Days on Market (DOM) refers to the period of time a property is active on the Multiple Listings Service before a sold transaction occurs and the home sale becomes legally binding, with any stipulated conditions having been met by both the seller and buyer. Simply put: it’s a measure of how many days a home takes to sell.
Arguably the second most referred to real estate statistic, behind price, of course, days on the market is firmly eyed by run-of-the-mill buyers, veteran investors and industry insiders alike.
The faster properties sell (and the lower the DOM), is an indication housing is strong, supply is tight, and conditions are those of a seller’s market. Higher DOM tends to suggest a buyer’s market. As you see above chart, in Long Beach Ave. DOM is about 19 days. Please note this chart is for condominiums only. I love your comments, and please be sure to subscribe, as I add different real estate issue frequently.
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