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MLS inventory hits 11,000
1 r' Y/ s2 ]9 G) m @Record number of homes for sale 21/2 times greater than last June's lineup1 |) Q: }5 t& A- n& q
* |% c/ ~% M6 X" _- yBill Mah, The Edmonton Journal
( Z- j2 K% ]1 Y1 q7 k1 QPublished: 1:33 am9 B, L8 n; h0 X2 {0 A1 Z
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.& W4 P/ O* Q) ]+ @% W9 W8 O1 i
3 j; `1 D: X/ I' 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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Good 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.) d7 @' `4 Y$ @; P% C6 t
" J. {, Z7 ~$ W' r+ 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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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.# W8 d. O! d/ ^% F! G, v) V
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Perras forecasts home prices will rise by an average of four per cent by year's end.: N+ F" I2 D3 m* G6 y
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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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, ]1 m. A' e. F O( AThe May average selling price for a single-family dwelling was $383,167 -- down about 10 per cent from May last year.
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3 O% x2 t9 a. J: U) E/ H$ UThe median -- middle figure in a list of all sale prices -- selling price for a single-family home in May was $365,000, down 8.75 per cent year-over-year.7 \/ `$ C& U+ u M- U# y
0 }0 i3 H1 E6 D) b7 e0 ^The average selling price for condos was $260,837 in May, down nearly two per cent from the same month last year.
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Paul Messinger, a University of Alberta marketing professor, said the Edmonton real estate market appears to be following an economic model that says in times of high demand, prices get bid up rapidly.
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Prices are slower to drop when demand falls.0 b& g7 _: ^, U' c$ o% }) `
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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-c879e1aba77a5 d% L" v4 I0 d0 e. _: |" E j
) b3 Q4 g% |, y! @9 P$ q# [% g[ 本帖最后由 circle 于 2008-6-4 08:17 编辑 ] |
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发表于 2008-6-4 07:10
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