Weekly Real Estate Take February 2025 - Week 3

We are seeing a 5 week average of 30 new single family homes hitting the Nanaimo market every 7 days. Sales were steadily increasing each week up until this week. Only 8 single family homes sold in Nanaimo in the last 7 days. A drop from the 21 homes that sold last week. The general market sentiment in Nanaimo is positive. I think this recent dip in sales is just a blip, and I expect sales numbers to increase to normal levels by the end of next week.

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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 7419 Mrus Dr a 4 bed, 3 bath, 2,926 sqft Lower Lantzville home listed for $859,900 ($294/sqft), 5535 Hiquebran Rd a 5 bed, 4 bath, 3,121 sqft North Nanaimo home listed for $938,500 ($301/sqft), 3335 Stephenson Point Rd a 4 bed, 4 bath, 3,645 sqft Hammond Bay home listed for $1,199,000 ($329/sqft).

The 3 homes listed this week with the highest $/sqft are 3129 Departure Bay Rd a 1 bed, 1 bath, 567 sqft Departure Bay home listed for $585,900 ($1033/sqft), 191 Cilaire Dr a 5 bed, 5 bath, 4,517 sqft Departure Bay home listed for $2,598,000 ($575/sqft), 31 Gillespie St a 3 bed, 1 bath, 916 sqft South Nanaimo home listed for $524,900 ($573/sqft).

The 3 homes priced the most below their assessed value are 2227 McGarrigle Rd a 3 bed, 2 bath, 1,878 sqft Diver Lake home listed for $998,000 (7% below its tax-assessed value). 1746 Country Hills Dr a 3 bed, 2 bath, 2,067 sqft Chase River home listed for $799,900 (7% below its tax-assessed value), 7455 Copley Ridge Dr a 4 bed, 3 bath, 3,203 sqft  Upper Lantzville home listed for $1,499,000 (2% below its tax-assessed value).

The 3 highest priced new listings this week are 191 Cilaire Dr a 5 bed, 5 bath, 4,517 sqft  Departure Bay home listed for $2,598,000. 3716 Belaire Dr a 4 bed, 5 bath, 4,109 sqft Hammond Bay home listed for $2,290,000. 59 Lake Pl a 6 bed, 5 bath, 3,950 sqft Pleasant Valley home listed for $1,799,900.

Notable New Sales

The 3 buyers that secured the largest discounts this week are the buyers of 6738 Ellen Pl who secured a 7% discount off the $1,049,000 asking price (sale price $972,000). The buyers of 748 Nicol St who secured a 3% discount off the $579,000 asking price (sale price $560,000). The buyers of 1918 Meredith Rd who secured a 3% discount off the $775,000 asking price (sale price $750,000).

The 3 highest cost per sqft sales this week were 4570 Laguna Way a 3 bed, 3 bath, 3,317 sqft North Nanaimo home sold for $1,390,000 ($419/sqft), 1900 Richardson Rd a 4 bed, 2 bath, 2,022 sqft Chase River home sold for $795,000 ($393/sqft), 4116 Orchard Cir a 4 bed, 2 bath, 1,864 sqft Uplands home sold for $730,000 ($392/sqft).

The 3 highest sales this week were 5676 Muggies Way a 6 bed, 5 bath, 3,893 sqft North Nanaimo home sold for $1,450,000. 4570 Laguna Way a 3 bed, 3 bath, 3,317 sqft North Nanaimo home sold for $1,390,000. 6738 Ellen Pl a 5 bed, 3 bath, 2,513 sqft North Nanaimo home sold for $972,000.

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