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MLS inventory hits 11,000# p9 e1 G# u+ x& @( I
Record number of homes for sale 21/2 times greater than last June's lineup D ^! @; ^0 I5 Z
# X3 Y4 ]: K- c& E$ v; M& a5 gBill Mah, The Edmonton Journal
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3 F2 C/ o, ?( R7 n) \0 dEDMONTON - A record glut of Edmonton-area homes for sale shows no signs of shrinking soon.7 H0 }6 n( @2 k# x. r
$ V( @$ L) I6 }6 PAt 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.9 q* R6 y/ G- H4 A: Z
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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.& B) T: U8 J6 @, f, O
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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.
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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.( i% E/ {; F: t' y8 q R
; u; R$ M6 R) K1 S9 ]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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Despite plummeting demand, prices have remained relatively stable.4 E1 h; v2 x) V0 \# U1 n
/ K7 G3 S) J; E4 g0 n! ^" d2 [Perras forecasts home prices will rise by an average of four per cent by year's end.2 L$ r4 \" G4 X, v/ L6 Y
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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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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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# p/ {) d, a# PThe 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.7 |, J4 A. I# C4 x1 E- }9 @
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The average selling price for condos was $260,837 in May, down nearly two per cent from the same month last year.; W( R# f1 r+ t% c
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Paul Messinger, a University of Alberta marketing professor, said the Edmonton real estate market appears to be following an economic model that says in times of high demand, prices get bid up rapidly.$ H- V" S2 l- P- ~
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Prices are slower to drop when demand falls.* N( ^5 B+ ^5 F% t W$ r( D: m
% w; r% H, m, j. C7 |"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.) P8 R) B3 A$ b/ m/ `: k8 d. F
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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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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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