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MLS inventory hits 11,000
/ d4 g4 K5 f- f1 BRecord number of homes for sale 21/2 times greater than last June's lineup
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7 d$ u( U) A! D4 fBill Mah, The Edmonton Journal5 x+ n3 ~ t/ D2 M9 y" o4 s5 r
Published: 1:33 am
. W: ?" t# v8 _* m0 ?/ `( _: q* H3 rEDMONTON - A record glut of Edmonton-area homes for sale shows no signs of shrinking soon.& L4 i1 Q5 Z' Q: o% V( ~
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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.% r4 X" L4 J1 c2 N& M
6 D3 J2 a! w6 S8 x0 cThat'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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" P( @0 L7 S! AGood 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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7 u9 P5 u% C2 ~3 wPerras 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.# c1 H$ h" K# q/ w5 o' @' g X: U
5 \2 D2 P1 o2 m! L) [Despite plummeting demand, prices have remained relatively stable.4 Q/ b" f" r9 B6 ~! h7 \4 n
) N$ L' ]: g( D/ A0 Q+ ?$ V4 O( _ a1 [Perras forecasts home prices will rise by an average of four per cent by year's end.8 P6 J% {( V9 J C
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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.2 s/ w: r8 J- m' X
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The May average selling price for a single-family dwelling was $383,167 -- down about 10 per cent from May last year. ?$ v: q8 @7 Q
" S1 y4 S; M" S9 _/ D( s- [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.
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6 S& z/ w0 a* aThe average selling price for condos was $260,837 in May, down nearly two per cent from the same month last year.9 @3 q7 B! |$ g+ u2 U
) K6 p) M3 q/ `( d0 Q5 ?- {0 n gPaul 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.* b7 b7 m: z0 @* ~% ?- D
. J$ D* ]0 [' U"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.! o- M. n" v7 |9 j1 H
* x6 \2 t/ w" j3 o"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."1 c/ c9 x& |3 V( t3 x
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http://www.canada.com/edmontonjo ... e-8b7d-c879e1aba77a1 B% o `4 W" j- y6 J2 V
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[ 本帖最后由 circle 于 2008-6-4 08:17 编辑 ] |
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