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MLS inventory hits 11,0003 Y! Q5 a# R9 {' |% ?2 @
Record number of homes for sale 21/2 times greater than last June's lineup
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Bill Mah, The Edmonton Journal) Q! L) Z" V/ c7 X8 c9 g. J! q
Published: 1:33 am7 [3 X# E2 m0 n) s/ L; @; z$ S
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.0 ]& Q& c/ v w6 i: C
- T7 E, ~6 Y1 s. XThat'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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! |2 {# c* x c' o, iGood news, if you're a buyer. For sellers, it means waiting an average of 53 days for a sale -- up one day from April.( l9 g/ J( h3 g3 Q
) F) w* x$ S( @8 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.
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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.
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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.+ U8 T" \& C! W) V
% @1 k* i, I2 {' g! ]6 f' ], h( ?Despite plummeting demand, prices have remained relatively stable.
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3 X& s5 E! z2 j; y( |& }! t( N$ `Perras forecasts home prices will rise by an average of four per cent by year's end.) }7 B& I+ U9 H; w' ?. k" w r1 X
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In May, the average (mean) price for all types of homes rose one per cent from April to $340,499. That price is down about four per cent from a year ago.0 E5 v$ h2 X1 I+ Y b% W- ]
Y; V' g n- h% ~8 N0 mThe May average selling price for a single-family dwelling was $383,167 -- down about 10 per cent from May last year.! n( f2 Q0 d; z
% ?+ p/ Z& _# m/ w! `8 @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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The average selling price for condos was $260,837 in May, down nearly two per cent from the same month last year., e w. ^# A" ^/ ~: {4 ~8 l/ |- j
( a8 m1 }4 |3 i% s- g: o. c9 DPaul Messinger, a University of Alberta marketing professor, said the Edmonton real estate market appears to be following an economic model that says in times of high demand, prices get bid up rapidly.
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Prices are slower to drop when demand falls.: K) L" n9 [" l! H; n9 J4 Q
6 I9 |# |) \: k) Y1 ^7 j+ O"Now, when we are back closer to historical patterns, we see an adjustment where the slack is taken up not by price but by the inventory," Messinger said.* P g9 N! [( k. F" v6 H
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"For years, Edmonton was one of the best real estate values in the country. Now we are much more in line with the rest of Canada in terms of price."
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http://www.canada.com/edmontonjo ... e-8b7d-c879e1aba77a6 I, u9 I3 i! G$ j3 n
- x# e0 o1 ?0 {4 p/ c, b[ 本帖最后由 circle 于 2008-6-4 08:17 编辑 ] |
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