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MLS inventory hits 11,0000 D+ k# G& {2 A. b) k; O! [8 _
Record number of homes for sale 21/2 times greater than last June's lineup- R2 G" j7 h8 `. k) c
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Bill Mah, The Edmonton Journal7 w! Z" c3 [( l5 A
Published: 1:33 am
/ S+ Z* X% Y0 u x: CEDMONTON - A record glut of Edmonton-area homes for sale shows no signs of shrinking soon.6 t: d! o- o2 g& R( Y# Q6 r% ~' t
5 g/ l7 F5 m$ M j( b1 rAt 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. w$ [' v) C$ m4 M' ]8 {5 u5 m
9 n% [. T9 D F1 UThat'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.7 P" M$ J$ R% ]# f. m2 i$ ~
8 m* M. k- e7 s/ T' VGood 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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& k; B1 H# _3 `5 s3 i3 f) j"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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* X7 D- H, x7 E( JPerras 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.1 J$ p7 E9 V, G- R
) ]7 l3 K# h0 x/ U MIn 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.
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5 J4 y3 z8 A1 J$ k% C3 CDespite plummeting demand, prices have remained relatively stable.
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( ~, I9 n% e& |Perras forecasts home prices will rise by an average of four per cent by year's end.
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In 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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! F% F, }9 V7 T; S7 b# eThe May average selling price for a single-family dwelling was $383,167 -- down about 10 per cent from May last year.
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3 T M$ F8 i i N+ ? }1 Q7 DThe median -- middle figure in a list of all sale prices -- selling price for a single-family home in May was $365,000, down 8.75 per cent year-over-year.$ r6 d2 [) w) w$ T. O
1 |/ L0 P! O) @" N" m' LThe average selling price for condos was $260,837 in May, down nearly two per cent from the same month last year.. b3 v, H- D' {
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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.( ^4 E/ u3 {* l4 Y4 Q% R
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Prices are slower to drop when demand falls.
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z9 m4 t9 X9 v+ ~1 h/ v"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.3 i: f; {! h) a& e0 @" Z
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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; t& R9 o3 \* z1 E, h
. t: U5 ^1 m+ m4 P5 s1 a[ 本帖最后由 circle 于 2008-6-4 08:17 编辑 ] |
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