The number of properties listed for sale in Greater Vancouver continued to rise in May, while the number of sales showed a year-over-year decrease.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totaled 3,156 in May 2010, a decline of 10.4% compared to the 3,524 sales in May 2009, a 5.1% increase over May 2008, and a 27.1% decrease compared with May 2007 and a 10.1% decrease compared to April 2010 when 3,512 sales were recorded.

The MLSLink Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 16.7% to $590,662 in May 2010 from $506,201 in May 2009.

New MLS? listings for detached, attached and apartment properties in Greater Vancouver totaled 7,014 in May 2010. An increase of 48.2% from May 2009 when 4,733 new units were listed and a decline of 8.3% compared to April 2010 when 7,648 properties were listed on the MLS?.

Total active listings at 17,492 are up 10% compared to April 2010 and have increased 28.2% from May 2009.

Prospective home buyers in today’s market have a broad selection to choose from in every property type,” said Jake Moldowan, president of the Real Estate Board of Greater Vancouver (REBGV). “Realtors are telling us they’re working with buyers who are not feeling as rushed to make a decision as they did late last year and earlier in the year.”

“It’s important for those looking to buy or sell a home to remember that real estate is local and wise real estate decisions are made by those who understand current market conditions at the neighbourhood level,” Moldowan said.

2010 05 REBGV Stats Package

Click on the graph to see it in full size

You can also download the whole May 2010 REBGV statistics.