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MLS inventory hits 11,000' N) E: y6 W6 c7 V6 o0 I; P
Record number of homes for sale 21/2 times greater than last June's lineup
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5 L3 Z$ M5 V9 b' NBill Mah, The Edmonton Journal3 w/ p! A8 p0 a: \4 w
Published: 1:33 am) k, v, k* j* e9 @9 t+ g
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.
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* O5 z# e. O$ ]' y. 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.# m: X* K/ G6 W: j, L
- @4 i* E7 }: S( l2 ]"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.7 j; H, c ^8 C) g2 E5 V
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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./ z; O, [) F0 ~" ~2 G4 C
8 Q; b6 M+ I, Q/ j) pIn 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.* Q/ N8 Q" Y8 x- U
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Perras forecasts home prices will rise by an average of four per cent by year's end.7 l5 a/ y/ z9 K% [- A( y1 B
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In May, the average (mean) price for all types of homes rose one per cent from April to $340,499. That price is down about four per cent from a year ago.' t3 Y8 I1 `$ L x9 t6 K
( ?; }, W( |" x8 ^$ U9 MThe May average selling price for a single-family dwelling was $383,167 -- down about 10 per cent from May last year./ j1 H' ?* X8 V4 _; _. ]
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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.2 O* O% O- Q5 T1 ]& M. I
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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./ k2 k1 D: y4 G/ m4 [
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Prices 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., H1 e( t4 P& d2 l2 h
9 N. _, R! v0 X2 H"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."; V* {6 G1 V; K2 H5 R
7 u& w: w6 Z# s9 Dhttp://www.canada.com/edmontonjo ... e-8b7d-c879e1aba77a
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[ 本帖最后由 circle 于 2008-6-4 08:17 编辑 ] |
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