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MLS inventory hits 11,000, U( _ Q7 q5 C( }) e1 c3 k
Record number of homes for sale 21/2 times greater than last June's lineup
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Bill Mah, The Edmonton Journal/ ? n! b& s, g2 z
Published: 1:33 am
7 y" f4 }6 a& ~; G$ P, cEDMONTON - 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.7 [* Z( a6 E8 L8 n7 S
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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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: m; C0 b D/ uGood 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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"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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% Z( k2 R8 E, p/ V' Q; f3 I/ j! y1 RPerras 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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( Y! N3 E* l$ D* PIn 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.* `2 W% L, x. H. P$ o/ N* D' H9 w
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Despite plummeting demand, prices have remained relatively stable.
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2 `; h/ a( G# d' L' @* T/ _Perras forecasts home prices will rise by an average of four per cent by year's end. o2 w; O, r; i+ H
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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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The May average selling price for a single-family dwelling was $383,167 -- down about 10 per cent from May last year.- A) ]- e S, Z: c
/ J0 y/ t# s4 D* H$ D% v7 FThe 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.) B: _1 e; d% M# @
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The average selling price for condos was $260,837 in May, down nearly two per cent from the same month last year.
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Paul Messinger, a University of Alberta marketing professor, said the Edmonton real estate market appears to be following an economic model that says in times of high demand, prices get bid up rapidly.: k( ~, w3 \' u/ z( @
6 T, E( S1 C6 T! j6 i0 h1 ePrices are slower to drop when demand falls.2 D5 u6 X$ [4 ~- i- S1 S
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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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"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' Z9 v, H# Y; s5 F/ g
2 |3 j- {- N& U8 ]9 n4 Z( n3 y! `[ 本帖最后由 circle 于 2008-6-4 08:17 编辑 ] |
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