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MLS inventory hits 11,000
5 y+ x( J, j1 j, h3 J% QRecord number of homes for sale 21/2 times greater than last June's lineup' a3 i- b8 g8 U9 t t
) L4 j8 X$ K1 x, a6 C8 nBill Mah, The Edmonton Journal
1 B. B& H& I4 uPublished: 1:33 am
, n5 \( S1 z, N) m* w- p9 FEDMONTON - A record glut of Edmonton-area homes for sale shows no signs of shrinking soon.
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At 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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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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"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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* _( ~2 K/ _9 O" pPerras 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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! K( i( Z; V+ `, a2 }# d7 AIn 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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( b. j% x6 D% ^# yDespite plummeting demand, prices have remained relatively stable.
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* `: H/ S4 x' |! KPerras forecasts home prices will rise by an average of four per cent by year's end.0 F9 S$ U9 a9 g. E
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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 B2 H2 s b+ w8 H' ]/ ?4 {& x
" k4 A* b2 s5 ^2 J; {' LThe 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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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.! U5 l% n, [# o0 K1 n
# i2 G8 W M! Y8 t' tThe average selling price for condos was $260,837 in May, down nearly two per cent from the same month last year.5 b9 O; s* i5 h w0 W
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Paul Messinger, a University of Alberta marketing professor, said the Edmonton real estate market appears to be following an economic model that says in times of high demand, prices get bid up rapidly.' [3 }& A( c* M8 t; u( }. {
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Prices are slower to drop when demand falls.
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"Now, when we are back closer to historical patterns, we see an adjustment where the slack is taken up not by price but by the inventory," Messinger said.0 {- S2 _+ J K; V2 O* u7 g9 T
+ b9 [; k- ]6 o4 W; s. j2 Z"For years, Edmonton was one of the best real estate values in the country. Now we are much more in line with the rest of Canada in terms of price.": A2 N' r9 s5 y1 C/ x+ ^+ A
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http://www.canada.com/edmontonjo ... e-8b7d-c879e1aba77a
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8 c& G" K5 \* k7 q5 }$ { M; v[ 本帖最后由 circle 于 2008-6-4 08:17 编辑 ] |
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