The market started to show signs of cooling off in May. We’re seeing sales starting to slow down, and listings begin to increase. As I’ve noted in past posts it seems like we’re entering a more balanced market, where buyers have more time to select the home that’s right for them.

Here are the stats for May 2010 according to the Real Estate Board of Greater Vancouver

RESIDENTIAL PROPERTY SALES - DOWN 10.4% from last year
3,156 homes sold in May 2010

• 10.1% decline compared with April 2010

NEW LISTINGS - UP 48.2% from last year
7,014 properties were newly listed for sale May 2010

• 8.3% decline compared to April 2010
• The total number of listings on the MLS® now 17, 492, up 10% from April and 28.2% up from this time last year.

HOUSING PRICE INDEX - UP 16.7% from last year

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 16.7% to $590,662 from $506,201 in May 2009.

• The benchmark price for detached properties increased 19.1 per cent from May 2009 to $810,175.
   
• The benchmark price of an apartment property increased 13.9 per cent from May 2009 to $398,783.
   
• The benchmark price of an attached unit increased 14.8 per cent between May 2009 and 2010 to $500,339.

The following graph illustrates the movements of Housing Prices in the Vancouver West area:

SALES OF DETACHED PROPERTIES - DOWN 10.4 % from last year
1,256 detached homes sold in May 2010 

SALES OF APARTMENT PROPERTIES - UP 7.1% from last year
1,354 apartment properties sold in May 2010

SALES OF ATTACHED PROPERTIES - UP 3.7% from last year
546 attached property sales in May 2010