Our real estate industry loves using acronyms and lingo as if our clients completely understand us. One area which is particularly confusing is the number of days a property has been on the market. For decades MLS’s only provided one number for us and that was the “days on market” or DOM as we call it. However, this number was recalculated every time a listing was taken off the market so the real “life of a listing” could be monkeyed with by the listing agents. In order to combat this problem and provide a true representation as to how long a property has been for sale, our Carolina Multiple Listing Services (Charlotte Regional REALTOR Association) now uses three different terms related to the time a property has been in the MLS : Days on Market, Cumulative Days on Market and List to Close.
Here is the definition of each of these terms: Continue reading