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MLS inventory hits 11,0009 B4 h5 I% s- v7 q" P
Record number of homes for sale 21/2 times greater than last June's lineup6 r( F8 J6 b& x
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Bill Mah, The Edmonton Journal
- C* c7 q* [0 H2 Z& V7 Q; wPublished: 1:33 am$ I3 T5 d- z9 ?4 P5 ~3 o ~
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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0 b! ?- W4 |, t- n; P) ]( B7 x: AThat'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.0 D' J$ k& }3 `" h$ v
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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.% d' L/ X6 I9 c2 D+ V* v
. Z1 z8 Y, k& U- `5 l1 s"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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) o; L# |0 }5 qPerras 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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8 I" W$ M O, w- y/ PDespite plummeting demand, prices have remained relatively stable./ I) j# t* t, D, M$ R( [4 h# L
9 p& m, _$ u$ n& H4 \3 D6 KPerras forecasts home prices will rise by an average of four per cent by year's end." ], |# U% M( Y! |6 O; S
3 ^6 D9 w( ^' F; x$ q cIn May, the average (mean) price for all types of homes rose one per cent from April to $340,499. That price is down about four per cent from a year ago.. B# f( c ]) O3 s3 z
% I% e+ Y0 h$ ?# ~0 s' ^7 Y# hThe May average selling price for a single-family dwelling was $383,167 -- down about 10 per cent from May last year./ {) V! Y& [/ f7 U
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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 $365,000, down 8.75 per cent year-over-year.
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8 x( ?: J1 s+ w* L$ n$ U& ?0 PThe average selling price for condos was $260,837 in May, down nearly two per cent from the same month last year.' L3 a; u0 i9 j5 J$ x
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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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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.& Q# A" j9 @6 L1 m7 i7 ^* R, ~6 u' P
3 ~% o; l8 y. t# J"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."; C, H% c& O4 ^/ D
1 v z0 }2 U% \. z$ b6 O1 Bhttp://www.canada.com/edmontonjo ... e-8b7d-c879e1aba77a
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0 S5 }+ c- p/ l! H, O/ K, ?[ 本帖最后由 circle 于 2008-6-4 08:17 编辑 ] |
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