highest sales this week were 258 Westwood Rd a 6 bed, 4 bath, 4,173 sqft South Jingle Pot home sold for $1,250,000. 4765 Yellow Point Rd a 5 bed, 2 bath, 2,603 sqft Cedar home sold for $1,100,000. 5207 Dewar Rd a 5 bed, 3 bath, 2,211 sqft North Nanaimo home sold for $985,000.

This Week in John’s Life

This week handed over keys to our clients who bought an acreage in Cedar along with a home in South Nanaimo. We closed on a $1.4M home in Qualicum Beach (video here) and went unconditional on a condo in North Nanaimo. I was the keynote presenter at 2 downsizing seminars hosted this week in Nanaimo by the RBC Investment Advisor Team.

This past week was spring break and my girls and I had a fun time on Salt Spring Island getting my Dad’s property ready for sale along with my brother and sister and nieces and nephews (video here) . We ended the week with a fashion show with Lucille the mini doxie (images here).