Question: Why do I see different counts for the number of days a property has been listed for sale depending on the website I visit? What are the rules around agents resetting days on market?
Answer: Days on market is one of the most important data points when determining an appropriate offer:
- The longer a property has been on the market, the more likely a seller is to accept a reduced sale price
- Higher days on market = more leverage for buyers
- Sellers are most likely to fight for full asking price during the first couple of weeks
- You’re most likely to encounter multiple offers in the first week
The chart below shows the average sale price to original list price ratio based on the number of days a property has been on the market (100.00 = sold for full ask). On average, a property that sells in the first 10 days goes for above the asking price and after 30 days, the average seller takes a 4% reduction from the original asking price.
Days On Market – Property (DOMP)
DOMP is the number you want to focus on because it’s the number of days a property (based on the address) has been actively marketed for sale and it’s difficult to reset this number (see Resetting DOMP section).
Days On Market – MLS (DOMM)
DOMM is the number of days a listing has been actively marketed for sale. A listing is the individual record created by an agent to market a property for sale. It’s easy (and legal) for agents to reset this number as many times as they’d like by re-listing a property for sale. MRIS (see last week’s article for definition) makes it pretty easy for agents to do this and it’s common to see this action taken after a large price reduction because it gives the new listing more visibility to the public by, for example, popping back up in buyer’s automated searches as a new listing.
The only way to reset DOMP is to withdraw a property from the market for 90+ days. This is an MRIS rule and may be different in other markets outside of the MRIS coverage area (VA, DC, MD, and parts of WV, PA, and DE). It’s somewhat common for a seller who’s not in a rush to remove an unsold listing from the market before the winter and allow the DOMP count to reset prior to re-listing in the spring.
How Do You Know?
Be careful, most public-facing websites use DOMM because they track the number of days the listing, not the property, has been on the market. Most good real estate search websites offer a “property history” section where you can view previous sales, when it’s been listed, taken off market or had a price reduction. MRIS has data fields specifically for DOMM and DOMP so your agent can easily provide this information and if you receive listing information from your agent directly from MRIS, those data fields are easily viewable.
Understanding the impact days on market has on final sale price is critical for buyers and sellers to maximize their value. The impact varies by locality and by the type of housing, so it’s important to also understand your market.
Eli Tucker is a licensed Realtor in Virginia, Washington DC, and Maryland with Real Living At Home, 2420 Wilson Blvd #101 Arlington, VA 22201, (202) 518-8781.
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About Latinas Leading Tomorrow (LLT): Latinas Leading Tomorrow is a dynamic 501(c)(3) nonprofit organization dedicated to empowering young Latina women through education, mentorship, and leadership development. We are committed to fostering a community of future leaders who will make a significant impact to the community.
Job Description: We are seeking a passionate and dedicated Part-time Executive Director to lead our organization into its next phase of growth and impact. The ideal candidate will be a visionary leader who can oversee day-to-day operations, drive fundraising efforts, and cultivate relationships with stakeholders. This is a 1099 position; Remote position with ability to attend DMV events; 8-10 hours a week; $35-40/per hour.
Oversee program operations, including educational and community initiatives.
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Lead fundraising efforts in partnership with the Board Members.
Cultivate relationships with community partners, schools, educators, and donors.
Demonstrate strong leadership skills, fostering a positive organizational culture.
Communicate effectively with diverse stakeholders and make compelling public presentations.
Promote inclusivity and collaboration throughout the organization.
Children’s Weekday Program (CWP) is a non-profit preschool rooted in a play-based philosophy. We focus on developing a love of learning and exploration, cooperation, empathy, and independence.
Our caring and experienced educators create opportunities for children 16 months to 5 years old to play, learn, and grow in a nurturing environment of child-centered and developmentally appropriate experiences.
Initially established more than 50 years ago in South Arlington, CWP continues to be a lauded program in the Northern Virginia area. We are extremely proud to have been recognized as a Best Preschool in Northern Virginia Magazine for the last 4 years.
Located now in North Arlington at 2666 Military Road, CWP offers a part-time parents day out and preschool program with options to extend care both before and after school. We offer a supportive and inclusive school community for children and parents alike and welcome all families to join our school!
Holiday Art Show featuring artists: Peter Fitzgerald, Claire Plante, Alanna Rivera, and Suzy Scollon. At the Barcroft Community House, 800 South Buchanan St., Arlington, VA. Dec. 8 from, 2 PM to 8 PM and Dec. 9 from 10 AM to