Weekly Real Estate Take [May 2024 - Week 5]

New listings have dropped from 53 last week to 41 this week. Sales are up from 15 to 24. The market for single-family homes remains balanced. Well-priced homes are often receiving multiple offers, overpriced homes are sitting and having to adjust their price to remain competitive. Prices are not rising. I believe that prices will remain stable and inventory levels will rise slightly between now and August 2024.

If you are interested in learning what the market conditions are for your home, drop me an email and we can arrange for a conversation about your needs. Replies to this weekly email come directly to my personal inbox and I read and reply to every email I receive. I pride myself on my clients having direct contact and access to me.

- John Cooper

Notable New Listings.

I like to start by outlining the best value based on $/sqft. The 3 best value homes listed this week are 11 Dancer Rd a 6 bed, 5 bath, 3,551 sqft Chase River home listed for $849,000 ($239/sqft), 1467 Bay St a 4 bed, 3 bath, 2,692 sqft Departure Bay home listed for $715,000 ($266/sqft), 1425 Montrose Ave a 4 bed, 3 bath, 2,688 sqft Departure Bay home listed for $834,500 ($310/sqft).

The 3 homes listed this week with the highest $/sqft are 2245 Tiara Pl a 3 bed, 3 bath, 2,015 sqft Cedar home listed for $1,749,000 ($868/sqft), 5803 Quarry Cres a 4 bed, 3 bath, 2,342 sqft Pleasant Valley home listed for $1,699,900 ($726/sqft), 7455 Copley Ridge Dr a 4 bed, 3 bath, 3,203 sqft Upper Lantzville home listed for $2,098,000 ($655/sqft).

The 3 homes priced the most below their assessed value are 1467 Bay St a 4 bed, 3 bath, 2,692 sqft Departure Bay home listed for $715,000 (8% below its tax-assessed value), 852 Whistler Pl a 4 bed, 3 bath, 2,016 sqft South Nanaimo home listed for $849,900 (4% below its tax-assessed value), 5675 Brookwood Dr a 4 bed, 2 bath, 1,786 sqft Uplands home listed for $699,900 (4% below its tax-assessed value).

The 3 highest priced new listings this week are 7455 Copley Ridge Dr a 4 bed, 3 bath, 3,203 sqft Upper Lantzville home listed for $2,098,000. 2245 Tiara Pl a 3 bed, 3 bath, 2,015 sqft Cedar home listed for $1,749,000. 5803 Quarry Cres a 4 bed, 3 bath, 2,342 sqft Pleasant Valley home listed for $1,699,900.

Notable New Sales.

The 3 buyers that secured the largest discounts this week are the buyers of  5134 Owlstone Pl secured a 19% discount off the $1,150,000 asking price (sale price $929,000). The buyers of 7793 Superior Rd secured a 13% discount off the $1,150,000 asking price (sale price $999,999). The buyers of 2245 Belwood Pl secured a 9% discount off the $1,250,000 asking price (sale price $1,140,000).

The 3 highest cost per sqft sales this week were 7793 Superior Rd a 3 bed, 1 bath, 1,763 sqft Upper Lantzville home sold for $999,999 ($567/sqft), 3898 Uplands Dr a 3 bed, 2 bath, 1,122 sqft Uplands home sold for $615,000 ($548/sqft), 6100 Janelle Pl a 3 bed, 2 bath, 1,935 sqft North Nanaimo home sold for $934,000 ($483/sqft).

The 3 highest sales this week were 3983 Gulfview Dr a 5 bed, 3 bath, 3,744 sqft North Nanaimo home sold for $1,590,000. 5866 Linyard Rd a 5 bed, 4 bath, 3,044 sqft North Nanaimo home sold for $1,280,000. 7335 Aulds Rd a 5 bed, 3 bath, 2,584 sqft Upper Lantzville home sold for $1,225,000.

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

Social Media - Just in Case You Missed It:

• Understanding Building Inspections: What to Expect and How It Impacts Your Home Purchase

• Choosing the Right Real Estate Advisor: What to Look for Beyond the Price and Brand

• Mastering the Move: Navigating Selling and Buying Simultaneously in Real Estate

• Real Talk: Navigating Challenges in the Real Estate Industry

This Week in My Life

Another busy week for our team. I received 5 offers on 5 different properties this Monday which was great news for our sellers! We put $4.2M under contract this week! I launched a marketing campaign on a great investment property on Nicol St.  (video here) and had 2 properties go unconditional. I am grateful to have our small but mighty team in busy times like these (post here). We have 2 new properties hitting the market next week! In other news, we got our logo animated this week, which you will become quite familiar with if you are engaging with our content (video here). 

This weekend my girls and I are going to head down to our place on Thetis Island and prepare our boat for the summer season. Very excited for our first voyage.