Days on market (DOM) data can easily mislead you. It’s not wrong, it’s just not the complete story.
The clock starts ticking once a house is listed as “active” in the Multiple Listing Service (MLS).
It displays the number of days a listing is “active” on the MLS before it is entered into “pending” status.
Pending status is when an offer has been accepted by the seller but the transaction is not yet closed.
Many agents refer to “average days on market,” which is derived by adding all the days on market of each listing and dividing by the number of listings. This is a good approximation but can be skewed by factors such as new construction taking a year to finish and throwing the “average” off.
In a buyer’s market the DOM are generally higher because inventory takes longer to sell.
In a seller’s market, the DOM are fewer.
Right now we’re in a seller’s market and as you’ll see the days on market is very short.
If you like this you’ll like Mike Hunter, the House Hunter as your Realtor even better. He knows the Sudbury market and has represented many happy Sudbury households to buy or sell for years. Please feel free to forward his profile to others you feel would benefit from his services.
Call Mike 978-580-1069 today.
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