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MLS inventory hits 11,000
8 w8 T" P2 J4 G7 l5 HRecord number of homes for sale 21/2 times greater than last June's lineup
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Bill Mah, The Edmonton Journal
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- Q, l/ i! }8 f" i2 uEDMONTON - A record glut of Edmonton-area homes for sale shows no signs of shrinking soon.% `" N5 u. `9 _& [
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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 i& p9 B4 Y# b$ e7 _6 a# {# o
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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.; Z. W Y. l- v% N7 i1 V6 l
1 T* v8 W* ~9 F( N5 x" e"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.# e5 `' t: ~% B5 C0 Z
; B; y9 a0 r- P: uPerras 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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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.
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: G8 Q( b* S! NDespite plummeting demand, prices have remained relatively stable./ `+ _, M/ A) r( d
! b# B/ S- [+ e5 T' ?Perras forecasts home prices will rise by an average of four per cent by year's end.) z2 G7 c# e- a0 U& B' O
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In May, the average (mean) price for all types of homes rose one per cent from April to $340,499. That price is down about four per cent from a year ago.7 J4 c+ e$ q/ i8 Q2 M, V8 y
) i6 @6 o! `+ T5 P. rThe 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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3 D. l; g2 X8 a4 f9 z/ `# i, YThe 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.# e ]/ V" S/ ? ~- x
% \) c. u) `0 j0 R* n3 U0 YThe average selling price for condos was $260,837 in May, down nearly two per cent from the same month last year.
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4 J' T1 q! ^! S4 L+ w0 z1 x. H6 y. K! tPaul Messinger, a University of Alberta marketing professor, said the Edmonton real estate market appears to be following an economic model that says in times of high demand, prices get bid up rapidly.
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Prices are slower to drop when demand falls.
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"Now, when we are back closer to historical patterns, we see an adjustment where the slack is taken up not by price but by the inventory," Messinger said.
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"For years, Edmonton was one of the best real estate values in the country. Now we are much more in line with the rest of Canada in terms of price."( C% b; X0 R2 Q I& v$ U9 z
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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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