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MLS inventory hits 11,000! ^! W' a* n+ m# W, G7 N
Record number of homes for sale 21/2 times greater than last June's lineup9 F$ w9 _9 u/ Q
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Bill Mah, The Edmonton Journal1 d& e7 w3 H1 N( ]$ Y" Q7 M+ l
Published: 1:33 am+ W9 t& n* i! b& O# C$ Y
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.# S3 C0 G, Q5 J$ {) g& K
2 x" C. z" x) Y- jThat'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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! L! b* }1 D- m7 k2 JGood news, if you're a buyer. For sellers, it means waiting an average of 53 days for a sale -- up one day from April.5 ~9 F% t& g) V, y. D* E
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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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: ?, q! }4 e' b' F/ iPerras 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.$ A+ U# p2 E) s6 n5 a5 h0 }
( P' e [: b) b gIn 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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+ }. O4 }- G. ?2 b9 PDespite plummeting demand, prices have remained relatively stable.4 K1 I% v# m" }
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Perras forecasts home prices will rise by an average of four per cent by year's end.
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# w; `" Z7 u' M! s0 kIn 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., Y) e1 n( B& l: g4 k
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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.; ]9 s6 a" V3 C; a, v0 \6 b
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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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* @2 ]1 S. q* d9 D/ I# zThe average selling price for condos was $260,837 in May, down nearly two per cent from the same month last year.3 C# E, B+ x5 g% m p6 a5 N
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Paul Messinger, a University of Alberta marketing professor, said the Edmonton real estate market appears to be following an economic model that says in times of high demand, prices get bid up rapidly.
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, Z: t9 N' t" z& K, a/ J) E2 wPrices are slower to drop when demand falls.
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"Now, when we are back closer to historical patterns, we see an adjustment where the slack is taken up not by price but by the inventory," Messinger said.
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"For years, Edmonton was one of the best real estate values in the country. Now we are much more in line with the rest of Canada in terms of price."
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8 Y0 n$ x, N5 ~ I2 m: thttp://www.canada.com/edmontonjo ... e-8b7d-c879e1aba77a4 s4 C. H# t Q4 `9 v
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[ 本帖最后由 circle 于 2008-6-4 08:17 编辑 ] |
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