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:
“There lived a sage in days of yore,
And he a handsome pigtail wore;
But wondered much, and sorrowed more,
Because it hung behind him.”
—Adelbert Von Chamisso (1781–1838)
“Talk of a divinity in man! Look at the teamster on the highway, wending to market by day or night; does any divinity stir within him? His highest duty to fodder and water his horses! What is his destiny to him compared with the shipping interests?”
—Henry David Thoreau (1817–1862)