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MLS inventory hits 11,000) w! Y( A2 [( _, v
Record number of homes for sale 21/2 times greater than last June's lineup
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Bill Mah, The Edmonton Journal
; x K, W; _9 D6 z9 Y7 q5 qPublished: 1:33 am' z8 I2 U6 S) d5 Q* J- G! m3 D% B
EDMONTON - A record glut of Edmonton-area homes for sale shows no signs of shrinking soon.0 m7 u, U+ G) p% K, _
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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.9 X3 T7 m% f6 n6 d
4 w8 n: u( }9 q$ h! z, D! |: RThat'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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& u/ d4 m/ B- E+ u1 c! OGood 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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4 o$ T9 c! b7 w) b4 I" ^% u, b$ L9 l0 \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.4 l* z2 Q: P8 K* z* U0 e
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Despite 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.
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2 a# n0 t2 p3 p7 y# IIn 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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2 ~; s6 t9 k p* W6 V5 U/ ~8 pThe 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 $365,000, down 8.75 per cent year-over-year.. T$ Y# @; W& k; s
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The average selling price for condos was $260,837 in May, down nearly two per cent from the same month last year.
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Paul Messinger, a University of Alberta marketing professor, said the Edmonton real estate market appears to be following an economic model that says in times of high demand, prices get bid up rapidly.* e* g& A# X9 N0 B+ |* q$ ^: J$ R
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Prices are slower to drop when demand falls.
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# R1 s5 P" b. e6 v* E"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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1 l/ s6 ^) A8 f/ ]8 n- F"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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' Y+ H0 ]9 B$ Mhttp://www.canada.com/edmontonjo ... e-8b7d-c879e1aba77a8 E4 Y2 F b8 p1 \0 o1 W) e
. U$ n- s8 [( K+ b[ 本帖最后由 circle 于 2008-6-4 08:17 编辑 ] |
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