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MLS inventory hits 11,000
% ]; a% z! ~5 pRecord number of homes for sale 21/2 times greater than last June's lineup
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2 E6 `% k( S0 c% d c* z5 {Bill Mah, The Edmonton Journal9 r; s4 s* z! Z: |5 @+ L
Published: 1:33 am# P3 j4 g B% V' y6 Q, ]
EDMONTON - A record glut of Edmonton-area homes for sale shows no signs of shrinking soon.
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r# y9 |3 R/ EAt 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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6 q$ C% M0 q& \0 I: C2 MThat'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.4 z1 d; m# R9 W* W0 d$ g
0 u+ d) Y5 b( R5 |/ e" }" RGood 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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]6 P. j% d9 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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7 Q1 O$ Y& H( [1 a8 k/ [7 VIn 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./ M- k$ s7 h) |5 C! ?# ?
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Perras forecasts home prices will rise by an average of four per cent by year's end.
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- R4 T3 s( i3 B( P0 z, MIn 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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& v: g7 r& w! E( [The May average selling price for a single-family dwelling was $383,167 -- down about 10 per cent from May last year., h. T$ s& h8 l) }
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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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% C! z8 f5 B& N6 j4 h" a, EThe average selling price for condos was $260,837 in May, down nearly two per cent from the same month last year.( {& q6 J. K; F! e4 f/ D
. X+ E4 q. s& ]( A! KPaul Messinger, a University of Alberta marketing professor, said the Edmonton real estate market appears to be following an economic model that says in times of high demand, prices get bid up rapidly.
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Prices are slower to drop when demand falls.8 N6 K) X1 g3 [" L. |2 k
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"Now, when we are back closer to historical patterns, we see an adjustment where the slack is taken up not by price but by the inventory," Messinger said.; v' ] `; H1 B$ B
4 l7 }! Q% L* h+ G* n$ f y; {+ u"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
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[ 本帖最后由 circle 于 2008-6-4 08:17 编辑 ] |
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