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MLS inventory hits 11,000; R- J7 E2 O8 w4 F: L
Record number of homes for sale 21/2 times greater than last June's lineup
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Bill Mah, The Edmonton Journal
$ [$ _5 H2 x2 E, @( |. d% uPublished: 1:33 am$ N. B+ {! Q+ m+ n+ Z# l/ b
EDMONTON - A record glut of Edmonton-area homes for sale shows no signs of shrinking soon.7 M' N# J: {+ P i% W* C* X
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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./ p/ I7 g9 x+ u! Q' ]) @ ?
9 f# ^7 R& w @0 }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.
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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.3 ~6 j' s. V8 J% U% V1 p) L
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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.2 k1 `' l7 \: ?, O" a! R; o& V
0 @+ U/ ?$ {( }# ~- I5 \+ l7 aPerras 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." p7 q2 i- C* `$ Y7 t; c' [
) K* q6 q& p! ~5 n" p; vIn 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.+ Q* Q4 X* E7 o- Y
6 M" I2 y/ e( E2 u( o1 HDespite plummeting demand, prices have remained relatively stable.
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Perras forecasts home prices will rise by an average of four per cent by year's end.' P4 g$ q `8 R* S8 D% V" ]. C* w; e
8 X5 n! ]3 F% j* T9 f# HIn 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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The 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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The median -- middle figure in a list of all sale prices -- selling price for a single-family home in May was $365,000, down 8.75 per cent year-over-year.
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{, I& |$ L DThe average selling price for condos was $260,837 in May, down nearly two per cent from the same month last year.* N% ]6 h8 m" E5 F: ?; D4 Y- A
# s0 X& ?, N7 e, h3 cPaul Messinger, a University of Alberta marketing professor, said the Edmonton real estate market appears to be following an economic model that says in times of high demand, prices get bid up rapidly.
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5 O% n: j5 F8 z0 `) M! G7 Q, hPrices are slower to drop when demand falls.5 h8 E0 T1 U! Q. k, |) Y
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"Now, when we are back closer to historical patterns, we see an adjustment where the slack is taken up not by price but by the inventory," Messinger said.- A; g* U* W$ _3 _) i1 e; P/ S- y
( [7 A0 y% z2 Y# l+ `% O9 S"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.") }# t! B* i( ~6 z
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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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