Weekly Real Estate Take [November 2024 - Week 5]

by John Cooper

The number of new single family homes listed in Nanaimo this week has declined from 33 last week to 25 this week. Single family home sales have also declined from 23 last week to only 10 this week. With less than 4 weeks until Christmas holidays, this downward trend in sales and new listings is expected to continue. The period from December 15 to January 15 tends to be the least active time stretch for single family homes as reflected in historical sales records. The market will start picking up in February 2025.

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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 3480 Hammond Bay Rd a 5 bed, 3 bath, 3,587 sqft Departure Bay home listed for $739,900 ($206/sqft), 95 Kennedy St a 8 bed, 5 bath, 4,775 sqft Old City home listed for $995,000 ($208/sqft), 3067 Hammond Bay Rd a 4 bed, 3 bath, 3,277 sqft Hammond Bay home listed for $799,900 ($244/sqft).

The 3 homes listed this week with the highest $/sqft are 3786 Jingle Pot Rd a 5 bed, 4 bath, 2,213 sqft North Jingle Pot home listed for $2,295,000 ($1037/sqft), 870 Dufferin St a 2 bed, 1 bath, 1,016 sqft Central Nanaimo home listed for $629,900 ($620/sqft), 2974 Haslam Rd a 6 bed, 5 bath, 4,320 sqft Cedar home listed for $2,650,000 ($613/sqft).

The 3 homes priced the most below their assessed value are 5213 Hammond Bay Rd a 3 bed, 2 bath, 1,311 sqft North Nanaimo home listed for $649,900 (12% below its tax-assessed value), 4872 Logan's Run a 3 bed, 2 bath, 1,722 sqft North Nanaimo home listed for $799,900 (5% below its tax-assessed value), 208 Rockmount Pl a 3 bed, 3 bath, 2,910 sqft Hammond Bay home listed for $1,000,000 (3% below its tax-assessed value).

The 3 highest priced new listings this week are 2974 Haslam Rd a 6 bed, 5 bath, 4,320 sqft Cedar home listed for $2,650,000. 3786 Jingle Pot Rd a 5 bed, 4 bath, 2,213 sqft North Jingle Pot home listed for $2,295,000. 4408 Gulfview Dr a 6 bed, 4 bath, 3,225 sqft Hammond Bay home listed for $1,324,999.

Notable New Sales

The 3 buyers that secured the largest discounts this week are the buyers of 104 Fifth St who secured a 4% discount off the $569,900 asking price (sale price $545,000). The buyers of 5172 Somerset Dr who secured a 4% discount off the $719,900 asking price (sale price $691,500). The buyers of 8083 Southwind Dr who secured a 4% discount off the $949,900 asking price (sale price $913,000).

The 3 highest cost per sqft sales this week were 1671 Stewart Ave a 2 bed, 2 bath, 1,038 sqft Brechin Hill home sold for $719,700 ($693/sqft), 1724 Harambe Way a 3 bed, 2 bath, 1,465 sqft Chase River home sold for $799,000 ($545/sqft), 5898 Ralston Dr a 2 bed, 2 bath, 1,488 sqft Uplands home sold for $770,000 ($517/sqft.

The 3 highest sales this week were 8083 Southwind Dr a 4 bed, 3 bath, 2,621 sqft Upper Lantzville home sold for $913,000. 4930 Hartwig Cres a 3 bed, 3 bath, 1,820 sqft North Nanaimo home sold for $881,200. 399 Chestnut St a 3 bed, 3 bath, 1,669 sqft Brechin Hill.

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 Stephen Schaff and I ventured to Whistler, BC for the exp Realty Winterfest Christmas Party. Whistler was thriving as they received a large snowfall allowing them to open the hill early. The event was a “Casino Royale’ theme so Stephen and I were able to dust off our bow ties (image here). My brother and sister and I celebrated a milestone as we all became shareholders in our first Commercial Real Estate business (image here). My coach Zoltan, decided to document my progress as a boxer and compiled this footage of me working focus mitts with our assistant coach and professional boxer Glenn Forde (video here).