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MLS inventory hits 11,000
3 L6 U- d+ `) X" p. ?Record number of homes for sale 21/2 times greater than last June's lineup* b) z1 r$ R- H; ]' _
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Bill Mah, The Edmonton Journal
6 |) o7 E" l5 n) k' w7 c {' @Published: 1:33 am
# n p2 J0 L5 b, |# |. xEDMONTON - 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.: x& ^6 b, F6 U1 [. A
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That'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.# ^ R7 s- m; _6 L$ u6 G0 U
& ^$ v( R! I# C9 L/ P( JGood 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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! u: O) w& y, G) K6 `. H"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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$ R" {' L4 ]9 g- rPerras 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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, k/ a9 n M* G1 WIn 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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) b' q- s! f1 ?/ f" K+ v% RDespite plummeting demand, prices have remained relatively stable.. s; C4 S8 J1 L- D" }
I: `, Y; ?: n# b; \; m& r5 \5 }Perras forecasts home prices will rise by an average of four per cent by year's end.* L& P, t; t* \8 _
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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.& y4 w; i- Y: B4 r3 z& S1 h' x& `6 W
: ?0 p( Q. j, s P; ^. \The May average selling price for a single-family dwelling was $383,167 -- down about 10 per cent from May last year.; }& [3 U% {4 F* S
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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.
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. k& g/ I' F, S1 {" N7 HThe average selling price for condos was $260,837 in May, down nearly two per cent from the same month last year.6 R# H+ X1 Q1 V
0 G/ Y$ Z5 K1 @9 {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.7 ^( ?8 S3 z! `4 }% T- W$ ^
h4 N" v5 r5 ]4 k1 c( H! A$ tPrices are slower to drop when demand falls.
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i& {: ~# q5 d$ n9 K$ L"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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' [$ a* @7 K$ P5 q0 Ahttp://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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