As of today, we have two Days On Market details in the TMLS:
“LADOM” and “CDOM.”
LADOM is for “Listing-Days-On-Market” and will tell us how many days that specific MLS number has been Active.
CDOM is for “Cumulative-Days-On-Market” and will tell us how many days that specific property has been Active, across all its MLS numbers. Buyers routinely ask for DOM when considering the Sellers’ level of motivation. Accurate information will help them.
So, if relisting is done with a new agent, CDOM reflect the entire time that it has been on the market. And if pulled and relisted by the same agent to “freshen” the listing, CDOM will give an accurate number. Yes, we have been able to calculate the CDOM, but now we will have it right in the Agent information on the listing.
A benefit for the Home Seller? We have had a ton of listings Withdrawn from Market and re-entered as New Listings to refresh the DOM count, and often expired listings are then re-entered.
When interviewing a Listing Agent who claims to sell homes quickly, it would be a good idea to ask about their CDOM, to include any re-listed homes in that average DOM when determining how fast a Realtor moves homes.
This is truly a progressive move for the Raleigh-Cary, NC, area, and will offer transparency and accuracy. Win-Win!