Days on market (DOM, alternatively Active Days on Market) is a measurement of 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.
Famous quotes containing the words days and/or market:
“In those days a decree went out from Emperor Augustus that all the world should be registered.”
—Bible: New Testament, Luke 2:1.
“I respect not his labors, his farm where everything has its price, who would carry the landscape, who would carry his God, to market, if he could get anything for him; who goes to market for his god as it is; on whose farm nothing grows free, whose fields bear no crops, whose meadows no flowers, whose trees no fruit, but dollars; who loves not the beauty of his fruits, whose fruits are not ripe for him till they are turned to dollars. Give me the poverty that enjoys true wealth.”
—Henry David Thoreau (1817–1862)