Weekly Real Estate Take [October 2024 - Week 3]

The number of new single-family homes hitting the market has declined since last week, from 39 to 28. Sales have also declined from 23 last week to 14 this week. It appears that the market will remain fairly balanced as we head into the last quarter of 2024. Buyers have more choices and sellers need to price sharper than they did the last few years. That said, values are not dropping significantly.

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 Listing

I like to start by outlining the best value based on $/sqft. The 3 best value homes listed this week are 850 Hecate St a 5 bed, 4 bath, 2,358 sqft Old City home listed for $800,000 ($339/sqft), 552 Grewal Pl a 6 bed, 3 bath, 2,559 sqft South Nanaimo home listed for $889,900 ($348/sqft), 3708 Howden Dr a 4 bed, 2 bath, 2,003 sqft Uplands home listed for $714,900 ($357/sqft).

The 3 homes listed this week with the highest $/sqft are 5912 Waldbank Rd a 4 bed, 4 bath, 4,888 sqft North Nanaimo home listed for $3,199,900 ($655/sqft), 446 Kennedy St a 3 bed, 3 bath, 1,571 sqft Old City home listed for $998,888 ($636/sqft), 426/436 Wharton St a 3 bed, 2 bath, 1,427 sqft University District home listed for $849,900 ($596/sqft).

The 3 homes priced the most below their assessed value are 5992 Schooner Way a 3 bed, 3 bath, 1,938 sqft North Nanaimo home listed for $780,000 (13% below its tax-assessed value), 426/436 Wharton St a 3 bed, 2 bath, 1,427 sqft University District home listed for $849,900 (11% below its tax-assessed value), 2009 Cedar Rd a 5 bed, 4 bath, 3,376 sqft Cedar home listed for $1,222,000 (8% below its tax-assessed value).

The 3 highest priced new listings this week are 5912 Waldbank Rd a 4 bed, 4 bath, 4,888 sqft  North Nanaimo home listed for $319,9900. 1067 Roxboro Pl a 4 bed, 3 bath, 2,945 sqft  University District home listed for $1,595,000. 6467 Peregrine Rd a 4 bed, 3 bath, 2,875 sqft  North Nanaimo home listed for $1,274,900.

Notable New Sales

The 3 buyers that secured the largest discounts this week are the buyers of  6219 Sechelt Dr who secured a 15% discount off the $1,099,000 asking price (sale price $930,000). The buyers of 5358 Bayshore Dr who secured a 8% discount off the $1,365,000 asking price (sale price $1,250,000). The buyers of 4927 Ney Dr who secured a 6% discount off the $1,149,000 asking price (sale price $1,085,000).

The 3 highest cost per sqft sales this week were 5414 Dunster Rd a 3 bed, 2 bath, 1,208 sqft  Pleasant Valley home sold for $674,000 ($558/sqft), 3745 El worthy Pl a 3 bed, 2 bath, 1,370 sqft Departure Bay home sold for $749,900 ($547/sqft), 285 Carnduff Pl a 4 bed, 2 bath, 1,568 sqft  South Jingle Pot home sold for $768,180 ($490/sqft).

The 3 highest sales this week were 5358 Bayshore Dr a 5 bed, 4 bath, 4,822 sqft North Nanaimo home sold for $1,250,000. 2219 Belwood Rd a 6 bed, 3 bath, 2,567 sqft South Jingle Pot home sold for $1,125,000. 4927 Ney Dr a 5 bed, 3 bath, 3,388 sqft North Nanaimo home sold for $1,085,000.

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