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MLS inventory hits 11,000
# Q4 f u) G6 IRecord number of homes for sale 21/2 times greater than last June's lineup
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Bill Mah, The Edmonton Journal( f" R, y% u+ Y6 k) m
Published: 1:33 am
+ J2 T: m, X0 u8 SEDMONTON - A record glut of Edmonton-area homes for sale shows no signs of shrinking soon.
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L' c1 \0 d3 ]8 x) P( v$ e, uAt 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.( H% e2 h* Z0 r
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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.# v8 l4 `. z/ Z: r
3 ?, o: {$ }( b8 vGood news, if you're a buyer. For sellers, it means waiting an average of 53 days for a sale -- up one day from April., q v4 ~8 ~5 z" @5 T" w- 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.
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$ x. ^3 u. E- l( ` j: N/ NPerras 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./ i4 D. q5 x! ?5 q$ k1 T4 p5 D
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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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Despite plummeting demand, prices have remained relatively stable.$ M+ P- ?' T- z
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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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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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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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7 b: D0 \9 f1 Q/ ~/ 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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The average selling price for condos was $260,837 in May, down nearly two per cent from the same month last year.
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Paul Messinger, a University of Alberta marketing professor, said the Edmonton real estate market appears to be following an economic model that says in times of high demand, prices get bid up rapidly.
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. y" d; W6 g. _( z- S, _Prices are slower to drop when demand falls.
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"Now, when we are back closer to historical patterns, we see an adjustment where the slack is taken up not by price but by the inventory," Messinger said.
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- l5 a6 @, Y; \7 I! y$ }: A( l( C; f! 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."
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http://www.canada.com/edmontonjo ... e-8b7d-c879e1aba77a- t$ G9 s; L2 T# r& @
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[ 本帖最后由 circle 于 2008-6-4 08:17 编辑 ] |
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