As Dane County sales volume has decreased, the number of expired listings has increased significantly over the last 3 years.
The trend toward an increasing number of expired listings has been most significant in the local condo market. In 2004, 573 condo listings expired in Dane County. The number of expired listings has grown steadily since that time, topping out at 2,603 in 2007. In the 3 year stretch from 2004 to 2007 the number of expired Dane County condo listings increased by over 350%. Meanwhile, condo sales volume decreased by 4% over the same 3 year period.
A greater number of listings are also expiring in the Dane County single family home market. In 2004, 2,004 single family home listings expired in Dane County. That number grew to 4,506 expired listings in 2007 - an increase of 125%. During the same 3 year time period, single family home sales volume decreased by 15%. 
Although the Dane County real estate market has not experienced the dramatic price declines experienced by many other markets, the trend toward an increasing number of expired listings shows how competitive the market has become for sellers, especially those owning condos.
In our next post, we'll share how the listing success rate for Dane County homes and condos has changed over time. The listing success rate is a great metric for tracking the market because it measures the likelihood that the "average" home or condo listing will result in a successful closing.
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