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The Nanaimo real estate market finished 2014 as close to normal state as it's been since 2008.
Home sales increased 10 per cent, pushing market conditions to pre-recession levels.
That has helped restore confidence among builders, industry watchers say.
"It was a better year than 2013," said Doug Tyce, regional real estate and construction leader for the consulting firm MNP. A total of 4,335 single-family homes sold within the Vancouver Island Real Estate Association market area, which takes in everything north of the Malahat. That's a 10-per cent increase from the previous year.
Across the Island, the average selling price was $345,000, up five per cent from 2013, while in Nanaimo it was up 13 per cent to $386,000. The benchmark price — a measure of the actual change in value — shows a home that sold for $336,100 in 2009 sold for $338,300 last year, after dipping to $327,600 just a year ago.
"Realistically, we've been in recession since 2008," Tyce said. "Some years are better than others and this past year there was a lot of positive movement.
"Inventory was starting to move. Builders were a bit more optimistic because they started to build more spec houses again. And the sense I get from some builders is they're expecting to build more next year."
by: Darrell Bellaart / Daily News
Client Groups:Real Estate ＆ Construction
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