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MLS inventory hits 11,000
; F( Y' ?6 s7 F D" sRecord number of homes for sale 21/2 times greater than last June's lineup0 {% V0 [6 G3 B z) {
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Bill Mah, The Edmonton Journal
" ]2 b4 J1 e. n0 J% g' xPublished: 1:33 am# F7 \ F! d5 O( m: X/ E* g
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.( X. A, @7 }- 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.. R) K3 f1 F* m" v
) o3 m K1 A2 Q2 W0 ~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.' X+ s6 g z" _ l2 `) c
2 `( p' M: K$ y8 V& _9 y"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./ O% z6 Q6 W8 @& Q- H/ r" M' a
- M5 b9 ~/ Y3 g% l. LPerras 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.2 S# {. r& p, l5 B! j1 M: I
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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.' a1 x$ M1 W; I- d. a
/ x% X8 T! j, i& T; y& h vDespite plummeting demand, prices have remained relatively stable.
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$ f; Q% w9 `: `: ]9 {Perras forecasts home prices will rise by an average of four per cent by year's end.
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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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3 j5 Z' R8 m! A; jThe May average selling price for a single-family dwelling was $383,167 -- down about 10 per cent from May last year.3 M, j; D% [; L* N! L- L& y: ]
' ^- z3 C: b0 ]1 hThe median -- middle figure in a list of all sale prices -- selling price for a single-family home in May was $365,000, down 8.75 per cent year-over-year.- Y1 a/ I' ?& [1 x* d
# g. B. ~) G$ q1 x u# @The 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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" H4 s& d( Z9 l5 m) N1 QPaul 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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' Y" s5 }8 ^) l1 I; f6 fPrices 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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6 \6 o: ?3 [% _2 ?8 x' m- Lhttp://www.canada.com/edmontonjo ... e-8b7d-c879e1aba77a0 F# C8 I6 P7 r! b2 G5 h, K7 g
' b: u) v' C8 \8 k/ f[ 本帖最后由 circle 于 2008-6-4 08:17 编辑 ] |
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