Days on Market
Days on Market (DOM) refers to the number of consecutive days a property has been actively listed for sale on the Multiple Listing Service (MLS). This metric begins counting from the day the property is first listed and continues until it goes under contract or is withdrawn from the market. The count resets if a property is relisted after being withdrawn for a significant period.
Example
“The beautiful Victorian home had only 15 days on market before receiving multiple offers, indicating strong buyer demand in the neighborhood.”
Memory Tip
Think DOM like "dominate" - properties that dominate the market sell quickly with low DOM numbers.
Why It Matters
DOM helps buyers gauge market interest and negotiate pricing, as properties with high DOM counts may indicate overpricing or underlying issues. For sellers, understanding DOM trends in their area helps set realistic expectations and pricing strategies.
Common Misconception
Many people think DOM includes the time from contract to closing, but it only counts the days a property is actively marketed for sale.
In Practice
A home listed 45 days ago that just went under contract would show 45 DOM, signaling to buyers that the property may have been priced appropriately for current market conditions. If similar homes in the area typically sell within 30 days, this might prompt buyers to investigate why this property took longer.
Etymology
The term combines "days" from Old English "dæg" and "market" from Latin "mercatus," literally meaning the trading place where goods are sold, creating a measure of how long property has been available for sale.
Common Misspellings
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