I was doing a little poking around this morning to see what’s happening in the Sacramento real estate market (have clients considering a contingent offer from an out-of-town couple) and came across an interesting blog (http://www.sacramento-home.com/real-estate-events/2006/real-estate-market-in-sacramento-county_219.html). It seems that at least this area of California is feeling some of the market shift pains that we are. In this particular blog, the author cites the steep increase in “expireds”, or homes that failed to sell prior to expiration of the listing term, which got me curious about our San Diego expireds trend.
While I have known intuitively that the “failed to sell” category has grown as our market has adjusted, I was actually very surprised at what I found. According to the Sandicor MLS, a total of 3,050 listings expired in San Diego during the second quarter of this year (April – June), while only 564 expired during the same period last year, representing an increase of 440%! This is fairly consistent with the Sacramento experience of a 391% increase in expireds. Finally, our cancelled listings (the listings that flat-out gave up) increased almost 72% in the second quarter of this year versus last (2,459 versus 1,430). Wow, what a difference a year makes.