I know in our hot market that well priced, well presented properties tend to go under contract VERY quickly - sometimes within the first day, depending on the price point.
I've shifted my thought process to check the "Hot Sheet", our local MLS term for new listings, virtually every change, from once a day to several times per day.
Why is this important for buyers and sellers?
A new home for buyers is an opportunity, a new listing for sellers is new competition. Example: a listing I'm bringing to the market required a price revision based on a new listing that had better systems (roof, HVAC) than mine.
It's important to keep on top of all the market nuances, and sometimes that means checking on the market activity much more frequently.
How often do you check your MLS's version of the "Hot Sheet"?