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MLS inventory hits 11,0006 U; F' V% P7 f7 [, V
Record number of homes for sale 21/2 times greater than last June's lineup& {+ V! \1 d1 m# r0 B" w
7 g8 _* k9 b" [5 \ ]: Q8 }4 yBill Mah, The Edmonton Journal' B# u# u q8 A3 ?
Published: 1:33 am) b' \3 o4 Q% t* t- c% \ `
EDMONTON - A record glut of Edmonton-area homes for sale shows no signs of shrinking soon.
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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." f; O! t9 i# H | B! Z
' I' F+ v( D0 v. n; F% o0 ^" QThat'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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( B* g# y% y1 X/ u* w$ x9 hGood 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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1 ?! S5 j. g, I. h( L; R* `"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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1 U5 W* ?- U" V- S/ N& CPerras 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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" {8 Q1 x4 y2 b# q: e7 QIn 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. H; N7 n. ~% K: m7 t6 A0 N( U3 o$ U) U
* X# _& F0 B5 R, g ]Despite plummeting demand, prices have remained relatively stable.
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- z# P- P6 p+ O0 LPerras forecasts home prices will rise by an average of four per cent by year's end.# x3 T. Y; c$ ]1 U1 ?4 ]: T& ^1 `5 Z
. J4 n- u5 O' ~/ `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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The May average selling price for a single-family dwelling was $383,167 -- down about 10 per cent from May last year.2 K' X# \) B9 H- v% W
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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. s( P6 I& v" m. e1 G+ |: R' m6 l
8 d x( U: ~6 Y6 n- ~The average selling price for condos was $260,837 in May, down nearly two per cent from the same month last year.6 _7 R* n( T% n+ C/ s3 u
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Paul Messinger, a University of Alberta marketing professor, said the Edmonton real estate market appears to be following an economic model that says in times of high demand, prices get bid up rapidly.
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* e: s1 x6 _% d2 \5 [3 n' I# ~5 OPrices are slower to drop when demand falls.$ e2 b, ]" V N$ `7 \. p
0 X' C1 U6 g4 `/ k6 D" X9 d; r3 J"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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; B, v' R. g# X; u/ y$ ?; n: f6 Y"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.", E& A' F4 Y `* y9 W( s% Y. j
( e( L" i c- fhttp://www.canada.com/edmontonjo ... e-8b7d-c879e1aba77a
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) D6 |9 C" A1 N7 z[ 本帖最后由 circle 于 2008-6-4 08:17 编辑 ] |
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