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MLS inventory hits 11,0007 n/ g3 V. r$ p; F; X
Record number of homes for sale 21/2 times greater than last June's lineup& Q9 n* z- O/ p e% c
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Bill Mah, The Edmonton Journal, z \4 ^4 d% H# E+ L" J
Published: 1:33 am
) H1 S' C/ C) w% CEDMONTON - A record glut of Edmonton-area homes for sale shows no signs of shrinking soon.
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+ L* S: z7 m- U5 E9 ~2 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.- d( M' ?& T& u* v0 @6 w$ D
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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.
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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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G; {! y3 H& _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.7 ]# q* d0 O, D- 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.
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! w- t! W" y5 K8 a9 I( VDespite plummeting demand, prices have remained relatively stable.2 F+ z2 H0 T. P8 a& p; P6 O
F$ O7 `$ h e0 u; j' hPerras forecasts home prices will rise by an average of four per cent by year's end., \9 V, C& S( u5 S
$ P, r! _( q( k8 I; e2 L& }# `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.- V, K3 v D7 e7 ^! o3 F
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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.
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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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Prices are slower to drop when demand falls.) c" _# x' h" @/ H
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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., y8 t0 K9 ]: M+ t# B' @
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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."5 b* w# a1 K9 K( [8 h' Y
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http://www.canada.com/edmontonjo ... e-8b7d-c879e1aba77a9 r0 l# w9 c/ Z0 Q- o' |
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[ 本帖最后由 circle 于 2008-6-4 08:17 编辑 ] |
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