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MLS inventory hits 11,000$ C! K! I* U, G6 O0 e" P
Record number of homes for sale 21/2 times greater than last June's lineup+ h w' N. Y1 G1 C0 y' n, {) r$ c
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Bill Mah, The Edmonton Journal4 ~1 r, ~9 e, @' {
Published: 1:33 am
1 ?2 {& X9 k' FEDMONTON - A record glut of Edmonton-area homes for sale shows no signs of shrinking soon.6 F$ `* ^# o5 ?8 ?
$ E: N# m' E4 y. U5 YAt 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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: f8 f' u# }7 t/ v C* a) VThat'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.0 }: }" p! \9 v* @- V# V
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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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7 }6 l( D: K1 J- H"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.& J% H$ i' t3 X- N
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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.& [0 ?% c3 P6 k, c2 E# W
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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.. Z8 }9 l5 V7 S: J1 t
9 ]( |8 E+ z. O9 [* y XDespite plummeting demand, prices have remained relatively stable.8 A& y& F k E4 m+ @8 d% Q- k
& P" K- s4 D% K5 X7 t6 D+ CPerras forecasts home prices will rise by an average of four per cent by year's end.! c5 r) V6 }* 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.
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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./ a3 @1 T u4 G8 K) w: U
+ Q' |; D6 a) Z9 S, k( l5 R3 QThe 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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. P, j L n3 e5 c( ^ ~- tThe average selling price for condos was $260,837 in May, down nearly two per cent from the same month last year.
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Paul Messinger, a University of Alberta marketing professor, said the Edmonton real estate market appears to be following an economic model that says in times of high demand, prices get bid up rapidly.+ R9 @$ P9 a' r2 E. c3 H
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Prices are slower to drop when demand falls.( R& a* n! ?5 C! T$ B4 Q- l
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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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s% [5 C, o2 p7 [( y: ^( i. u# `"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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2 c. z- @3 u/ F1 Z2 phttp://www.canada.com/edmontonjo ... e-8b7d-c879e1aba77a
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' v& }! `8 g% x: P" t[ 本帖最后由 circle 于 2008-6-4 08:17 编辑 ] |
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