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MLS inventory hits 11,0001 `2 y5 J2 e+ l
Record number of homes for sale 21/2 times greater than last June's lineup% x1 D- I3 O: w* i
: ^! f9 { Z' I5 d3 \Bill Mah, The Edmonton Journal. A/ \& e) k1 B; S, b: r
Published: 1:33 am
) m% z0 x9 _5 }! I& f$ w& Q2 iEDMONTON - A record glut of Edmonton-area homes for sale shows no signs of shrinking soon.
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% x3 K8 a& q7 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.5 k# B* P) [. M
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That'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 V+ J; ?. J+ F9 o, s0 G2 a
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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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2 B* D7 A) G7 ]- y8 {"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.% L8 [' y' y: d8 K) \) l; m; J, r4 r
+ X# ]# L A' I: _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.
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: `* h+ P. K x0 w6 Y5 XDespite plummeting demand, prices have remained relatively stable.
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2 s& F( j$ e# [. L$ vPerras forecasts home prices will rise by an average of four per cent by year's end.: v! B' |5 X2 h: P. G
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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 [, x& O: C9 Z8 f2 j3 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.' ~9 Q6 d' d* _* u7 [! W
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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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The average selling price for condos was $260,837 in May, down nearly two per cent from the same month last year.
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$ h k; J. C3 WPaul 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.# O9 `2 G5 q* P L% G2 `/ R6 L
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Prices are slower to drop when demand falls.) }8 Y! ?% F) ~2 p1 K7 b! o' K
# T- B6 G4 E: h- |2 m"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.: O/ f- X4 ~8 `% k* q0 B
4 s) `; H* T2 T: [% I"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."7 G/ H* m! k- y+ X2 @
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http://www.canada.com/edmontonjo ... e-8b7d-c879e1aba77a
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9 k1 M) ^' U" w5 v( [% o% P9 {; T1 h" n2 J/ {[ 本帖最后由 circle 于 2008-6-4 08:17 编辑 ] |
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