Paying Attention to Days-on-Market (DOM)
When showing homes my buyers want the facts and ask how long a property has been on the market. The days on market do not always reflect the true story of the property. There could have been contracts that fell through do to financing, buyers could have gotten skittish and bailed or there could have been something that happened overall in the area such a extreme weather that stalled the market.
A good real estate agent should find out the history and report to the buyer. This can help in putting together a favorable offer to the seller. Please leave Roy Kelley a comment on his original post.
Paying Attention to Days-on-Market (DOM)
Prospective home buyers and home sellers often focus their attention on home prices, physical condition and appearance. However, they should also be checking the days-on-market. The following statistics show the median days-on-market (DOM) for homes sold in the various jurisdictions that are included in the Metro Area of Washington, DC. It is smart to ask your real estate professional about the days-on-market in communities of interest.
Days-on-Market (DOM)
At 42 days, the median days-on-market (DOM) was two weeks higher than last February, but only one day higher than the five-year February average of 41 days. February’s median DOM was three days lower than January’s 45-day level, which was the highest DOM reached since February 2012. With extremely tight supply, homes in Washington, DC continue to sell fastest, with half the homes selling in less than three weeks. Prince George’s County listings sold next fastest, with a median DOM of 30 days. The District was the only jurisdiction where DOM did not increase compared to February 2014.
Condos saw a 72.7% increase in DOM to 38 days, detached homes increased 54.3% to 54 days and townhomes showing a 24% increase to 31 days. The median days-on-market is now roughly back where it was in early 2012. In early 2013 and early 2014, DOM was lower and declined quickly through summer and rose later in the year. This year, however, the decline has so far been muted. If trends continue, the DC Metro area may not see DOM fall as sharply in March. – RealEstate Business Intelligence
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Realty Group Referrals
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