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MLS inventory hits 11,000
, }6 f, e |, f6 w5 v4 a- VRecord number of homes for sale 21/2 times greater than last June's lineup+ v# o2 y5 [* {2 c
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Bill Mah, The Edmonton Journal
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4 ]1 o' \+ D0 b( l2 aEDMONTON - A record glut of Edmonton-area homes for sale shows no signs of shrinking soon.
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/ t, z0 W" a) ]4 oAt 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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# W& R) m7 j9 T" ~6 jThat'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.8 k5 O9 `5 I$ x
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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.& W9 a& y. E+ e1 F: k) o
+ \' x+ f2 V$ K0 t- J+ |! E$ M"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.. P8 _6 p; D! ~' F' k
' I7 O9 j* Y5 Y9 F6 {$ h8 Q% UPerras 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.1 o o/ @- m" z; V* S$ Y" U
9 d. S, O& J. MIn 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. G5 v5 I/ S. O& k9 D
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Despite plummeting demand, prices have remained relatively stable.
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6 k7 g7 k- u* P( H/ ~# } bPerras forecasts home prices will rise by an average of four per cent by year's end.5 W# y0 b# T: \6 }' X. J( t7 [
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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.* |# Y6 N7 z s5 Y& j6 J1 g3 I
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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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0 f4 b: V0 p4 E% UThe 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.0 [6 ~3 {8 P: V2 R# L
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The average selling price for condos was $260,837 in May, down nearly two per cent from the same month last year.
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Paul Messinger, a University of Alberta marketing professor, said the Edmonton real estate market appears to be following an economic model that says in times of high demand, prices get bid up rapidly.
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7 I+ r8 g- h- V) H( `! YPrices are slower to drop when demand falls.
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"Now, when we are back closer to historical patterns, we see an adjustment where the slack is taken up not by price but by the inventory," Messinger said.8 g1 T/ A/ D" p5 b" w6 j/ A2 {
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"For years, Edmonton was one of the best real estate values in the country. Now we are much more in line with the rest of Canada in terms of price.") \; j6 a$ V0 D, q& l+ E \
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http://www.canada.com/edmontonjo ... e-8b7d-c879e1aba77a
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[ 本帖最后由 circle 于 2008-6-4 08:17 编辑 ] |
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