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MLS inventory hits 11,000
/ n6 H; {% o3 x$ ?+ E( |$ sRecord number of homes for sale 21/2 times greater than last June's lineup
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Bill Mah, The Edmonton Journal$ v$ Y7 e0 `$ A
Published: 1:33 am
) Y1 \8 g) B0 G. d5 ?" I- V' vEDMONTON - A record glut of Edmonton-area homes for sale shows no signs of shrinking soon.
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, l8 p7 p0 j: s1 U6 ?! H T) S3 L. @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.8 f! s' k$ I l% }
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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.. ^( M/ x3 t8 ?: L7 w* ^1 M8 C
, L+ J( N5 v* a1 w" z& E5 tGood news, if you're a buyer. For sellers, it means waiting an average of 53 days for a sale -- up one day from April.# R+ r* W+ \! ]% a2 U5 t
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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.* A. Q5 U! ]. h# r
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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.5 ^) x1 u5 L% G8 z) z \ G b
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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.
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/ {9 Q4 C+ r& g; J! _ z' p$ wDespite plummeting demand, prices have remained relatively stable.4 D9 E# r0 ]6 K% E7 B
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Perras forecasts home prices will rise by an average of four per cent by year's end.2 R# a# m) q( W `$ W
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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.
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/ Y N+ F) c3 j3 UThe May average selling price for a single-family dwelling was $383,167 -- down about 10 per cent from May last year.: s5 t- w( B# a" A# x+ v& u
1 m) E! Q4 T# k: r; R [; w! H9 xThe 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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5 B0 c; q* }) r- yThe average selling price for condos was $260,837 in May, down nearly two per cent from the same month last year.
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Paul Messinger, a University of Alberta marketing professor, said the Edmonton real estate market appears to be following an economic model that says in times of high demand, prices get bid up rapidly.$ V1 e& E2 D& e9 U0 y0 X, T
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Prices are slower to drop when demand falls.
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. o( I/ e/ ~) p( E) C"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.! L; a+ B+ ?* h1 H, B& q
- l5 o Q% A( z$ e& G 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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6 \. {8 b5 z+ `3 Ahttp://www.canada.com/edmontonjo ... e-8b7d-c879e1aba77a2 c* v% e6 x% I/ N' X+ Y
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[ 本帖最后由 circle 于 2008-6-4 08:17 编辑 ] |
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