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MLS inventory hits 11,000* T4 y9 r- p% s' H. t4 l: S: n/ c
Record number of homes for sale 21/2 times greater than last June's lineup# ?8 G# |5 x* I% j
4 d# X) j) S! `+ ]( j( T6 |Bill Mah, The Edmonton Journal. V! G* ?; ]0 f: i" M* |3 \
Published: 1:33 am0 o% z3 ?( p+ c% T5 P- r
EDMONTON - A record glut of Edmonton-area homes for sale shows no signs of shrinking soon.2 j |5 R4 ^( b8 ~6 p
# u8 W% G8 K3 B2 z CAt 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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' @8 _$ |3 `) W: z0 K' Q/ uThat'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.5 B0 v4 X7 n' p) v3 A W
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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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# }0 s% [% [2 ^: E+ u"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.( I [' p v* x! @
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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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( l8 H7 _4 v; i, g, GIn 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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$ {7 s2 F1 k5 }8 k+ pDespite plummeting demand, prices have remained relatively stable.- F Q) X" T8 @) D1 G, E5 v2 I6 p# P
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Perras forecasts home prices will rise by an average of four per cent by year's end.7 E" C" \: G7 S' p) b) j7 k5 v; i
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In May, the average (mean) price for all types of homes rose one per cent from April to $340,499. That price is down about four per cent from a year ago.
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8 x) q! `# \$ t$ B2 ~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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8 \+ O5 z4 o" Y- j9 L; IThe 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.( t- m8 b# T- l
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The average selling price for condos was $260,837 in May, down nearly two per cent from the same month last year.
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( L$ q+ {9 A( y& A5 PPaul 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./ C! { T2 O& @& T4 J
0 ~4 n2 ?9 r4 e' Z! I. u" N' cPrices are slower to drop when demand falls.
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" W( c. O6 r. Q9 \0 t, s* k"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."& H; i0 e7 O. [$ X. s0 O1 `
K# e5 x( R2 shttp://www.canada.com/edmontonjo ... e-8b7d-c879e1aba77a. K- y: z5 z% a2 F) x+ V
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[ 本帖最后由 circle 于 2008-6-4 08:17 编辑 ] |
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