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. "Expireds" are REALTOR liongo for 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 November 2005 to November of this year, the last full month with information available
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 November of this year there were 145 properties that have expired from the MLS. - Only 3 properties shy of doubling! ! !
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 99 this year - that's nearly triple!
So, now, let's break it down by zip code:
Zip Code: 92543 Last Year: 8 This Year: 22
Zip Code: 92544 Last Year: 19 This Year: 37
Zip Code: 92545 Last Year: 9 This Year: 40
Now, let's see how many homes have sold in the same periods...
Zip Code: 92543 Last Year: 18 This Year: 17
Zip Code: 92544 Last Year: 40 This Year: 42
Zip Code: 92545 Last Year: 47 This Year: 37
What this information means is that it is a Great Time to shop for a home!
NOTE: These figures do NOT include new home sales from the builder or homes sold directly without a REALTOR. Theses numbers are based on the MLS Service used by the Hemet-San Jacinto Board of Realtors.
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