Key Statistics: Not Just Price Which statistics are most important for getting a handle on the housing market? Certainly, trailing price changes are important. But, there are various such indices, and the best known ones (like Case-Shiller) track entire metro areas, not individual municipalities (let alone neighborhoods). It’s well and good that the Twin Cities...Read More
Hot New Listings on (& backing up to) Highwood Rd. in Lake Forest Neighborhood If the Twin Cities housing market gets any hotter — at least in some neighborhoods — the local Multiple Listing Service (“MLS”) is going to have to supplement its “Days on the Market” statistic with another one: “Hours on the Market.” That’s...Read More
Ten Days on the Market? Or One?!? The housing market this Spring — at least for some kinds of homes, in some Twin Cities neighborhoods — is even hotter and faster than most people realize. That’s because a key MLS statistic that purports to track market time in fact significantly overstates how long a particular...Read More
Parsing MLS Lingo One of the more confusing concepts on MLS is “Days on Market” vs. “CDOM” (Cumulative Days on Market) vs. “History.” Initially, it’s pretty straightforward: after 30 days on the market, a given listing’s “Days on Market” is . . . surprise! . . . 30; CDOM is 30; and “History” shows one...Read More
“So . . . How Long Has it Been on the Market??” First, a definition: “CDOM” stands for “Cumulative Days on the Market” — what non-Realtors call “market time.” As a prospective Home Seller (and their Realtor), it’s your friend on a new listing, neutral after perhaps 6-8 weeks on the market . . . and...Read More
“Name . . . That . . . Tune Market Time!!” I’d be terrible at “Name that Tune” (I’m tone-deaf and know next to nothing about contemporary music — or any other kind). If you blindfolded me, I couldn’t tell you if I was smelling a rose or rotten eggs (my sense of smell is worse than my musical aptitude). But if I went...Read More
