DOM, or Days on Market, is a helpful gauge as to the health of the real estate market. The average DOM for residential solds in Davis for 2008 is 71, per MetroList MLS. In 2007, solds from Jan 1 through April 29 averaged a nearly identical 70 DOM. In 2006, the figure for the same dates was an incrediblely brisk 11 DOM. By comparison, the Woodland DOM for solds in 2008 YTD is 92. It was 92 last year at this time and a microscopic DOM of 8 in 2006 YTD.
DOM can range from 0 days to a year-plus. Most importantly, even though the average DOM has swelled since the housing bull market, 37% of all closed residential sales in 2008 sold within 30 days. (The figure was 48% in 2007 and 88% in 2006.) Even in a tepid market, if your home is priced correctly, presents well, is marketed properly, and you or your tenants are flexible for showings, it very likely will receive a strong offer in the first 30 days on the market. Pricing is the key, of course, but the other intangibles certainly increase the probability of success.
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