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MLS inventory hits 11,000# _! u* [' c5 [+ f6 \
Record number of homes for sale 21/2 times greater than last June's lineup
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+ E9 S" Z# U6 o) M6 Y' \ S4 O8 mBill Mah, The Edmonton Journal% R+ }, {& p( i7 i3 r
Published: 1:33 am4 R% N1 G: J ^3 V! [2 X; c4 _
EDMONTON - A record glut of Edmonton-area homes for sale shows no signs of shrinking soon.4 C0 Z$ W/ C+ [( N6 x7 b% b3 D
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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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$ S4 E$ N4 e* f) OThat'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., ~4 `" q8 M# [1 L4 C9 j5 m
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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." g5 L+ e& L/ D! _' 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.. A! @1 `9 v0 M. `9 a8 q; P
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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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Despite plummeting demand, prices have remained relatively stable.& t8 l' N+ D" l; w! d 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.; M) F. @! b8 l% k7 G- T
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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.) _( ?" o K7 I7 C+ T8 |
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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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; @% Q# [6 \4 D2 L5 D; _The average selling price for condos was $260,837 in May, down nearly two per cent from the same month last year.
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Paul Messinger, a University of Alberta marketing professor, said the Edmonton real estate market appears to be following an economic model that says in times of high demand, prices get bid up rapidly.
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Prices are slower to drop when demand falls.
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"Now, when we are back closer to historical patterns, we see an adjustment where the slack is taken up not by price but by the inventory," Messinger said.- E* u; n7 c/ D: m% u
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"For years, Edmonton was one of the best real estate values in the country. Now we are much more in line with the rest of Canada in terms of price."
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9 T! I/ v% ]3 V1 @1 {http://www.canada.com/edmontonjo ... e-8b7d-c879e1aba77a: }$ I. _( [+ \' ]) H
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[ 本帖最后由 circle 于 2008-6-4 08:17 编辑 ] |
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