Weekly Real Estate Take [November 2024 - Week 4]

This week we saw a healthy increase in new sales with single-family home sales doubling to 23 sales, up from 10 last week. Surprisingly, we also saw an increase in new single-family homes hitting the market with 33 homes hitting the market in the last 7 days. The Nanaimo real estate market is feeling healthy and stable and there is a lot of optimism about the spring 2025 market. I expect that we will continue to see balanced market conditions with trading volumes consistent with 10-year averages.

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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 177 Piper Cres a 3 bed, 2 bath, 3,100 sqft  Hammond Bay home listed for $899,900 ($290/sqft), 5106 Carol Pl a 4 bed, 3 bath, 3,028 sqft Pleasant Valley home listed for $899,900 ($297/sqft), 122 Bonavista Pl a 6 bed, 4 bath, 3151 sqft  North Nanaimo home listed for $999,900 ($317/sqft).

The 3 homes listed this week with the highest $/sqft are 6060 Nelson Rd a 3 bed, 1 bath, 1572 sqft North Nanaimo home listed for $320,0000 ($2036/sqft), 1931 Legacy Pl a 4 bed, 3 bath, 916 sqft Cedar home listed for $1,599,900 ($1747/sqft), 5611/5621 Hammond Bay Rd a 5 bed, 3 bath, 2,600 sqft North Nanaimo home listed for $2,298,000 ($884/sqft).

The 3 homes priced the most below their assessed value are 365 Pine St a 2 bed, 1 bath, 611 sqft University District home listed for $429,900 (14% below its tax-assessed value), 3252 Emerald Dr a 3 bed, 2 bath, 1,365 sqft Uplands home listed for $615,000 (6% below its tax-assessed value), 909 Brookfield Pl a 3 bed, 2 bath, 1,256 sqft South Nanaimo home listed for $759,000 (5% below its tax-assessed value).

The 3 highest priced new listings this week are 6060 Nelson Rd a 3 bed, 1 bath, 1,572 sqft  North Nanaimo home listed for $3,200,000. 3340 Stephenson Point Rd a 5 bed, 5 bath, 4,259 sqft Departure Bay home listed for $3,195,000. 5611/5621 Hammond Bay Rd a 5 bed, 3 bath, 2,600 sqft North Nanaimo home listed for $2,298,000.

Notable New Sales

The 3 buyers that secured the largest discounts this week are the buyers of 7255 Aulds Rd who secured a 11% discount off the $2,600,000 asking price (sale price $2,315,000). The buyers of 5983 Stillwater Way who secured a 11% discount off the $940,000 asking price (sale price $840,000). The buyers of 6691 Medd Rd who secured a 11% discount off the $1900000 asking price (sale price $1700000).

The 3 highest cost per sqft sales this week were 7255 Aulds Rd a 5 bed, 5 bath, 4,882 sqft  Upper Lantzville home sold for $2,315,000 ($474/sqft), 5927 Oliver Rd a 3 bed, 2 bath, 1,682 sqft Uplands home sold for $765,500 ($455/sqft), 1217 Rose Ann Dr a 3 bed, 2 bath, 1,793 sqft Departure Bay home sold for $785,000 ($438/sqft).

The 3 highest sales this week were 7255 Aulds Rd a 5 bed, 5 bath, 4,882 sqft Upper Lantzville home sold for $2,315,000. 4630 Laguna Way a 6 bed, 5 bath, 4,403 sqft North Nanaimo home sold for $1,800,000. 6691 Medd Rd a 8 bed, 7 bath, 4,753 sqft North Nanaimo home sold for $1,700,000.

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