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MLS inventory hits 11,0004 Y" E) ^! d) [; }1 { r
Record number of homes for sale 21/2 times greater than last June's lineup
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: _' c6 K1 Y# i/ o: w ~/ HBill Mah, The Edmonton Journal
& f" \$ d9 [ {' _9 I$ H) xPublished: 1:33 am
+ A' h' a1 J1 g+ b6 E) `EDMONTON - A record glut of Edmonton-area homes for sale shows no signs of shrinking soon.5 J& I6 X4 c3 T# K# H# T2 A, b
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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.: m: g b2 D; K: c& P+ ^& A) F
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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.
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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.
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: K4 l% T: _8 n; UPerras 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.: `$ `1 c {9 |* W. h
; X4 t+ x+ B6 X- z8 T$ ~$ QPerras forecasts home prices will rise by an average of four per cent by year's end.
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/ \! e% {* z- z* v9 }6 XIn 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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The May average selling price for a single-family dwelling was $383,167 -- down about 10 per cent from May last year.6 ]$ I0 y: I( v
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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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The average selling price for condos was $260,837 in May, down nearly two per cent from the same month last year.
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# S3 {( D9 c, z. g4 i! qPaul Messinger, a University of Alberta marketing professor, said the Edmonton real estate market appears to be following an economic model that says in times of high demand, prices get bid up rapidly.
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2 g* K' i) i! e bPrices are slower to drop when demand falls.
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* v/ C! A: u' g, j9 l% w"Now, when we are back closer to historical patterns, we see an adjustment where the slack is taken up not by price but by the inventory," Messinger said.
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2 C0 a, b& H/ C- l$ I% b"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-c879e1aba77a+ s- W! Y0 {% t% n, a8 k
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[ 本帖最后由 circle 于 2008-6-4 08:17 编辑 ] |
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