When pricing your property there is one statistic that is a must to look at: The ratio of expired listings versus new listings on the market. Sure it's important to look at how much inventory you have to compete against but you need to look at the daily dynamics.
If you have less new listings coming on the market than are selling the will be a decrease in supply. When the number of new listings exceeds the current sales there will be an increase in demand.
Its supply side economics and as we know an increase in supply can depress prices and a decrease in supply can increase prices.
The last two years with rapid swings in the market saw ratios range from nine to one hundred percent.
Over the long haul the ratio is usually 40% to 60% for both factors.
You may find the following charts interesting.
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