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MLS inventory hits 11,000) O5 _ I; B) q0 b2 n0 o7 _9 |) U( l! p
Record number of homes for sale 21/2 times greater than last June's lineup
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Bill Mah, The Edmonton Journal
/ R4 c/ d) I& Z% a1 nPublished: 1:33 am
- Z0 F0 R* N' m3 BEDMONTON - A record glut of Edmonton-area homes for sale shows no signs of shrinking soon.$ u2 H9 E( @# X
9 n. F. h& P; ~# g& H) E* nAt 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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% ]. k6 Y( |4 S$ ^; a* U- @% |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.* H, P( J) Q% T9 B6 d4 z9 N
( E( m+ ~: `/ ]: v" C. s/ O1 x7 `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.2 ]/ |, j2 [; f" f J
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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.5 q: n ^9 s9 D2 Z
5 I) W& [* Y$ F1 j# K1 @Despite plummeting demand, prices have remained relatively stable.
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1 ?" I5 w. S% ~5 \) I, K4 O' S& KPerras forecasts home prices will rise by an average of four per cent by year's end.
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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.7 h/ K( j1 J2 ^9 s! e! l
% X' l! ^, B. nThe 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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- B6 f8 w# o, x* i- [) D) RThe median -- middle figure in a list of all sale prices -- selling price for a single-family home in May was $365,000, down 8.75 per cent year-over-year.% t" G) O8 e& I% ~8 N, }
* I( F, i7 E+ U. K7 b$ [+ C8 @The average selling price for condos was $260,837 in May, down nearly two per cent from the same month last year.
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- M3 d- _7 _$ p( [5 x9 H. fPaul 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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Prices are slower to drop when demand falls.$ w+ B9 u7 K& V/ A5 {
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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.": f E% S7 g* Z: b! Y7 k
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http://www.canada.com/edmontonjo ... e-8b7d-c879e1aba77a8 L0 Y2 o! l. B- V# Z- O1 N7 L
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[ 本帖最后由 circle 于 2008-6-4 08:17 编辑 ] |
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