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MLS inventory hits 11,000
: m3 D2 {% z4 i; iRecord number of homes for sale 21/2 times greater than last June's lineup! A% z) ] p3 M2 R2 e1 c8 K' `+ a
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Bill Mah, The Edmonton Journal/ n8 ~8 d2 r! O2 N( E$ I
Published: 1:33 am" o$ h& x$ `) }' i
EDMONTON - A record glut of Edmonton-area homes for sale shows no signs of shrinking soon.. k6 F/ f# F7 _/ i6 t
3 V q2 C$ ~, \3 k9 R" s+ {At 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.; y: c+ S- h9 M$ ]) N& }* 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.( ]/ o4 C& m: P0 m- s
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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 w' ?+ H. }1 s1 Z5 W
' K) h/ x# O5 F. t7 }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." N" Z- J4 q8 K- h
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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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- t& J- n/ W3 E$ p; s& \Despite plummeting demand, prices have remained relatively stable.
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0 v) H) P8 [% D( V- t V2 APerras forecasts home prices will rise by an average of four per cent by year's end./ R' C# n" g7 W( l3 ~1 v; {
8 b# A Q ^7 ~! S8 D3 N% ?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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The median -- middle figure in a list of all sale prices -- selling price for a single-family home in May was $365,000, down 8.75 per cent year-over-year.( g l% x8 T$ _- p; u& G% }
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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.& q# p4 `( A" l6 y( v- n0 q
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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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"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-c879e1aba77a0 V; ^* i% a( _; p% j
0 c* p. C5 b6 J' O[ 本帖最后由 circle 于 2008-6-4 08:17 编辑 ] |
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