Monday, November 20, 2006

Another Interesting Statistic…

Another Interesting Statistic…
Or More Listings Equals More Expireds!
By John Occhi

I was doing some work looking at some of the statistics for the Hemet Real Estate market and determined what ‘I knew to be true” is in reality a fact, that can be backed up with cold hard facts.

I have been looking at the Expired listings in Hemet, on the MLS. Expireds are properties that have been under contract and listed in the MLS with a REALTOR®. For a specific period of time – typically somewhere between 90 and 180 days, and the contract has expired without the property being sold.

Just to show you the significance of the numbers, for the sake of this article, I am comparing all 30 days of November 2005 to the first 20 days of November this year. I can guarantee that the numbers will shift more, highlighting the significance of the difference a year can make.

The first number I looked at was for all of Hemet. I looked at all 3 Hemet zip codes, 92543, 92544 & 02545. I also looked at all of the different classifications of property as a whole. These numbers not only include single family residences, but mobile homes, vacant land, commercial property and business opportunities are all included.

Last year, there were a total of 74 listings that expired during the month of November. In the first 20 days of November this year there have already been 123 properties that have expired from the MLS. – a 40% increase!

Next, I narrowed the search down to just the single family homes – in all 3 zip codes. Last November there were only 36 listings that expired compared to the 84 so far this year – that’s more than double!

So, now, let’s break it down by zip code:

Zip Code: 92543 Last Year: 8 This Year: 18
Zip Code: 92544 Last Year: 19 This Year: 34
Zip Code: 92545 Last Year: 9 This Year: 32


What this information means is that it is a Great Time to shop for a home!

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