Weekly Real Estate Take May 2025 - Week 4
In the last week the number of new Nanaimo single family homes introduced to the market has decreased from 78 last week to 56 this week. Sales have increased to the highest number of reported sales in a 1 week period since January with 31 homes selling last week. This absorption rate is keeping inventory from piling up and values are holding. I expect next week to produce a similarly high number of reported sales. I am very curious to see how many new listings are introduced in the next week. Do you think it will be more or less than 56? I am going to guess there will be more than 56.
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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 390 Cypress St, a 3 bed, 1 bath, 1,827 sqft Central Nanaimo home listed for $500,000 ($274/sqft), 508 Greenbriar Pl, a 4 bed, 5 bath, 3,626 sqft Departure Bay home listed for $1,085,000 ($299/sqft), 8108 Southwind Dr, a 4 bed, 4 bath, 3,199 sqft Upper Lantzville home listed for $999,000 ($312/sqft).
The 3 homes listed this week with the highest $/sqft are 5611/5621 Hammond Bay Rd, a 5 bed, 3 bath, 2,600 sqft North Nanaimo home listed for $2,250,000 ($865/sqft), 6866 Doumont Rd, a 4 bed, 3 bath, 3,071 sqft Pleasant Valley home listed for $2,398,000 ($781/sqft), 221 Eaton St, a 2 bed, 2 bath, 913 sqft South Nanaimo home listed for $649,900 ($712/sqft).
The 3 homes priced the most below their assessed value are 8108 Southwind Dr, a 4 bed, 4 bath, 3,199 sqft Upper Lantzville home listed for $999,000 (22% below its tax-assessed value), 607 Brechin St, a 3 bed, 2 bath, 1,670 sqft Departure Bay home listed for $549,900 (11% below its tax-assessed value), 2948 Nelson Rd, a 3 bed, 2 bath, 2,053 sqft Cedar home listed for $879,900 (5% below its tax-assessed value).
The 3 highest priced new listings this week are 7490 Copley Ridge Dr, a 5 bed, 4 bath, 3,791 sqft Upper Lantzville home listed for $2,399,900. 6866 Doumont Rd, a 4 bed, 3 bath, 3,071 sqft Pleasant Valley home listed for $2,398,000. 5611/5621 Hammond Bay Rd, a 5 bed, 3 bath, 2,600 sqft North Nanaimo home listed for $2,250,000.
Notable New Sales
The 3 buyers that secured the largest discounts this week are the buyers of 2047 Stonecrop Rd, who secured a 10% discount off the $796,000 asking price (sale price $717,500). The buyers of 1239 Okanagan Pl, who secured a 10% discount off the $998,000 asking price (sale price $900,000). The buyers of 974 Fitzwilliam St, who secured a 9% discount off the $849,000 asking price (sale price $772,000).
The 3 highest cost per sqft sales this week were 3780 Norwell Dr, a 3 bed, 2 bath, 1,744 sqft Uplands home sold for $1,090,000 ($625/sqft), 47 White Eagle Terr, a 4 bed, 3 bath, 2,510 sqft Central Nanaimo home sold for $1,565,000 ($624/sqft), 517 Doreen Pl, a 3 bed, 2 bath, 1,072 sqft Pleasant Valley home sold for $666,400 ($622/sqft).
The 3 highest sales this week were 47 White Eagle Terr, a 4 bed, 3 bath, 2,510 sqft Central Nanaimo home sold for $1,565,000. 4631 Laguna Way, a 5 bed, 4 bath, 3,175 sqft North Nanaimo home sold for $1,412,500. 5523 Norton Rd, a 4 bed, 3 bath, 2616 sqft Hammond Bay home sold for $1,318,000.
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
Last week was a typical Vancouver Island spring market. A record number of homes sold and buyer and seller activity is high. We are handing over keys to half a dozen buyers this week including Ladysmith, Parksville, & Nanaimo.
This past week I enjoyed my regular boxing practice and Lucille the Doxie has started to join me at my workouts (image here). On Sunday, I went and explored the Regional District of Nanaimo’s newest Park, the Nanaimo River Canyon Community Park. This park happens to be at the exact spot I have been taking my kids for summer swims for the last 17 years. It will probably be busier now but I am ecstatic that it will be preserved for generations to come (video here).
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