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MLS inventory hits 11,000" q* s/ Z& J& ~( v$ V+ ]
Record number of homes for sale 21/2 times greater than last June's lineup* D7 Z/ i* B h
* E7 P$ g7 q ~ }, w' t2 EBill Mah, The Edmonton Journal: X6 q$ d9 A- l6 ^
Published: 1:33 am0 x% _4 y; i( v, l
EDMONTON - A record glut of Edmonton-area homes for sale shows no signs of shrinking soon.
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@) z& r+ y! J! 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.- V2 C* Q6 O, f) o1 o
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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.
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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., s% K3 l8 i3 F9 F& Q7 T. u' F6 c8 _
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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.4 I+ \7 j5 X. {, A
, v9 G+ B7 c/ o! vPerras 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.! B0 {* G: |% O( k4 j
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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.. L. F' Q* c7 n1 ~. I5 [- U( @; e
$ j/ X+ f" F8 M! u/ ]Despite plummeting demand, prices have remained relatively stable./ J, d( c; J5 u, w' ? Y; |4 a8 H
( X) {: i- o2 d, E9 c7 c+ Y7 ~Perras 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./ _2 ?2 s) Z( L& }
( v" o8 Q, ~9 B6 F+ iThe May average selling price for a single-family dwelling was $383,167 -- down about 10 per cent from May last year., E# W8 v t+ t- k: {
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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.& M" |4 h# F. ^& a! k2 i8 e0 Y
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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.
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3 |5 j4 l- n. s) ^. XPrices 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."- t7 o& i5 @6 Z2 X
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http://www.canada.com/edmontonjo ... e-8b7d-c879e1aba77a
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8 Q# W8 @0 J( p& H& o2 {[ 本帖最后由 circle 于 2008-6-4 08:17 编辑 ] |
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