It’s certainly true that expired listings are not sold, and often, these homeowners would still like to sell. It’s also true that some number of listings should expire without a sale. This is one of a couple of checks and balances that can keep prices in check. If everything listed could be sold there could be no balance.

It also appears that 2009 will produce the lowest number of expired listings in a decade. Here is the number of expired listings from the previous 10 years.

2000 – 2,086
2001 – 1,989
2002 – 1,336
2003 – 1,573
2004 – 1,666
2005 – 1,674
2006 – 1,236
2007 – 1,317
2008 – 1,914
2009 – 973 year-to-date.

If every listing that is scheduled to expire between now and December 31 actually fails to sell we would end the year with 1,182 expired listings, the lowest number in a decade.

If that isn’t enough of a reality check, consider that at this time last year there was an 8.3 month supply of residential property for sale in Saskatoon. Today, the total supply is 3.5 months. 2010 may bring some challenges with inventory but based on what’s been going on this year and the current momentum that the market is displaying my math is suggesting there’s more danger of a shortage than an oversupply.