Calculating days on market is simple if a house is listed, pending, then sold. If it is listed on the 1st, an offer is accepted five days later and then sold on the 30th, it was on the market five days.
If the buyer walks away on the 30th instead of closing the house goes back on the market. An offer is accepted five days later and is to close on the 30th. This time it does close. Days on market are 10 according to the current system RMLS and others employ. Makes sense. Or should it be 35 days? Or maybe 60?
We could calculate it based on the days that the property is not in contract (the current system). That’s the number of days the listing is Active under the current MLS number.
We could calculate based on the time it takes to get the last accepted offer (35 days in this scenario).
We could calculate based on the days the property is on the market until the seller gets paid (60 days).
Then we address relisting: each time a new MLS number is assigned, DOM reset. A property HAS to be relisted if it switches agents outside of the same company (most of the time they are relisted intercompany too). Should DOM reset with the new agent? They do now. Should the existing agent be able to relist an existing listing? If it expires in the system, it currently HAS to be relisted and DOM resets. If it is canceled, it can be relisted or changed back to active. If it is changed back to active, DOM do not reset.
A canceled or expired listing is free game; any agent can solicit that listing. A withdrawn listing is still under contract but is not being actively marketed. Reasons might include repairs the make showings impossible (we have a listing that is getting new flooring right now so is withdrawn) or the seller trying to decide whether to sell or hold the property, etc. Odds are a seller would accept a good offer during that time but is the house is not on the market, no. DOM stop and I think that is correct even though the sign is still in the yard.
Is DOM calculation broken? Is it worth fixing if it is? If you start a new system of calculating, we can’t compare the past with the new system.
I think we should calc it based on whatever gets the most $$$. I love seeing a home appear in a ‘new to market’ search when it just was taken off then placed back on…gotta love REALTORS!