It used to be that one of the first questions I would get from buyers looking at properties was, "How long has it been on the market?" That was when DOM information was only available to Realtors.
Days On Market (DOM) data has been available for buyers for quite a while now, with CDOM a more recent addition. CDOM (Cumulative Days On Market) includes days on market for not only the current listing, but also listings that were cancelled or expired only to be re-listed in a short time. I think of CDOM as a more true indication of actual days on market.
I remember when it was a complicated process even for Realtors to find all the previous listings to get to the Cumulative Days On Market (CDOM). Before that information was readily available, it was very common for listings to be cancelled and relisted on a regular basis so they would show up as new listings and market time was always fairly short.
The newest addition to the DOM information is PDOM... Days On Market since Price change. With 39% of properties having a price change in the last 30 days it is relevant information for many listings.
All this data is useful when preparing to make an offer on a property. When a listing has been on the market a long time with no price drop, that can indicate the seller is not very negotiable on price... and a seller also isn't as likely to engage in big price negotiations right after a price drop.
Realtors are no longer the gatekeepers of information... but with so much information available it can become overwhelming and confusing. We can help with translation and understanding.
Sharlene Hensrud, RE/MAX Results -green Realtor