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MLS inventory hits 11,000
7 B- e% p! G! }) C7 lRecord number of homes for sale 21/2 times greater than last June's lineup+ B. t% t5 E* c& u Y# S, v
$ W R2 U! [6 i; q1 P9 O3 iBill Mah, The Edmonton Journal1 A" Q" {! H; g3 z% h
Published: 1:33 am
" g6 C3 g( A8 \, [( M/ s0 k H4 ]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.: q& L% v8 p' x+ _4 n H" @4 V+ M
' P, A0 M8 G3 \& a/ NThat'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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, n5 H2 q; }* m9 Q( I& B7 W- nGood news, if you're a buyer. For sellers, it means waiting an average of 53 days for a sale -- up one day from April.4 ^) Y( O! ?/ J
4 D9 q8 A$ h: F& M2 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.( u! T& t& o7 v% P3 l8 Q
7 z5 J5 t3 Y- B& D9 {3 h9 r7 L. s7 {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." v0 G! f% |" |- \9 u+ f3 J5 p
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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.* p* k* G4 p7 P( R$ S1 d, C
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Despite plummeting demand, prices have remained relatively stable.
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Perras forecasts home prices will rise by an average of four per cent by year's end.1 S/ `$ Q7 L2 ]* }" t
* `2 @% Q1 C0 H- s$ B4 NIn 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 $383,167 -- down about 10 per cent from May last year.. }+ }2 V! k; k U) k1 z; b
! o* x% u. y3 h; d$ [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.6 p( {. k" s' l% d+ }
0 q# l; C2 b5 f+ L' Q+ IThe average selling price for condos was $260,837 in May, down nearly two per cent from the same month last year.; v1 g% E! J% q' ]. h* X8 t
0 ^0 q( \: A" }8 s3 }8 E' DPaul 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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- _ a2 y# C) W8 R1 C) S9 C( G, `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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. d; G2 @/ y5 d7 \4 ?( k( R"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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4 M& s. R/ e2 S' J[ 本帖最后由 circle 于 2008-6-4 08:17 编辑 ] |
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