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MLS inventory hits 11,0004 p2 V) C- u6 D/ d
Record number of homes for sale 21/2 times greater than last June's lineup
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Bill Mah, The Edmonton Journal
% a$ ?, d0 H# j- X: T! B2 iPublished: 1:33 am2 S: h6 s! b; G# \" m
EDMONTON - A record glut of Edmonton-area homes for sale shows no signs of shrinking soon." `3 ]& V, D* b+ V8 E% Z. B
) L- u& b+ ?8 f5 w2 }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., I" s3 @, w7 G' B+ Y
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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.; O4 g* ~. G8 q! B3 o
$ Q' {$ n- z: F7 q: H2 CGood 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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$ X$ S: z; n! c, e1 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.9 W" `" _6 o, i/ w" u
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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.( N# I" q( u8 X! B* J6 C& o) F( w
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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.) \' T! | x7 b3 m" E
5 ]5 t: Y- `( V* c; ~Despite plummeting demand, prices have remained relatively stable.
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l2 Z8 P* \/ E' s( pPerras forecasts home prices will rise by an average of four per cent by year's end.
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& y8 G1 W, o! M( u, z( e4 \" Q4 jIn 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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The 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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% y5 [" {4 T) x7 y8 U( f: ]The median -- middle figure in a list of all sale prices -- selling price for a single-family home in May was $365,000, down 8.75 per cent year-over-year.( d2 h* D3 F. o, n2 k( i2 w
. P, F$ w6 B; L! _' m* m& SThe average selling price for condos was $260,837 in May, down nearly two per cent from the same month last year.
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9 I. `* ?3 R' S6 MPaul Messinger, a University of Alberta marketing professor, said the Edmonton real estate market appears to be following an economic model that says in times of high demand, prices get bid up rapidly., @' a! T4 U& L
( R( d! w" N2 kPrices are slower to drop when demand falls.
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! c# [1 C4 T9 v"Now, when we are back closer to historical patterns, we see an adjustment where the slack is taken up not by price but by the inventory," Messinger said.+ I. N+ G O, g. y5 a
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"For years, Edmonton was one of the best real estate values in the country. Now we are much more in line with the rest of Canada in terms of price."7 V h$ ]' [& c
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http://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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