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MLS inventory hits 11,000
$ f# `! @ p( V: mRecord number of homes for sale 21/2 times greater than last June's lineup" ]+ V' J$ @5 J
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Bill Mah, The Edmonton Journal- B! L; H0 ]3 n
Published: 1:33 am) W9 s" h% h/ |/ F2 W; C: C
EDMONTON - A record glut of Edmonton-area homes for sale shows no signs of shrinking soon.3 N% C& T( B3 w/ C3 w
/ D9 b3 ~! H# D* BAt 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., U1 \. T c. x, E) x
" U7 Q; b! h9 `0 G. i( dThat'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.' Z2 s9 r% X+ t3 B& B
9 ~3 g$ f! R) J4 Y2 b" bGood 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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; P+ a3 y* m" R5 w7 T' Z"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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* h, Q$ x) g/ F: O* Q) B9 {: A2 v& UPerras 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.9 F# J. g5 [. @" Q* k0 H6 D9 X
- {2 a) X& h' \5 c& \7 d8 g, XIn 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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/ A" o* Z ?- y0 h4 H4 IDespite 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.' V& J# b7 ~8 M. ]8 \$ U" X
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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.
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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.* L. B0 Q* i- n) H5 L0 h
1 i- }) x2 D4 K+ ?/ ZThe average selling price for condos was $260,837 in May, down nearly two per cent from the same month last year.0 ^2 K1 U. ~" H8 R6 s9 g
& M+ D4 r6 S: NPaul Messinger, a University of Alberta marketing professor, said the Edmonton real estate market appears to be following an economic model that says in times of high demand, prices get bid up rapidly.
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& a4 }7 }0 e9 B, \" {1 DPrices are slower to drop when demand falls.9 H$ Y6 |$ M6 p9 X; U$ K
$ b0 N% f! i5 u: u. 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.$ m6 m" [: J! C( N* i; L: o
# ]) Q6 Y. ^" @" ~: E. l7 ]"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."9 y& ]: h$ A( v/ c t8 d# g# C
8 Z; \0 ?- O) t# rhttp://www.canada.com/edmontonjo ... e-8b7d-c879e1aba77a: o) }$ e. T9 `3 `& W5 l
6 \5 p, |1 C& @[ 本帖最后由 circle 于 2008-6-4 08:17 编辑 ] |
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