Weekly Real Estate Take April 2025 - Week 4

50 single family homes have been introduced to the Nanaimo market in the last 7 days. Almost half as many homes sold within the same time frame. Market conditions for single family detached homes remain balanced. Home values are holding.

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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 $699,900 ($195/sqft), 75 5th St a 5 bed, 2 bath, 2,360 sqft South Nanaimo home listed for $609,000 ($258/sqft), 3279 Shearwater Dr a 5 bed, 5 bath, 5,274 sqft Hammond Bay home listed for $1,548,000 ($294/sqft).

The 3 homes listed this week with the highest $/sqft are 69 Lake Pl a 3 bed, 3 bath, 1,100 sqft Pleasant Valley home listed for $989,900 ($900/sqft), 1621 Fawcett Rd a 3 bed, 2 bath, 1,203 sqft Cedar home listed for $948,000 ($788/sqft), 4808 Aho Rd a 2 bed, 2 bath, 1,767 sqft Cedar home listed for $1,325,000 ($750/sqft).

The 3 homes priced the most below their assessed value are 3265 Willowmere Cres a 4 bed, 2 bath, 1,946 sqft North Jingle Pot home listed for $799,900 (17% below its tax-assessed value), 5007 Laguna Way a 4 bed, 4 bath, 2,442 sqft Hammond Bay home listed for $865,000 (16% below its tax-assessed value), 3279 Shearwater Dr a 5 bed, 5 bath, 5,274 sqft Hammond Bay home listed for $1,548,000 (13% below its tax-assessed value).

The 3 highest priced new listings this week are 57 Lake Heights Pl a 6 bed, 5 bath, 5,428 sqft Pleasant Valley home listed for $2,100,000. 3225 Wayne Morgan Rd a 4 bed, 3 bath, 3,112 sqft North Jingle Pot home listed for $1,949,900. 2035 Pace Rd a 5 bed, 3 bath, 2,882 sqft Cedar home listed for $1,890,000.

Notable New Sales

The 3 buyers that secured the largest discounts this week are the buyers of 960 Woodpecker Lane who secured a 9% discount off the $799,000 asking price (sale price $725,000). The buyers of 1323 Wexford Rd who secured a 9% discount off the $699,000 asking price (sale price $639,000). The buyers of 2100 Aaron Way who secured a 7% discount off the $849,900 asking price (sale price $790,000).

The 3 highest cost per sqft sales this week were 1688 Gerrand Rd a 2 bed, 1 bath, 775 sqft Cedar home sold for $530,000 ($684/sqft), 892 Brookfield Dr a 3 bed, 2 bath, 1,394 sqft South Nanaimo home sold for $740,000 ($531/sqft), 1323 Wexford Rd a 3 bed, 2 bath, 1,325 sqft Chase River home sold for $639,000 ($482/sqft.

The 3 highest sales this week were 2730 Cedar Heights Cres SW a 4 bed, 5 bath, 3,626 sqft Cedar home sold for $1,600,000. 7455 Copley Ridge Dr a 4 bed, 3 bath, 3,203 sqft Upper Lantzville home sold for $1,412,500. 1431 Kaz Crt a 4 bed, 3 bath, 3,245 sqft University District home sold for $1,350,000.

This Week in John’s Life

Last week we were in full swing spring mode, onboarding several listings and showings dozens of homes. I celebrated Easter with my girls and had a nice family dinner. This past weekend I enjoyed 2 nights in Tofino. The weather was phenomenal and it wasn't very busy making it extra special.  I explored all of my favourite beaches including Cox Bay, Mackenzie Beach and Tonquin Beach.

- John Cooper