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:
“My days are swifter than a runner; they flee away, they see no good. They go by like skiffs of reed, like an eagle swooping on the prey.”
—Bible: Hebrew, Job 9:25-26.
“... married women work and neglect their children because the duties of the homemaker become so depreciated that women feel compelled to take a job in order to hold the respect of the community. It is one thing if women work, as many of them must, to help support the family. It is quite another thing—it is destructive of woman’s freedom—if society forces her out of the home and into the labor market in order that she may respect herself and gain the respect of others.”
—Agnes E. Meyer (1887–1970)