Difference Without a Distinction?

The most recent MLS tweak is a change to how market time is reported.

domPreviously, the acronym was “CDOM,” for Cumulative Days on Market; it reflected how long a given property was on the market since listing.

Shouldn’t That Be “DOMP??”

MLS still shows “CDOM,” but now it also displays something called “PDOM,” for “Days on Market at the Most Recent Price” (technically, I suppose, that makes the acronym “DOMP” — but I can see why MLS went with “PDOM” instead).

My take:  at least in the Twin Cities since mid-Summer, we’ve been in a transitional market where much of the activity is now about price reductions (“improvements,” in Realtor-speak) rather than new listings.

Zeroing Out the Odometer (Sort of)

It’s also the case that more Sellers whose homes aren’t selling are opting to do what’s called a “cancel-and-re-list,” which has the (temporary) effect of zeroing out odometerdays on market and vaulting the home to the top of MLS.

To track such activity (as well as now-lengthening market time), Buyers want more and better information about the listing history.

Makes sense to me . . .

P.S.:  As opposed to consumers, to Realtors the new acronym makes little difference:  if an agent wants to see a listing’s unabridged history on MLS, they just click on “History,” same as before.

See also, “C-SOAP” (It’s Probably Not What You Think”).

About the author

Ross Kaplan has 19+ years experience selling real estate all over the Twin Cities. He is also a 12-time consecutive "Super Real Estate Agent," as determined by Mpls. - St. Paul Magazine and Twin Cities Business Magazine. Prior to becoming a Realtor, Ross was an attorney (corporate law), CPA, and entrepreneur. He holds an economics degree from Stanford.

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