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MLS inventory hits 11,000
8 e8 S5 E. P) U7 LRecord number of homes for sale 21/2 times greater than last June's lineup l8 r* O4 V) C7 q0 _& Z& G- v
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Bill Mah, The Edmonton Journal
. C. _1 }0 h1 W& Q1 x+ j6 \/ ^. EPublished: 1:33 am
# o! ]) T) o( e8 wEDMONTON - 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.) X7 b" F# k8 W/ l! U% m( j- w8 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./ D, f1 o. r+ k v- _! X0 N4 S* G5 H
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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.. Y1 [! H6 C( G$ t$ ?5 a; _
! Q) i8 x- b7 Z# I( S& F2 h1 y$ x, R"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." z. K' H# p* T
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Perras 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.: A5 r8 s0 F. O, K2 J: z
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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.9 T) R0 m5 D' ^8 M4 o ^4 m1 h1 R
T! @8 l; K: F4 u/ ^% g$ w8 nDespite plummeting demand, prices have remained relatively stable.
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+ K: Y- S9 w5 I$ Z! MPerras forecasts home prices will rise by an average of four per cent by year's end.
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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.1 m0 r. `% Q5 `0 H: l
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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.
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& a' ?) h0 x1 B! ?, J% X9 T9 Z% C, C7 pThe 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 $260,837 in May, down nearly two per cent from the same month last year.
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9 {' @$ x# n% h3 G( x3 i2 ePaul 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.- Z/ z4 N5 `' Q
* U! w7 n* l* j2 D7 Q# W2 LPrices 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.
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1 K6 t$ m( P3 j* r: e9 |# V/ e6 T"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.": D Z) o3 m4 W6 [/ R9 B
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http://www.canada.com/edmontonjo ... e-8b7d-c879e1aba77a4 n9 T: _* s; o3 M2 u t j+ I
9 k! T5 l+ P0 O8 c5 |- ~[ 本帖最后由 circle 于 2008-6-4 08:17 编辑 ] |
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