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MLS inventory hits 11,000
$ A* W5 c, k& R% A! \' r, S& u# xRecord number of homes for sale 21/2 times greater than last June's lineup6 M2 R( h4 B b$ @1 O' O( r
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Bill Mah, The Edmonton Journal9 `) b( g$ C0 ^7 Q( R8 b
Published: 1:33 am2 W: v( l( u8 F% F, a% `. n: G
EDMONTON - A record glut of Edmonton-area homes for sale shows no signs of shrinking soon., G) G8 ^* w) L% @' X
m4 [ Q# | I2 iAt 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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3 k- e( S& N# W( GThat'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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, W) k( L0 l8 k3 O3 z# s8 c9 pGood news, if you're a buyer. For sellers, it means waiting an average of 53 days for a sale -- up one day from April.9 d9 R3 N- y8 Z2 C- A2 Q
\) v9 z/ e8 ]0 R, `% I! b"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.0 i0 y; f' S- {1 g! M; H0 |
& @: J0 Y) f% N6 R7 C% F ?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.( X ?3 M X. |! C1 C
3 L2 f' L# s& u: v7 M/ w" t; FIn 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.* i2 J+ e* @# {
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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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In May, the average (mean) price for all types of homes rose one per cent from April to $340,499. That price is down about four per cent from a year ago.6 O8 n! b4 p* U$ G) h* k1 A$ X
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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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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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( F2 e( F. m+ _7 bThe average selling price for condos was $260,837 in May, down nearly two per cent from the same month last year./ {: K1 ^* I7 p# I8 [; B! a
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Paul Messinger, a University of Alberta marketing professor, said the Edmonton real estate market appears to be following an economic model that says in times of high demand, prices get bid up rapidly.
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; ~8 ~% a: u6 z) NPrices are slower to drop when demand falls.9 v2 ?7 }* H( ?, Z/ z5 { ?5 g) ~
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"Now, when we are back closer to historical patterns, we see an adjustment where the slack is taken up not by price but by the inventory," Messinger said.
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+ E# u q4 Z+ t( g& C"For years, Edmonton was one of the best real estate values in the country. Now we are much more in line with the rest of Canada in terms of price."$ h E0 @( ~) N
$ R" J n T6 ^: j6 ^" W+ y; |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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