Days on market
Encyclopedia
Days on market alternatively Active Days on Market, is a real estate
term used to describe the age of a real estate listing. Typically, properties with a large DOM will command lower prices than a property with few DOMs because buyers perceive the property as over priced or less desirable. DOM is often used when developing a pricing strategy. DOM can also be used as a "thermometer
" to gauge the temperature of a housing market.
This statistic is as the definition says the Days on Market for the listing. This is not necessarily how long the house has been on the market. Depending on the rules of the multiple listing services (MLS) that is being used - if an owner switches real estate agents, the number is reset. There is also the sometimes considered unethical practice of "withdrawing" the listing before it expires and adding the listing again. This would also reset the DOM. However, good real estate agents (if the MLS allows) will research the properties MLS History and can tell more effectively how long the property has been on the market.
Therefore, when this statistic is used it is generally lower than actual.
Real estate
In general use, esp. North American, 'real estate' is taken to mean "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; an item of real property; buildings or...
term used to describe the age of a real estate listing. Typically, properties with a large DOM will command lower prices than a property with few DOMs because buyers perceive the property as over priced or less desirable. DOM is often used when developing a pricing strategy. DOM can also be used as a "thermometer
Thermometer
Developed during the 16th and 17th centuries, a thermometer is a device that measures temperature or temperature gradient using a variety of different principles. A thermometer has two important elements: the temperature sensor Developed during the 16th and 17th centuries, a thermometer (from the...
" to gauge the temperature of a housing market.
This statistic is as the definition says the Days on Market for the listing. This is not necessarily how long the house has been on the market. Depending on the rules of the multiple listing services (MLS) that is being used - if an owner switches real estate agents, the number is reset. There is also the sometimes considered unethical practice of "withdrawing" the listing before it expires and adding the listing again. This would also reset the DOM. However, good real estate agents (if the MLS allows) will research the properties MLS History and can tell more effectively how long the property has been on the market.
Therefore, when this statistic is used it is generally lower than actual.