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MLS inventory hits 11,000
2 S# x9 m9 f, ~. C [ t8 V4 _Record number of homes for sale 21/2 times greater than last June's lineup
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$ s E+ B/ G/ U! I& O4 x4 eBill Mah, The Edmonton Journal
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! m8 z/ v1 g$ f$ n- xEDMONTON - A record glut of Edmonton-area homes for sale shows no signs of shrinking soon.4 r, W: o( a2 t9 k
) q$ B# i# ~( A1 jAt 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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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.
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9 H1 v1 p# J; Z& q6 T3 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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1 Y0 t& X- z: r5 e8 b"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.+ `9 }( s% D& \! i8 I( i; t4 B) S* v) i8 l
. ?- x& \2 L' d! [3 N* M JPerras 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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: N+ B' l x; n# d6 U8 `* ^; OIn 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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5 X; A. z0 Q$ L3 E( s$ h+ ^Despite plummeting demand, prices have remained relatively stable.: | G9 i# e% D8 Z3 ]/ |
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Perras forecasts home prices will rise by an average of four per cent by year's end.
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5 l* t- f. b5 b9 nIn 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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3 M6 `7 d7 Q8 g" kThe May average selling price for a single-family dwelling was $383,167 -- down about 10 per cent from May last year.- T# M A- F0 R
% }8 R7 E2 Y3 S. i- R4 @5 a8 aThe 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- u8 {! c- A. T; p5 BPaul 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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E" h; |7 q( p% lPrices are slower to drop when demand falls.# |9 H9 K) K* q
! _& i7 X1 f& k5 g2 p! C"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.* E+ ]7 D) F: H" ?
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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."9 \/ u+ S0 p- ]3 g
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http://www.canada.com/edmontonjo ... e-8b7d-c879e1aba77a4 Z* e0 M- S) S* W( a; _& K! i
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[ 本帖最后由 circle 于 2008-6-4 08:17 编辑 ] |
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