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MLS inventory hits 11,000
" R: \+ p& K& ^) y( Y @( PRecord number of homes for sale 21/2 times greater than last June's lineup
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Bill Mah, The Edmonton Journal, w3 f1 N$ ]/ c, u$ i
Published: 1:33 am
z# w3 u& n$ Y& P" z1 VEDMONTON - A record glut of Edmonton-area homes for sale shows no signs of shrinking soon.
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# r* P8 M$ z3 x' ^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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; f# F4 m. c j- m# T) f# wThat'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.3 f$ g/ B! @1 ?0 D+ {
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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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* m, |! z6 I( f* P0 \) A/ G"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.7 m; D; Q+ B! H; K5 y& y
- {' u3 M9 N2 C. DPerras 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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& D2 X3 K/ K1 d3 |. WIn 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." n5 j# |) m# |$ |0 h1 `
0 t9 Q6 Y; V# ?* a9 P# P! DDespite plummeting demand, prices have remained relatively stable.
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Perras forecasts home prices will rise by an average of four per cent by year's end.) A$ l/ Q7 x$ _4 N# L, g
0 {7 O' P; D% x6 ]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." m8 E4 i0 ^6 g0 v
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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.3 L/ _/ E: D0 V
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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.& R4 D n& ]/ Q# D: A
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The average selling price for condos was $260,837 in May, down nearly two per cent from the same month last year.9 T, D9 k" h) q( w8 k/ {- z8 J
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Paul Messinger, a University of Alberta marketing professor, said the Edmonton real estate market appears to be following an economic model that says in times of high demand, prices get bid up rapidly.
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4 Z3 l; o }2 ^Prices are slower to drop when demand falls.
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2 ?. \ D$ X/ ]0 h"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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% i! X% L- n1 E; E5 k/ H9 W7 ]* @. C" g/ U"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."
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/ L3 V* B6 X3 e( d' V8 y/ ihttp://www.canada.com/edmontonjo ... e-8b7d-c879e1aba77a# \! ~" o1 n0 D! p) U
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[ 本帖最后由 circle 于 2008-6-4 08:17 编辑 ] |
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