How many days on the market?

photo credit: CraftyGoat

Days on Market (DOM) has been a statistic in much debate lately in the real estate world.  Potential buyers almost always ask "how long has this home been on the market?"  The assumption (real or perceived) is that if a home is on the market longer, the seller may be more eager to sell and willing to negotiate more. 

The Problem

The problem has been that Days on Market was not always an accurate statistic.  DOM is calculated how long the home has been in the MLS under the current MLS number.  So if the home was taken off the market and then relisted, the count started all over again at 1 day.  Even if the home was relisted with the same agent, the count started over.  This would force a buyers agent to manually look up the history of a property to determine how long the home was really on the market. 

The Solution

As a result, TrendMLS has introduced a new statistic to end the confusion.   Property Marketing Period(PMP) is now available on all reports printed out of the MLS.  This statistic tells you exactly how long a home has been marketed, regardless if it's been relisted or not.  As described by Trend - "PMP is calculated differently than DOM. For example, MLS #1234567 is listed for 10 days, withdrawn for 5 days then put back on the market as MLS #7654321 for 10 days before selling. The PMP is 20 days, while the DOM is 10 days for each MLS number. The difference is that the PMP counts the days from both MLS numbers."   So as long as the home is relisted within 30 days of coming off the market, this statistic will kick in!

So next time you ask "how long has this home been on the market" - make sure your agent provides the Property Marketing Period

Comments

[Property in Brazil]

This is the good solution to this problem. I was also experiencing the problem and that's better solution to me. Good work. It will help the people know the exact statistics about the real estate properties in the market.