First, 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.