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March house sales slip compared to February

Compared to a year ago, houses were selling like hotcakes last month, according to the latest figures from the Real Estate Board of Greater Vancouver.

135 houses changed hands at a median price of $956,000 in March, up more than 51 per cent compared to March of 2013 when just 89 houses sold for a median $900,000.

But look at another set of numbers, and the picture wasn’t as rosy for March.

Fewer houses sold in March than February, continuing a trend since nearer the peak of the market in 2011.

House sales normally pick up during the spring, improving as the weather gets better, with more people listing their houses for sale, according to local realtor Tony Ling.

Ling sees today’s market as being more balanced, and that’s a healthy sign.

“You cannot have a record year every year,” Ling said, noting that the sales statistics indicate the market is reverting back to the 10-year averages.

Sales of condominiums and townhouses remained about the same last month compared to February, with 75 townhomes sold for a median price of $518,000, down slightly from the 79 homes that sold for a median price of $525,000 a month earlier.

Condo sales eked up, to 119 sales at a median price of $338,993, up from 116 for a slightly lower median price of $341,415.

Regionally, March’s sales were 17.2 per cent below the 10-year sales average for March.

“We continue to see steady and stable market conditions across the Greater Vancouver housing market,” said board president Ray Harris.

“There has been a consistent balance between home seller supply and home buyer demand in our marketplace over the last year.

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