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MLS inventory hits 11,0001 m' v, D' E' N8 C# n. A
Record number of homes for sale 21/2 times greater than last June's lineup5 S, Y4 T3 ]4 X x; G
" d2 d$ k- G% o; `7 d. IBill Mah, The Edmonton Journal( F+ E2 \' d+ E. u
Published: 1:33 am% Y! m1 b, Y+ H6 u+ R
EDMONTON - A record glut of Edmonton-area homes for sale shows no signs of shrinking soon.% d6 R4 f0 ]7 F
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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.$ V7 f! _: A/ k
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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.1 y7 r* D% B. }
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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.5 s' m: L: K9 \: a$ O
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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.8 w& `9 I% V1 V; z- s( u: t
) c. T( ?# ?$ K5 S& P4 g1 EDespite plummeting demand, prices have remained relatively stable.
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$ U0 w _% l! K0 JPerras forecasts home prices will rise by an average of four per cent by year's end.! ~7 X# a O7 o3 c
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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.) x# {0 W# m% R& w* F% C
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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 k& B4 `4 L8 S
4 ^* m- G' {* w ~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.
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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./ O% F3 j0 |- Z- y. `0 Q v! B
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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.; z3 X: \& k0 f; t# h2 x) [
( ]# M! M3 J; xPrices are slower to drop when demand falls.+ h& D' J8 l5 F) n0 b
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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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4 x; d9 ~7 N3 o/ Z! h; A# i- q"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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! A8 f" q4 }& T/ G3 L% h& Chttp://www.canada.com/edmontonjo ... e-8b7d-c879e1aba77a; L* {) ~* V* ?/ m# R/ _: }) W
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[ 本帖最后由 circle 于 2008-6-4 08:17 编辑 ] |
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