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MLS inventory hits 11,0005 T) y+ `. b3 e
Record number of homes for sale 21/2 times greater than last June's lineup
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Bill Mah, The Edmonton Journal
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EDMONTON - A record glut of Edmonton-area homes for sale shows no signs of shrinking soon.
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1 @: f! h2 j* w3 IAt 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., P$ K% ~9 B0 r$ P: w/ Q- q$ T
4 z% ~* M3 p) W/ eThat'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. C# B0 j2 M5 u$ x1 `
, W: D2 ~# Q. PGood news, if you're a buyer. For sellers, it means waiting an average of 53 days for a sale -- up one day from April.9 C4 M+ f0 A5 G2 C2 }
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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.' S1 D; J+ i& j
7 M2 q# m1 @* D* ^$ u& oPerras 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.3 W9 I! A- g5 E5 B2 B4 a
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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.
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$ ~$ J& u& F' T9 Z2 ~$ ~Despite plummeting demand, prices have remained relatively stable.2 c9 u5 g2 p8 A5 E5 u
1 M8 T9 q. l9 c/ s9 FPerras forecasts home prices will rise by an average of four per cent by year's end. d4 U) t- x0 Z, }6 k
* p" ~% Y4 b8 ]$ M1 f! z% P6 k y: lIn 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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C7 [6 p3 a" V8 UThe 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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1 @ ~& ~) T/ V% ~The 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.! K. a* G+ P3 g2 ]& M. c
. D7 C' l6 C/ M- ^9 pThe average selling price for condos was $260,837 in May, down nearly two per cent from the same month last year.7 y4 X$ z6 R: _( }
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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.9 ~& z) Y2 o- s$ w6 _
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Prices are slower to drop when demand falls.
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"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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- P) \5 e- {& b! A8 u# F7 a"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." @+ m+ H* P2 f0 {) ]- F! N
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http://www.canada.com/edmontonjo ... e-8b7d-c879e1aba77a) W2 t4 ^2 d# ^: o% {5 L
5 v2 ^& T V+ Y[ 本帖最后由 circle 于 2008-6-4 08:17 编辑 ] |
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