It had been speculated that at the end of 2011 we would see an all-time record for real estate listing expirations. I really don't know if it was a record (since I couldn't find any historical data), but there sure were an awful lot of expirations. Considering 2011 was almost as a bad a year as 2010 for real estate sales (the worst year for real estate sales the last 10 years), this would make a lot of sense.Here are some numbers as of last night for property listings within the City of Calgary:
- There were 610 property listings expired in the last 2 days (15.1% of the Active Listings)
- There were 677 property listings expired in the last 7 days (16.7% of the Active Listings)
- Additionally, 119 property listings had their expiration dates changed. (Presumably extended)
Generally, there are a lot of properties taken off the market in mid-December (just prior to the holiday season) but this year the magic date seemed to be December 31.
What do you think of these numbers?
Are Sellers going to bring all those homes back onto the market in January? I really don't think we're going to see appreciably more buyers than normal out this January, so that would drive us further into a Buyer's market and possibly cause another dip in asking prices as Sellers try to make their home stand out amongst their competition. The last few years have seen well below that "normal" amount of activity in sale (chart of the 10-year trend to follow).
It's truly the Law of Supply and Demand in action!
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