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MLS inventory hits 11,000
1 C8 Q0 D3 L6 \/ P9 URecord number of homes for sale 21/2 times greater than last June's lineup+ U4 j w3 S! `& g! m3 h3 X" |
/ [1 h9 q k8 s4 g0 eBill Mah, The Edmonton Journal
+ c. ~: r! Q% ^3 `. YPublished: 1:33 am
7 _) X5 G4 n) D% V+ X# I4 EEDMONTON - A record glut of Edmonton-area homes for sale shows no signs of shrinking soon.
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6 m1 H1 ~6 |3 v: fAt 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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' G, n4 _* Y' `That'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.! t G1 I& v8 h- c
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Good news, if you're a buyer. For sellers, it means waiting an average of 53 days for a sale -- up one day from April.
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/ d* Z+ N9 D" [' s"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.
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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.
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In 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. B1 F# r% [% G4 |, C/ P4 Y. Y
R# k- n4 n+ w! m/ F4 \6 JDespite plummeting demand, prices have remained relatively stable.
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1 ]& g) x4 ?% E0 O; ?! PPerras forecasts home prices will rise by an average of four per cent by year's end.
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: }* Y8 J' S) y7 t* ~8 m2 A8 r yIn 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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8 l& Y" }' l6 }; _( Q _5 E5 ~The May average selling price for a single-family dwelling was $383,167 -- down about 10 per cent from May last year.+ o* t0 k% ?$ h; D+ c8 a$ ~! z- L
8 b, y2 A- S, H+ |9 ]8 C7 D: NThe 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.
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The average selling price for condos was $260,837 in May, down nearly two per cent from the same month last year.
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]- K$ {, R/ K# p; C jPaul 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.
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Prices are slower to drop when demand falls.
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3 U5 W3 q( b/ f& t+ q ?"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.
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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."
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http://www.canada.com/edmontonjo ... e-8b7d-c879e1aba77a
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[ 本帖最后由 circle 于 2008-6-4 08:17 编辑 ] |
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