Key Takeaways from the October Week 2 Data
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Absorption Normalizes to 39.0%: The combination of 41 incoming properties and 16 deals brought the absorption rate down from last week’s burst (56.8%) back to 39.0%. This firmly re-establishes a textbook balanced market dynamic.
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Persistent Delistings (28 Cancellations): Failed and expired listings remained elevated at 28, following Week 1’s spike of 30. Through the first two weeks of October, failed listings (58) continue to heavily outpace completed sales (37), highlighting ongoing friction for properties that are not aligned with current buyer pricing expectations.
Synopsis for a Nanaimo Homeowner Planning Their Next Move
Mid-October reinforces a balanced, highly selective market environment heading toward the next Bank of Canada rate decision on October 28th.
For Sellers:
The market is executing a disciplined filter. Demand is consistent; absorbing roughly 16 to 17 single-family homes each week; but buyers are refusing to stretch for listings that carry pricing baggage from previous seasons. With 58 cancellations already logged in October, sellers testing higher price brackets are being sidelined. To secure an agreement before late-fall seasonality slows transaction timelines, matching current comparable sales out of the gate is necessary.
For Buyers:
The return to a 39.0% absorption rate keeps market conditions calm and deliberate. While fresh options entered at an average pace (41 listings), the persistent accumulation of cancelled and expired listings provides ongoing leverage. Buyers have the leeway to include standard subject conditions, take time on due diligence, and potentially target delisted properties for re-negotiation ahead of winter.
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!
Notable New Listings
I like to start by outlining the best value based on $/sqft. The 3 best value homes listed this week are 3430 Hammond Bay Rd a 4 bed, 3 bath, 2,332 sqft Hammond Bay home listed for $425,000 ($182/sqft), 1460 Sherwood Dr a 8 bed, 7 bath, 5,150 sqft Departure Bay home listed for $1,599,999 ($311/sqft), 2061 Forest Dr a 4 bed, 2 bath, 2,097 sqft Central Nanaimo home listed for $679,000 ($324/sqft).
The 3 homes listed this week with the highest $/sqft are 2535 Battersea Rd a 4 bed, 2 bath, 1,486 sqft Departure Bay home listed for $1,495,000 ($1,006/sqft), 2999 King Richard Dr a 4 bed, 2 bath, 1,822 sqft Departure Bay home listed for $1,800,000 ($988/sqft), 726 Bruce Ave a 3 bed, 2 bath, 804 sqft South Nanaimo home listed for $668,700 ($832/sqft).
The 3 homes priced the most below their assessed value are 3430 Hammond Bay Rd a 4 bed, 3 bath, 2,332 sqft Hammond Bay home listed for $425,000 (36% below its tax-assessed value), 2025 Forest Dr a 4 bed, 2 bath, 2,142 sqft Central Nanaimo home listed for $700,000 (12% below its tax-assessed value), 1846 Begonia Way a 3 bed, 2 bath, 1,369 sqft Central Nanaimo home listed for $639,900 (11% below its tax-assessed value).
The 3 least expensive new listings this week are 2118 Buttle Lake Way a 1 bed, 1 bath, 504 sqft South Jingle Pot home listed for $349,000. 3430 Hammond Bay Rd a 4 bed, 3 bath, 2,332 sqft Hammond Bay home listed for $425,000. 425 Stewart Ave a 1 bed, 1 bath, 670 sqft Brechin Hill home listed for $525,000.
The 3 most expensive new listings this week are 7393 Sunbury Rd a 7 bed, 5 bath, 3,772 sqft Lower Lantzville home listed for $2,674,900. 3349 Creekside Pl a 6 bed, 5 bath, 4,065 sqft North Jingle Pot home listed for $2,249,900. 2999 King Richard Dr a 4 bed, 2 bath, 1,822 sqft Departure Bay home listed for $1,800,000.
Notable New Sales
The 3 buyers that secured the largest discounts this week are the buyers of 2355 Wild Dove Rd who secured a 8% discount off the $779,900 asking price (sale price $714,000). The buyers of 3060 Rock City Rd who secured a 5% discount off the $749,900 asking price (sale price $715,000). The buyers of 4975 Laguna Way who secured a 3% discount off the $890,000 asking price (sale price $860,000).
The 3 highest cost per sqft sales this week were 8019 Ridge Rd a 4 bed, 3 bath, 1,900 sqft Upper Lantzville home sold for $1,155,000 ($608/sqft), 2302 Towerview Cres a 6 bed, 3 bath, 2,397 sqft South Jingle Pot home sold for $1,240,000 ($517/sqft), 836 Glengarry Cres a 3 bed, 3 bath, 1,791 sqft South Nanaimo home sold for $775,000 ($433/sqft).
The 3 highest sales this week were 7817 SUPERIOR Rd a 6 bed, 4 bath, 4270 sqft Upper Lantzville home sold for $1,765,500. 5641 Linley Valley Dr a 6 bed, 4 bath, 2,896 sqft North Nanaimo home sold for $1,250,000. 2302 Towerview Cres a 6 bed, 3 bath, 2,397 sqft South Jingle Pot home sold for $1,240,000.
If you are looking for details on a recent sale not mentioned here, email me and I will send you the sale price.
