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MLS inventory hits 11,000: [/ n. s, O# @% ?1 U( U0 n
Record number of homes for sale 21/2 times greater than last June's lineup
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$ W G# F3 d: A7 a2 y/ m; HBill Mah, The Edmonton Journal+ P$ E* C$ s1 I6 V
Published: 1:33 am( Z0 j& c8 h1 z& v; j* h7 T+ m
EDMONTON - A record glut of Edmonton-area homes for sale shows no signs of shrinking soon.# g9 x. v+ |3 p2 `/ ]/ @' @- \( C
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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.3 j9 {* N' A# F2 a" ^# |4 T
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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.. a: X# V& J9 F3 S. a
# k S) u1 p9 jGood 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.5 w1 A6 K2 Q& M# ]* k! j) l8 c
5 D4 W% \# p' M# nPerras 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.) N3 c- \% X3 k4 [1 M4 n# D$ K
9 B3 ^: |: h0 z: P6 bIn 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." o0 X2 W3 |2 h' m7 A( z8 f' ^0 T
$ s" p5 b' ?. y( X" V2 _% qDespite plummeting demand, prices have remained relatively stable.
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8 r3 k% G1 A O4 GPerras forecasts home prices will rise by an average of four per cent by year's end.% u) t; s% c. b7 _8 ~
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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.
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/ ]. k* @; q! [! S) B N" fThe May average selling price for a single-family dwelling was $383,167 -- down about 10 per cent from May last year.% m& ?% ~& ?* A6 J1 I, {( j
. _* O3 C( M6 V; r/ EThe median -- middle figure in a list of all sale prices -- selling price for a single-family home in May was $365,000, down 8.75 per cent year-over-year.6 j$ M5 ]1 O, m+ X, ~* @7 ~& d: I2 u
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The average selling price for condos was $260,837 in May, down nearly two per cent from the same month last year.5 c% z- n5 u& U) t' Y
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Paul Messinger, a University of Alberta marketing professor, said the Edmonton real estate market appears to be following an economic model that says in times of high demand, prices get bid up rapidly.2 S- G# U. J2 K9 h; w; J5 z
0 Z; c- v6 w# d& I3 d! `1 wPrices are slower to drop when demand falls.0 i2 s" s( S/ d# L* ?0 p
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"Now, when we are back closer to historical patterns, we see an adjustment where the slack is taken up not by price but by the inventory," Messinger said.
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"For years, Edmonton was one of the best real estate values in the country. Now we are much more in line with the rest of Canada in terms of price."4 @# |$ m" F# \" v
+ f& [3 Y- x+ X( L4 E) ghttp://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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