Can we really trust DOM?

By
Real Estate Agent with Real Living / Home Realty 29202

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!   

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Kentucky Daviess County Owensboro
Groups:
Realtors®
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Real Living Home Realty
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Rainmaker
116,666
Margo Currie
Exit 1 Stop Realty - Saint Augustine Beach, FL

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

Feb 07, 2011 12:28 PM #1
Rainmaker
665,850
Kathy Toth
Ann Arbor Market Center Keller Williams - Ann Arbor, MI
Ann Arbor Real Estate Experts - Kathy Toth Team

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

Feb 07, 2011 12:28 PM #2
Rainmaker
131,383
Karen Pannell
Real Living / Home Realty - Owensboro, KY
Owensboro KY Real Estate -270-903-2167 Homes, Cond

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.

Feb 07, 2011 12:33 PM #3
Rainmaker
109,455
Kim Darling
Keller Williams Westland Realty BRE# 01864461 - Fresno, CA
CRS,GRI, "Your Home Team" Fresno/Clovis Homes

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. 

Feb 07, 2011 12:42 PM #4
Rainmaker
460,375
Paul Walker
Equity Fifty Five Realty, LLC - Scott AFB, IL
Scott AFB IL Area Realtor

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.

Feb 07, 2011 12:55 PM #5
Rainmaker
131,383
Karen Pannell
Real Living / Home Realty - Owensboro, KY
Owensboro KY Real Estate -270-903-2167 Homes, Cond
Kim and Paul - thanks. I will check and see if we can't change this on our MLS
Feb 07, 2011 02:18 PM #6
Rainer
483,068
Chandler Real Estate Liz Harris, MBA
Liz Harris Realty - Chandler, AZ
#ChandlerRealEstateAgent

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.

Feb 07, 2011 03:43 PM #7
Rainmaker
131,383
Karen Pannell
Real Living / Home Realty - Owensboro, KY
Owensboro KY Real Estate -270-903-2167 Homes, Cond

Liz, Who is your MLS provider?

Feb 08, 2011 05:48 AM #8
Rainer
478,183
Not a real person
San Diego, CA

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.

Feb 08, 2011 01:11 PM #9
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Rainmaker
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Karen Pannell

Owensboro KY Real Estate -270-903-2167 Homes, Cond
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