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MLS inventory hits 11,0002 ~4 [6 p) @2 o7 d0 w+ y( ?: O
Record number of homes for sale 21/2 times greater than last June's lineup
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5 T& q0 V1 t. U! V; Y. ^6 a1 `Bill Mah, The Edmonton Journal
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EDMONTON - A record glut of Edmonton-area homes for sale shows no signs of shrinking soon.2 ^8 _9 T9 U5 f
- v& S7 j. ~" u/ K$ ^- k: PAt 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.1 {+ V% e d9 w) ^/ b: C
7 |0 [6 m, L1 k6 b* |, L( y3 AThat'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.. t5 \% l. p8 G
( v6 t1 F+ B! `' xGood 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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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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1 o* ^9 I1 l$ B+ w/ t+ LIn 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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& u# r, ]; q- r! nDespite plummeting demand, prices have remained relatively stable.& T6 T* R# t7 v7 m+ A4 _ u
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Perras forecasts home prices will rise by an average of four per cent by year's end.) H2 l$ n. r: i8 V5 h J
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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 Y h/ Y# u& d" v# V) a9 b
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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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& t& G9 M; [" O- w3 X2 [* [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 $260,837 in May, down nearly two per cent from the same month last year.
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Paul Messinger, a University of Alberta marketing professor, said the Edmonton real estate market appears to be following an economic model that says in times of high demand, prices get bid up rapidly.+ g0 S- r5 ?! K! z! A8 b) R7 B
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Prices are slower to drop when demand falls." R; _5 F$ G9 k
# V! z. J) z: g7 W. z* S"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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"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."+ A7 p6 e* r$ i8 }: h% F
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http://www.canada.com/edmontonjo ... e-8b7d-c879e1aba77a) ~4 T, U; n9 ^
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[ 本帖最后由 circle 于 2008-6-4 08:17 编辑 ] |
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