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Days on Market (DOM)
DOM is defined as the number of days from the date on which the property is listed for sale on the local brokers’ multiple-listing services (MLS) to the date when the seller has signed a contract for the sale of the property. DOM in real estate is important for both buyers and sellers. Homes typically generate the most interest when they’re new to the market. When buyers notice your home’s above-average DOM, they’ll wonder what’s wrong. The question typically has three answers: price, condition, or location. A high DOM can also lead buyers to think you’re unmotivated, stubborn or unavailable.
Median Sales Price
When selling or buying a home, the most useful information associated with Median Listing Price is the trend displayed in the graph. If the graph shows a downward trend, it means that sellers are dropping their prices in response to a softening market. A "soft" market is also referred to as a "cold" or "buyers" market. If Median Listing Price is trending down, it may take longer to sell a home and buyers may have more bargaining power. If Median Listing Price is trending up, the market may be "hot" and homes will likely be selling more quickly. Sellers will have the advantage when prices are going up.
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