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MLS inventory hits 11,000. A& p: d9 {& r9 Q/ Z7 X
Record number of homes for sale 21/2 times greater than last June's lineup, e- H* W% A5 V
7 u6 v% E" B$ r3 rBill Mah, The Edmonton Journal
$ j9 T8 _! a) Q/ O0 _Published: 1:33 am6 j; ?1 q+ A) |9 b y6 m1 x
EDMONTON - A record glut of Edmonton-area homes for sale shows no signs of shrinking soon.
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( D9 l- m( b Y( @& w5 z( f) _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.# B- t2 e# G, u- ?7 @0 ?
9 Y5 v% z" `" ]3 [9 p" V' _# D' nThat'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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0 U. F- S, S& t% }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.$ a8 K2 i6 J0 ]+ K3 f2 o! a
& G3 l0 [( H5 m3 ~, O6 ~"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.3 n+ i+ X+ S7 P9 v6 i
7 M8 o& J( e/ J: X5 ]# W. GPerras 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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; V: N+ @* W- x" x6 _3 y, fIn 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.; J- Y8 e9 C9 m6 q& M! s/ M7 b
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Despite plummeting demand, prices have remained relatively stable.
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1 K3 A( k: O' ?7 V+ `Perras forecasts home prices will rise by an average of four per cent by year's end.
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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.6 T: I; F4 ^' B( V4 M
2 \) f% g/ A; q/ zThe 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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9 U- N- W% o ~1 SThe median -- middle figure in a list of all sale prices -- selling price for a single-family home in May was $365,000, down 8.75 per cent year-over-year.% V, U+ I3 _# Z. S6 W: B
, l3 s& h$ c3 R: f R" `The average selling price for condos was $260,837 in May, down nearly two per cent from the same month last year.0 f9 H$ w$ J8 y) Y! _
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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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7 N8 K& g: j$ k) m' g( Y& APrices are slower to drop when demand falls.
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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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, N; M3 c" c" b @% \, E1 D6 d7 Y$ qhttp://www.canada.com/edmontonjo ... e-8b7d-c879e1aba77a- G8 P. Q) T, `) W+ r* |
, Y; C3 t' b6 v! {# ?# \7 m; L+ V[ 本帖最后由 circle 于 2008-6-4 08:17 编辑 ] |
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