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MLS inventory hits 11,000
" c O! L% q6 ~; A8 g: rRecord number of homes for sale 21/2 times greater than last June's lineup
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Bill Mah, The Edmonton Journal; C, m! q/ m' ], w: a* O
Published: 1:33 am# P8 w& l& L# J7 @/ ~6 \
EDMONTON - A record glut of Edmonton-area homes for sale shows no signs of shrinking soon.: a. k9 y& K6 a7 l: r& `0 I! u
d, L9 X" l4 a4 E) T; j( j5 ~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.: \% o% Z- E& `. X* T V* W
2 s6 |! f' C6 j+ A* p/ zThat'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.' z% ?) o: G/ S1 }' d1 B) D
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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.# U8 H$ ~& z3 v" d& }4 W
5 h) q6 f& K* f0 ~; l! i"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.8 Y" J, h: b4 ^3 u2 F/ O% }
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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. }7 U- _" e0 _6 J( I% a- h
, N$ y; F$ k/ M# E2 M- M: MIn 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.1 _+ E* ]' y- r7 o* `7 }- P
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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.
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* l% w0 d. ^9 Y5 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.
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9 R* U( m8 |% V* n/ ]- \) [The May average selling price for a single-family dwelling was $383,167 -- down about 10 per cent from May last year.' Q' E S/ [9 \1 \6 v$ @
8 W# O) j, c5 qThe 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." G. D+ `) ~+ B/ R7 v
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The average selling price for condos was $260,837 in May, down nearly two per cent from the same month last year.
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* |: J6 b/ }8 k& b" N% b: qPaul Messinger, a University of Alberta marketing professor, said the Edmonton real estate market appears to be following an economic model that says in times of high demand, prices get bid up rapidly.
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: {: f6 P5 u) Z2 L! i/ i% X! W& ePrices are slower to drop when demand falls.4 b5 `/ c; V4 I5 N2 W/ \
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"Now, when we are back closer to historical patterns, we see an adjustment where the slack is taken up not by price but by the inventory," Messinger said.% J" d9 w1 J/ |4 `# z& ]9 P1 P
) `; _% N2 q; r; z"For years, Edmonton was one of the best real estate values in the country. Now we are much more in line with the rest of Canada in terms of price."+ c+ o3 D" ~/ P0 s; r9 C
1 a' o5 Z- Y chttp://www.canada.com/edmontonjo ... e-8b7d-c879e1aba77a$ f" ?# S6 a. h# o- A
+ I& l; I0 H" w: r. B[ 本帖最后由 circle 于 2008-6-4 08:17 编辑 ] |
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发表于 2008-6-4 07:10
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