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MLS inventory hits 11,000" Y+ S$ i( n. Y W' m5 M. ~
Record number of homes for sale 21/2 times greater than last June's lineup
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- ~$ t, b+ H! N" m& g9 tBill Mah, The Edmonton Journal
' \. d, D0 e) g( B+ T3 l: sPublished: 1:33 am% ^9 E' W4 E" p4 y9 F) k% b
EDMONTON - 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.: O7 g" U/ y7 E7 V m- m- |+ _
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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.( K; ?7 ~8 Y. w
3 J5 a- A2 _, r1 U& x' x' [: FGood 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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Perras 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.# u2 M# S& N: K
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In 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.2 Q+ B/ U; w- N7 }
8 Z& N" u) _4 ]( bDespite plummeting demand, prices have remained relatively stable.
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, ^% p- w0 L" o# f3 b3 hPerras forecasts home prices will rise by an average of four per cent by year's end.
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* z9 O2 ~2 { F6 vIn 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., \% h! z. K b3 Z5 H! _- n
( U, {# L! Y. P; t. T% \! jThe 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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& G! r H, m6 s3 T! o! A0 PThe 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.# }1 J; ^5 L2 S) H8 _
5 H+ g3 B/ s' L9 Y2 uThe average selling price for condos was $260,837 in May, down nearly two per cent from the same month last year.
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Paul Messinger, a University of Alberta marketing professor, said the Edmonton real estate market appears to be following an economic model that says in times of high demand, prices get bid up rapidly./ ]1 W# R0 f/ J0 B6 s) B' f
+ h" M/ `" e# {( e% {Prices are slower to drop when demand falls.
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"Now, when we are back closer to historical patterns, we see an adjustment where the slack is taken up not by price but by the inventory," Messinger said.
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"For years, Edmonton was one of the best real estate values in the country. Now we are much more in line with the rest of Canada in terms of price."
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http://www.canada.com/edmontonjo ... e-8b7d-c879e1aba77a$ M7 |7 ~/ I' l
5 V' _2 ^8 B6 c6 M[ 本帖最后由 circle 于 2008-6-4 08:17 编辑 ] |
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