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MLS inventory hits 11,000* a& n) M ]# `" l l7 J
Record number of homes for sale 21/2 times greater than last June's lineup
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Bill Mah, The Edmonton Journal! _: v9 S. | ]
Published: 1:33 am
6 T& z+ \8 x- k3 BEDMONTON - A record glut of Edmonton-area homes for sale shows no signs of shrinking soon.2 Z& H; O0 l' N2 R2 g6 H
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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.# S6 c2 V5 Q0 ^' f% }+ K
) X, z+ `: B z' E4 pThat'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., [& \: D5 ], P, N
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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./ a5 J* }' |% C" G1 C1 \0 \/ m* n3 F
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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. o7 a9 j% N" W+ m
6 ^# I# g. D- [4 {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.- d4 M9 d6 Y, R6 V) Z
) w0 K- u6 \7 |5 @: bDespite plummeting demand, prices have remained relatively stable.
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3 c7 S# V: o" z1 z' h. YPerras forecasts home prices will rise by an average of four per cent by year's end.' E8 T& j/ S& h
& _# |6 @; }9 y/ zIn 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.' e) c4 `; P* I# m" [
) a/ X, X) M3 C9 k1 M% H' iThe 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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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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. y4 ?* b( H5 w) y; b) L5 u7 OThe average selling price for condos was $260,837 in May, down nearly two per cent from the same month last year.2 l7 k y! o$ n9 r1 @
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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.
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Prices are slower to drop when demand falls.6 K& s3 {* ^3 v/ X9 f! A
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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.9 s7 Z: [) w! S5 B7 b
0 B' w( S% X v, I* Q1 S; A"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."# X$ U" A* h: f1 Q; g
0 E, `" U7 `6 b, d1 P% Qhttp://www.canada.com/edmontonjo ... e-8b7d-c879e1aba77a
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7 Q; Z; p, h$ `# T) f0 g[ 本帖最后由 circle 于 2008-6-4 08:17 编辑 ] |
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