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MLS inventory hits 11,000# n Z" o4 U; d! d8 i
Record number of homes for sale 21/2 times greater than last June's lineup6 W, s4 ]/ ~' J! O# d7 |
n! C9 L' E; a# U+ C8 S2 n! {Bill Mah, The Edmonton Journal
( ]. r7 v& B# BPublished: 1:33 am
" H$ V5 d6 k: i5 Q" t( \EDMONTON - A record glut of Edmonton-area homes for sale shows no signs of shrinking soon.1 r6 e9 f* ^; m w, U/ t
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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.+ u) o- p* `- x" B4 r( Q, t
6 F0 f e0 H, jThat'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.) v. y' H0 {4 L- V, P" v9 O0 j
, W4 I/ Z5 y9 o+ e- m8 IGood news, if you're a buyer. For sellers, it means waiting an average of 53 days for a sale -- up one day from April.; p7 j- ~ q0 X$ n% B: N( m3 v
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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.
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) ]$ u0 D/ Q1 k. J z+ [0 g" }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.
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Despite plummeting demand, prices have remained relatively stable.2 n8 R# N" \ S3 M
9 ?( i' e1 j/ z+ pPerras forecasts home prices will rise by an average of four per cent by year's end.
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X4 m; q- {, 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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The May average selling price for a single-family dwelling was $383,167 -- down about 10 per cent from May last year.8 W9 M( H* X7 k8 Z
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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.8 {1 ^+ r4 ]% n1 X1 L, H
}. w% L; \' I" qThe 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.
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+ p; q& y" m9 n9 l, Q" b# c7 cPrices are slower to drop when demand falls.5 {) k/ [3 y% N E: i4 G3 \% e( C
4 B' A4 b. W5 s) q4 J8 o"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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w' p' {3 F1 J' O F9 B8 i- T( k( v"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& l9 ]1 e8 N5 R, H4 `3 P0 N
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[ 本帖最后由 circle 于 2008-6-4 08:17 编辑 ] |
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