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MLS inventory hits 11,0004 @5 k, i# V6 h3 w
Record number of homes for sale 21/2 times greater than last June's lineup& {# X# r+ h8 \0 w5 }3 ^
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Bill Mah, The Edmonton Journal3 [2 W$ S* E A+ S1 ]% v X
Published: 1:33 am
6 X4 b% }' n8 i! GEDMONTON - A record glut of Edmonton-area homes for sale shows no signs of shrinking soon.
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& g' Y4 b* d3 D# C1 a. fAt 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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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.& H6 M5 r8 a* o8 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.3 h+ h2 J/ {' c+ l( {! P# z
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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.3 }; c" A, C3 X' e _
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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.
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+ _5 ?% p( B5 c# cDespite plummeting demand, prices have remained relatively stable.
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8 H0 U+ B& D$ s8 u0 D9 F6 {" PPerras 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.0 E8 y- \1 s. ]- P/ x9 n
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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.
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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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The average selling price for condos was $260,837 in May, down nearly two per cent from the same month last year.3 ^) ~7 F$ H' h, N
. w. {6 z) m% UPaul 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.. m: K2 ~3 e6 b$ d& n/ R
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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.4 e: d/ h+ W1 F! p% ]. r
. c0 j' H# i3 \ C- w"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."& J9 r9 a' u M3 Y7 ^; U; E
& B) v s6 i5 A7 ~. w; S, rhttp://www.canada.com/edmontonjo ... e-8b7d-c879e1aba77a2 t" z! @* x/ n' `& Z* e/ {
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[ 本帖最后由 circle 于 2008-6-4 08:17 编辑 ] |
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