Key Takeaways from September Week 1
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While new listings held steady at 49, the influx of buyer activity pushed the absorption rate up nearly 20 percentage points to 49.0%, shifting conditions back toward an active, balanced environment.
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With the Bank of Canada expected to hold its policy rate at 2.25%, buyers who stayed on the sidelines during late August acted early to get ahead of the traditional post-Labour Day rush.
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Expirations and delistings remained flat at 22, matching August's steady baseline.
Synopsis for a Nanaimo Homeowner Planning Their Next Move
The first week of September signals that the autumn real estate market is opening with strong momentum.
For Sellers:
The fall market is officially underway. The leap to 24 sales demonstrates that serious buyers are back in the market and actively making offers. With 49 new listings entering the pool this week, supply is consistent but not overwhelming. If you plan to list this September, launching now with precise, comp-backed pricing allows you to capitalize on this immediate wave of fall buyer demand.
For Buyers:
The quiet, slow-paced environment of late August has wrapped up. While selection remains healthy across Nanaimo single-family inventory, top-tier homes are absorbing much faster at nearly a 50% clip. You still have room to include subject conditions, but well-priced, turn-key properties will face heightened competition over the coming weeks.
Notable New Listings
I like to start by outlining the best value based on $/sqft. The 3 best value homes listed this week are 7810 Aats Rd a 5 bed, 5 bath, 5,670 sqft Lower Lantzville home listed for $899,900 ($159/sqft), 713 Victoria Rd a 3 bed, 2 bath, 1,698 sqft South Nanaimo home listed for $350,000 ($206/sqft), 138 Strickland St a 5 bed, 3 bath, 2,670 sqft South Nanaimo home listed for $599,900 ($225/sqft).
The 3 homes listed this week with the highest $/sqft are 2371 Jingle Pot Rd a 4 bed, 2 bath, 1,870 sqft South Jingle Pot home listed for $1,199,900 ($642/sqft), 6279 Blueback Rd a 3 bed, 2 bath, 1,421 sqft North Nanaimo home listed for $864,999 ($609/sqft), 2301 Jingle Pot Rd a 4 bed, 2 bath, 1,560 sqft South Jingle Pot home listed for $899,900 ($577/sqft).
The 3 homes priced the most below their assessed value are 713 Victoria Rd a 3 bed, 2 bath, 1,698 sqft South Nanaimo home listed for $350,000 (41% below its tax-assessed value), 989 Plecas Cres a 3 bed, 1 bath, 1,748 sqft University District home listed for $499,000 (29% below its tax-assessed value), 7810 Aats Rd a 5 bed, 5 bath, 5,670 sqft Lower Lantzville home listed for $899,900 (20% below its tax-assessed value).
The 3 least expensive new listings this week are 713 Victoria Rd a 3 bed, 2 bath, 1,698 sqft South Nanaimo home listed for $350,000. 989 Plecas Cres a 3 bed, 1 bath, 1,748 sqft University District home listed for $499,000. 2562 Rosstown Rd a 3 bed, 2 bath, 1,140 sqft Diver Lake home listed for $579,900.
The 3 most expensive new listings this week are 5238 Norton Rd a 6 bed, 4 bath, 1,698 sqft North Nanaimo home listed for $1,998,000. 2745 Nanaimo River Rd a 5 bed, 4 bath, 5,022 sqft Extension home listed for $1,950,000. 3819 Sundown Dr a 5 bed, 5 bath, 3,681 sqft Hammond Bay home listed for $1,645,000.
Notable New Sales
The 3 buyers that secured the largest discounts this week are the buyers of 1421 Seaspray Blvd who secured a 14% discount off the $999,000 asking price (sale price $859,500). The buyers of 5060 Vista View Cres who secured a 8% discount off the $1,199,900 asking price (sale price $1,100,000). The buyers of 3653 Glen Oaks Dr who secured a 8% discount off the $1,060,000 asking price (sale price $980,000).
The 3 highest cost per sqft sales this week were 1316 Waddington Rd a 2 bed, 1 bath, 810 sqft Central Nanaimo home sold for $600,000 ($741/sqft), 2551 Braun Rd a 5 bed, 5 bath, 4,630 sqft Cedar home sold for $2,875,000 ($621/sqft), 740 Begbie St a 2 bed, 1 bath, 932 sqft Central Nanaimo home sold for $572,000 ($614/sqft).
The 3 highest sales this week were 2551 Braun Rd a 5 bed, 5 bath, 4,630 sqft Cedar home sold for $2,875,000. 5650 Alder Way a 6 bed, 3 bath, 3,259 sqft North Nanaimo home sold for $1,245,000. 5060 Vista View Cres a 3 bed, 3 bath, 3,036 sqft North Nanaimo home sold for $1,100,000.
Interested in Your Home's Value?
Just like monitoring the value of your investment portfolio, it is important to monitor the value of your real estate holdings. Your BC Assessment Value should never be relied upon for financial decisions. Email me for a personalized market assessment. I respond to every inquiry personally and prioritize open communication with my clients. I'm here to help!
If you are looking for details on a recent sale not mentioned here, email me and I will send you the sale price.
