Can we really trust DOM?

Owensboro, Ky Homes for sale, real estateFirst, you might be asking, "who is Dom?"  Sounds like some character from The Godfather, but relax.  DOM is actually an acronym for Days On Market as reported in most REALTOR Multiple Listing Services across the country.  But just like the Italian Stallion named Dom, you can't trust DOM either and here's why: 

· A note to the consumer about *Days on Market (DOM).  DOM is not always an accurate number.  The DOM number used for statistical purposes is the number of days the most recent listing agent had the property on the market before it sold and closed.  For example, lets say a seller  tried to sell his home for 395 days with one real estate company.  Once the listing expired, the seller decided to list with another company.  The house then sold and closed with the new company within ten days.  In this example, the DOM would be reported in our MLS as 10 days instead of 405 days.  Currently, in most upper end price points, the average DOM number will most likely be inaccurate.  This is also true for List price to Sales price ratio.  Using the previous example, let's say the home was originally listed for $1.3 million.  Later, when it was relisted with the different company, it was reduced to $950,000 and then sold for $850,000.  So, the list price to sales price ratio will be based on the $950,000 list price instead of $1.3 million.  Not all transactions follow this pattern, but you are probably starting to see how these numbers can be skewed.  Pulling reports from Zillow, Google, Trulia and other sites will not result in accurate info.  In order to get accurate stats, you need to get with a real estate professional who can pull the original numbers and get an accurate analysis. 

If you are wanting an accurate picture of the real estate market in Owensboro, KY, call me!  270-903-2167

Karen Pannell - All Things Real Estate in Owensboro, KY!   

 http://www.karenpannell.com

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Owensboro, Kentucky 42301

Comment balloon 9 commentsKaren Pannell • February 07 2011 08:25PM

Comments

In our MLS, you can plug in the address rather than the current MLS number to get previous DOM.

Posted by Margo Currie (Exit 1 Stop Realty) almost 8 years ago

Karen, Chicago land is cumulateive days on market; our Baord is like yours....but we can find the hisory....

Posted by Kathy Toth, Ann Arbor Real Estate Experts - Kathy Toth Team (Ann Arbor Market Center Keller Williams) almost 8 years ago

Margo & Kathy - I wish we had that feature for DOM and L/P to S/P.  At my previous board, we could search by address and then add up all the days from the history section.  However, this still does not solve the problem of the inaccuracy of the numbers being reported to NAR.

Posted by Karen Pannell, Owensboro KY Real Estate -270-903-2167 Homes, Cond (Real Living / Home Realty) almost 8 years ago

We changed to have two numbers on every every listing, DOM and CDOM, cumulative days on market. Agents were relisting the property to show it as new, so now that problem is solved. We also have history options to look at as well. The only way to get rid of CDOM and make it new is for it to be off the market for 60 days. We see homes that were trying to be sold as a short sale, then went to the bank and back on market with the CDOM showing because they are getting the listings before it's off the market for 60 days. 

Posted by Kim Darling, CRS,GRI, "Your Home Team" Fresno/Clovis Homes (Keller Williams Westland Realty BRE# 01864461) almost 8 years ago

Our mls is set up just like Kim's above. We show DOM and CDOM and it also takes the home being off the market for 60 days to reset the CDOM, no matter who they would re-list with prior to the 60 Days. We can also plug in the address to the MLS and it will show all of it's listing history that has ever happened in the MLS.

Posted by Paul Walker, Scott AFB IL Area Realtor (Equity Fifty Five Realty, LLC) almost 8 years ago
Kim and Paul - thanks. I will check and see if we can't change this on our MLS
Posted by Karen Pannell, Owensboro KY Real Estate -270-903-2167 Homes, Cond (Real Living / Home Realty) almost 8 years ago

With Arizona's MLS we can get a very detailed history which sort of tells the whole story. I always print that out along with the tax record which verifies the history of the property for the client.

Posted by Chandler Real Estate Liz Harris, MBA, #ChandlerRealEstateAgent (Liz Harris Realty) almost 8 years ago

Liz, Who is your MLS provider?

Posted by Karen Pannell, Owensboro KY Real Estate -270-903-2167 Homes, Cond (Real Living / Home Realty) almost 8 years ago

I think the MLS here has a 60-day feature so that if it is relisted within 60 days, it just continues DOM, regardless of the agent. We can also search by address and get a complete list of MLS documents back to the beginning of the computer MLS. It can come in very handy for we home inspectors.

Posted by Not a real person almost 8 years ago

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