John Cooper’s Weekly

Nanaimo Real Estate Take

This week saw a slight reduction in new listings compared to last week. New sales are about the same at just over a dozen. The big increase this week was in the number of expired listings. This was the 2nd highest month of expired listings since we have been doing the weekly report. The highest month was the first week of October. This is to be expected, as we start to transition into “buyers market” territory. This is a normal market reaction to the season that is being subtly amplified by the new lending rate environment. Seasonally, we see sellers being proactive with their efforts to sell as we head into the colder winter months. We are fortunate to have a longer season in Nanaimo than most parts of the country, but we still experience the market “hibernation” that the rest of Canada experiences every year. We are lucky to be able to see the ground and assess the condition of the roof, in a way that other parts of the country can not as they will be covered in snow soon (if not already).  The ideal timing to sell, or buy, is different for everyone and I am available to meet with you, at no charge, to assess your needs and develop a winning strategy at any time and for any reason. You will always have direct access to me and will not be “passed off” to an associate when engaging me for decision-making guidance.

Notable New Listings

I like to start by outlining the best value based on $/sqft. This week’s top 3 best value single family homes listed this week are 5341 Hammond Bay Rd, a 5 bed, 2 bath 2462 sqft North Nanaimo home listed for $724,900 ($294/sqft), 3221 Telescope Terrace, a 4 bed, 3 bath, 2777 sqft home in Departure Bay listed for $835,000 ($301/sqft) & 670 First St, a 7 bed, 3 bath 2783 sqft University District home listed for $839,900 ($302/sqft).  The 3 homes listed this week with the highest $/sqft are 524 2nd St, a 2 bed, 1 bath, 830 sqft University District home listed for $555,000 ($669/sqft), 888 Blythe Ave, a 3 bed, 1 bath, 1100 sqft Central Nanaimo home listed for $649,888 ($591/sqft) & 5921 Broadway Rd, a 3 bed, 2 bath, 1645 sqft North Nanaimo home listed at $875,000 ($532/sqft). The 3 homes priced the most below their assessed value are 4951 Aho Rd, a 4 bed, 3 bath, 2000 sqft log home in Cedar, listed for $799,000 (36% below their tax assessed value), 6962 Geisler Pl, a 3 bed, 3 bath, 2454 sqft home in Lower Lantzville, listed for $774,900 (15% below their tax assessed value), & 422 Victoria Rd, a 3 bed, 2 bath, South Nanaimo home listed for $459,900 (14% below their tax assessed value). 43% of the homes listed this week were listed at or below their tax-assessed value. The 3 highest priced homes listed this week are 6301 Doumont Rd in Pleasant Valley (listed at $1,960,000), 4534 Laguna Way in North Nanaimo (listed at $1,998,000), & 1675 Kelsie Rd in Chase River (listed at $2,490,000).

Notable New Sales

The buyers that secured the largest discounts this week were the purchasers of 2081 Lazy Susan Dr, a 5 bed, 2 bath 2329 sqft Cedar BC, home that sold for $1,030,000 (14% below their original list price & 46% below their tax-assessed value), 521 Kaitlyn’s Way, a 3 bed, 2 bath, 1646 sqft Pleasant Valley home that sold for $700,000 (7% below their original list price), & 532 Doreen Pl, a 6 bed, 4 bath, 2792 sqft Pleasant Valley home that sold for $1,120,000 (7% below their original list price). The average discount across all single-family home sales YTD is less than 3%. 1 home sold for above asking price this week, 1834 Richardson Rd in Chase River sold for $680,000 (original asking price $670,000). 86% of homes sold this week sold below their asking price. The highest cost per sqft sale this week was 1667 Waddington Rd, a 4 bed, 3 bath 1274 sqft Central Nanaimo home that sold for $769,900 ($604/sqft). The lowest cost per sqft sale this week was 301 Carnduff Pl, a 6 bed, 3 bath 3457 sqft South Jingle Pot home that sold for $954,000 ($276/sqft). Other notable sales include 2490 Cosgrove Cres in Departure Bay (sold for $900,000), 127 Manning St, in the University District (sold for $485,000), & 549 Weber St. in South Nanaimo (sold for $650,000). The highest sale this week was 532 Doreen Pl, a 6 bed, 4 bath 2791 sqft Pleasant Valley home that sold for $1,120,000.

Listing Data (click links below to access reports)

Nanaimo Residential New Listings

Nanaimo Residential Home Sales This Week

Nanaimo Residential Withdrawn / Cancelled / Expired Listings

Additional Market Stats (Nanaimo, Parksville, Qualicum Beach & Ladysmith)

This Week in John’s Life

This week has been an exciting and fulfilling week. My daughters have been getting ready for Halloween, with last-minute costume tweaks and trick-or-treat planning. This weekend we will be carving our pumpkins and roasting some pumpkin seeds. I have to admit to some sadness in hearing that my girls no longer desire Dad to supervise the trick-or-treating. As a kid Halloween was one of my favourite holidays, growing up in White Rock, BC, a border town, there were a lot of firecrackers (not to be confused with fireworks) “imported” for Lummi Island in Washington State and this was maximum fun for a young boy in the 80’s and 90’s. Walking around with my girls over the last 10 years brought back so many great memories of that time. My girls don't seem to love the fireworks as much as I do and mostly just roll their eyes at me when I share my stories of how wild Halloween used to be. Wishing everyone a safe, fun & spooky Halloween  - John Cooper.

Whether you’re looking for further clarification on the points and insights above, would like to discover your specific home value, or just have real estate questions you’d like answered, I’d love to hear from you!

Reach out to me directly at john@coopergroup.ca or 250-619-9207.