Weekly Real Estate Take June 2025 - Week 4
The number of new single family homes entering the Nanaimo market in the last 7 days is on the decline with 62 homes listed last week. That's down from 82 homes listed in the previous week. Last week was a record for single family home sales with 35 homes selling. The highest number of sales in a 7 day period inside of 2025. That was an increase from 28 sales the previous week.
Anecdotally, I am dealing with a lot of multiple offers for well priced homes under $750,000. Whereas, homes above $1,200,000 are experiencing market conditions that we haven't seen since 2015, with conditions favouring buyers.
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Notable New Listings
I like to start by outlining the best value based on $/sqft. The 3 best value homes listed this week are 178 Acacia Ave a 5 bed, 3 bath, 2,970 sqft University District home listed for $709,900 ($239/sqft), 781 Chelsea St a 5 bed, 2 bath, 2,208 sqft Central Nanaimo home listed for $549,900 ($249/sqft), 1421 Cranberry Ave a 8 bed, 5 bath, 3,467 sqft Chase River home listed for $918,000 ($265/sqft).
The 3 homes listed this week with the highest $/sqft are 7011 Dickinson Rd a 2 bed, 2 bath, 954 sqft Lower Lantzville home listed for $849,000 ($890/sqft), 1551 Frames Rd a 2 bed, 1 bath, 848 sqft Chase River home listed for $649,900 ($766/sqft), 6039 Icarus Dr a 3 bed, 2 bath, 1,690 sqft North Nanaimo home listed for $1,148,000 ($679/sqft).
The 3 homes priced the most below their assessed value are 5383 Colinwood Dr a 4 bed, 3 bath, 1,299 sqft Pleasant Valley home listed for $600,000 (17% below its tax-assessed value), 781 Chelsea St a 5 bed, 2 bath, 2,208 sqft Central Nanaimo home listed for $549,900 (15% below its tax-assessed value), 626 Fourth St a 2 bed, 1 bath, 872 sqft University District home listed for $454,900 (13% below its tax-assessed value).
The 3 highest priced new listings this week are 130 Canterbury Cres a 4 bed, 4 bath, 6,500 sqft Departure Bay home listed for $2,769,000. 180 Canterbury Cres a 4 bed, 4 bath, 4,044 sqft Departure Bay home listed for $1,799,800. 4680 Ambience Dr a 9 bed, 6 bath, 3,970 sqft North Nanaimo home listed for $1,698,000.
Notable New Sales
The 3 buyers that secured the largest discounts this week are the buyers of 1652 Janes Rd who secured a 7% discount off the $1,125,000 asking price (sale price $1,043,000). The buyers of 4824 Blue Jay Trail who secured a 7% discount off the $1,149,000 asking price (sale price $1,072,000). The buyers of 4106 Gulfview Dr who secured a 5% discount off the $1,426,800 asking price (sale price $1,350,000).
The 3 highest cost per sqft sales this week were 7034 Lavender Rd a 3 bed, 2 bath, 1,196 sqft Lower Lantzville home sold for $841,626 ($704/sqft), 1978 Szasz Dr a 3 bed, 3 bath, 1,652 sqft Chase River home sold for $1,150,000 ($696/sqft), 2324 Whitney Rd a 2 bed, 1 bath, 781 sqft Diver Lake home sold for $535,000 ($685/sqft).
The 3 highest sales this week were 4106 Gulfview Dr a 6 bed, 4 bath, 4,221 sqft North Nanaimo home sold for $1,350,000. 6353 Icarus Dr a 6 bed, 3 bath, 3,068 sqft North Nanaimo home sold for $1,280,000. 5248 Laguna Way a 4 bed, 3 bath, 2,595 sqft North Nanaimo home sold for $1,274,900.
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 My Life
The last week of spring was inspiring for me. As this market continues to get more challenging I have seen demand for our team increase dramatically. In challenging times, people gravitate towards those with experience in challenging markets and we are entering market conditions that Vancouver Island hasn't seen in over a decade. This week I was reminded that the hard times I faced from 2008 to 2015, have prepared me for the hard conversations during our homeowner consultations at the moment.
When I am not meeting with homeowners, I am spending my time enjoying everything Vancouver Island has to offer. I celebrated the arrival of the summer solstice with some friends this weekend and we had one of the best dinner parties I can remember.
I love this community. Moving here 17 years ago was one of the best decisions I have ever made. I am very proud to be “Of Nanaimo” (post here).
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