Simple Real Estate Definitions: Average Days On Market
In the world of real estate, Days On Market is the number of days between when a home lists for sale and when it goes under contract.
It is often abbreviated as DOM.
Average Days on Market is a similar statistic but instead of applying to one home in particular, it applies to all homes in a given neighborhood, ZIP code, or city.
Average DOM is calculated by adding the number of days for which every listed home in an area was available for sale, and then dividing that number by the total number of listings.
In a buyer’s market, Average Days On Market is often elevated. This is because homes don’t sell as fast as during a seller’s market when the Average DOM can be quite low.
For buyers and sellers of real estate, Average Days On Market can be a strong indicator of home prices. When Average DOM falls, home prices tend to increase.
Tucson Mortgage Blog - Tyler Ford and Todd Abelson. Give us a call with your Tucson Mortgage Needs by calling 520-331-LEND.
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