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MLS inventory hits 11,000
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6 |% S9 G/ [6 c, gBill Mah, The Edmonton Journal
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0 ?% ~- G7 o0 m( P1 TEDMONTON - A record glut of Edmonton-area homes for sale shows no signs of shrinking soon.# k: O) m9 v6 ^
) N$ E2 T# _# f, I+ gAt 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.
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1 d7 `+ e) w) H6 |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.. ~9 t2 [+ Z& u, o. w
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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.0 J; l6 k: f. Z; b; _7 _
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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.
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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.3 p2 |( v" p) g2 A# N) h
' M6 f z" E+ c/ KDespite 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.
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' F4 Q& {/ p2 i4 H* Z4 k8 [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.9 }+ H' \' i! |( R- s" O) A( {
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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.5 j" G% z( k, r2 Y
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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.
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i* B# i9 h" A' L7 ~0 v8 pPaul 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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0 K9 n' Q8 Z, R8 FPrices 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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0 y+ ]6 f2 k' `; A+ w% A2 a' ~; [# fhttp://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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