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MLS inventory hits 11,000- B4 X# d# j% n) U+ G3 q; j
Record number of homes for sale 21/2 times greater than last June's lineup
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$ r5 x, r' r& `! x+ t2 g# |Bill Mah, The Edmonton Journal2 x0 C) j1 J1 _) M. y$ e* O
Published: 1:33 am
! M& m9 f/ q3 v, k; {, e: rEDMONTON - A record glut of Edmonton-area homes for sale shows no signs of shrinking soon.3 I1 ?) p- ~/ ~! \, o1 E& v+ U
. k2 }& ?% U& ]7 }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.! o1 K7 k: {# p
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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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' b/ }) h3 b5 f* M" l"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.4 s% o) ?4 U0 V! B9 V, E
6 Z+ ^/ T# |! l9 g2 ^: [% d5 q$ o7 cPerras 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.% I5 j: Z% \8 F, Y/ ]* _
. K4 _' r% r# J6 A/ HIn 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.9 j8 r2 m- Z/ l* e5 a$ C1 Y1 X
* M, P. }! ~1 l4 WDespite plummeting demand, prices have remained relatively stable.& x! N: I6 \* I, W4 R" K
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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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- d* w7 t% ]$ G; _4 [# I 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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The May average selling price for a single-family dwelling was $383,167 -- down about 10 per cent from May last year.. G( q% m$ h) D2 N' I
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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.5 w* @5 `1 E" w, h& ~. R, w# {4 }
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The average selling price for condos was $260,837 in May, down nearly two per cent from the same month last year.
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Paul Messinger, a University of Alberta marketing professor, said the Edmonton real estate market appears to be following an economic model that says in times of high demand, prices get bid up rapidly.1 ~" Z x5 F- Y) A/ } ^
/ C4 c! f' m: X3 {3 z9 `8 VPrices are slower to drop when demand falls.' b; n1 s A; I. u5 M O
D. d: z2 o+ ["Now, when we are back closer to historical patterns, we see an adjustment where the slack is taken up not by price but by the inventory," Messinger said.
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0 i/ O3 J8 x- D$ _* r' y* I" o"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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; E, d. c4 Q# v- M9 l" \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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