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MLS inventory hits 11,000" N; R' E' v! U5 A8 C2 j
Record number of homes for sale 21/2 times greater than last June's lineup( @. Z2 y' j$ c% A
) T6 q5 F! j) g* F( @% @Bill Mah, The Edmonton Journal0 Z5 O3 U5 A7 _$ A: d8 j
Published: 1:33 am% l: g4 ]8 @$ Q1 W, G* [
EDMONTON - A record glut of Edmonton-area homes for sale shows no signs of shrinking soon.: e+ \" S* y7 J9 i
) ~8 k- K( U$ _: e, Q7 ZAt 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.% e7 @+ N4 U- M& b/ s& x) X
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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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2 N2 y0 H. z7 ^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.: @# U7 @& [& x+ A3 A( t' D" `! n2 L6 s
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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& Q" m7 p" a, Z" I
: \2 R4 {# q$ h; QIn 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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7 x9 j- D7 K2 q" \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.$ O" R1 F" }" x% [) P% M3 ]2 ~
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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.+ z/ [; t/ m9 h. X) \: ?
3 }2 H, D' Z6 X4 d4 sThe 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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: n, w! O4 n+ `- o0 iThe 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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h k1 G2 u- {9 FThe average selling price for condos was $260,837 in May, down nearly two per cent from the same month last year.) c: c& Z& {: a2 _
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Paul Messinger, a University of Alberta marketing professor, said the Edmonton real estate market appears to be following an economic model that says in times of high demand, prices get bid up rapidly.4 s& N* X0 |- J/ k9 ^8 K9 F. U0 f
" ^, d; d2 T6 u* l, E) E, KPrices are slower to drop when demand falls.. b1 v8 d' c8 a0 d! k2 L( ^
# B# ~: G. a& u, u"Now, when we are back closer to historical patterns, we see an adjustment where the slack is taken up not by price but by the inventory," Messinger said.3 Z, `+ t% n) [4 V) i0 _/ H
) _/ ^& B2 y9 o; Y& p"For years, Edmonton was one of the best real estate values in the country. Now we are much more in line with the rest of Canada in terms of price."$ i4 t2 M9 [7 d9 b8 t9 j$ y
- P8 {9 b4 b. k5 s( m# ]! C' Ohttp://www.canada.com/edmontonjo ... e-8b7d-c879e1aba77a! B: i2 D1 e: A" [7 d& y
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[ 本帖最后由 circle 于 2008-6-4 08:17 编辑 ] |
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