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MLS inventory hits 11,000, g9 w; j, _2 }& ~3 ?
Record number of homes for sale 21/2 times greater than last June's lineup
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Bill Mah, The Edmonton Journal
+ p) d, W) F$ A: b7 z/ YPublished: 1:33 am; H$ \( T4 G9 M! {3 i
EDMONTON - A record glut of Edmonton-area homes for sale shows no signs of shrinking soon.
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At the end of May, 11,006 residential properties sat unsold on the Edmonton Multiple Listing Service, according to monthly statistics released Tuesday by the Realtors Association of Edmonton.
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2 c c% Z9 j, F( I: m+ vThat's up 400 homes from a month ago, and 21/2 times the inventory of the same time last year. At the current pace of home sales, that amounts to a six-month supply, twice the normal inventory., d' b7 R( u$ a. _$ W
1 J* o' K4 K) y3 E1 M5 H7 Q( |. rGood news, if you're a buyer. For sellers, it means waiting an average of 53 days for a sale -- up one day from April.6 k' p8 Z+ E# o. W
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"It's a great time right now to be purchasing, because the selection has never been better and the interest rates are low," association president Marc Perras said.9 G' z1 o1 O/ f/ N# L7 u
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Perras predicted the surplus will shrink to about 8,000 by the fall as homes sell or multiple homeowners rent out extra homes instead of trying to sell them.: i% D- y3 ?9 f+ h
6 n) \6 ]3 [+ ~$ p/ `1 jIn May, 4,294 homes were added to the listings inventory and 1,821 homes sold. May sales were higher than same-month sales in 2003 and 2004, but fell short of May sales for 2005 to 2007, during a real estate boom.3 \+ H7 s$ `, o) p& V" l1 w% B5 [
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Despite plummeting demand, prices have remained relatively stable.3 t, ?& Y6 a( p$ c. k" k$ P
1 L5 c; _5 X l- [9 f2 Y6 [( o& KPerras forecasts home prices will rise by an average of four per cent by year's end.
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* t. w3 Q0 b% H9 [* i aIn May, the average (mean) price for all types of homes rose one per cent from April to $340,499. That price is down about four per cent from a year ago.
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& j0 N9 z1 l) a$ w4 e# o4 U RThe May average selling price for a single-family dwelling was $383,167 -- down about 10 per cent from May last year.9 Q9 g8 N: V2 E9 A
! }/ o3 V/ ]" MThe median -- middle figure in a list of all sale prices -- selling price for a single-family home in May was $365,000, down 8.75 per cent year-over-year., L4 q* z* {5 \7 R. w
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The average selling price for condos was $260,837 in May, down nearly two per cent from the same month last year.
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Paul Messinger, a University of Alberta marketing professor, said the Edmonton real estate market appears to be following an economic model that says in times of high demand, prices get bid up rapidly.% C; Y* v; C7 I% d( {3 x
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Prices are slower to drop when demand falls.
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% U" a" e( f! U" K/ M"Now, when we are back closer to historical patterns, we see an adjustment where the slack is taken up not by price but by the inventory," Messinger said.$ g' _. o3 i; b- r3 A7 M _
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"For years, Edmonton was one of the best real estate values in the country. Now we are much more in line with the rest of Canada in terms of price."9 J; w0 X) d# k/ f: }) H V2 P
0 ?$ V* j! ]0 I% q. P6 _) Thttp://www.canada.com/edmontonjo ... e-8b7d-c879e1aba77a" x5 k* S1 n8 G! i
# G$ M* _+ T+ ?& a- p! Q[ 本帖最后由 circle 于 2008-6-4 08:17 编辑 ] |
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