Days on the Market Property (DOMP) is a measurement in days of how long that a home has been listed for sale to the public on the MLS (Multiple Listing Service). Although much lesser known than the phrase "days on the market" DOMM, DOMP is directly associated with DOMM, which is the acronym that home buyers are most familiar with. The days on the market statistic is of interest when a person is valuing real estate for the purpose of comparison. More days on the market than average may indicate a listing that was overpriced. The other use for this statistic is allowing prospective home sellers an idea of how long it may take to sell a property. The MLS is controlled by the real estate industry and has been the subject of many lawsuits.
Contents
DOM-M stands for Days on the Market- MLS. Or the number of days this exact MLS listing has been on the market (not the home, but the MLS#).
DOM-P stands for Days on the Market- Property. So regardless of the number of different Realtors, it shows the number of days the property has been for sale.
Sometimes a property might be 83 days with one Realtor, and then 10 days with another. That would show up as: DOMP/DOMM= 93/10 Some realtors will try to fudge this data to make a listing look brand new.
Housing bubble
Prior to the historic housing bubble that formed in or around 2001 due to loose credit and irrational exuberance, the term DOMP was practically a mystery to anyone other than real estate industry insiders.
When the Housing Bubble began to rapidly deflate in late 2005, the inventory of homes for sale exploded, which caused both sales and prices to fall well below levels predicted by leading economists. These economists were frequently separated into varying levels of respect depending on their affiliation with the REIC, because the National Association of Realtors (NAR) economists were caught giving incorrect predictions about the state of the housing market despite what was actually happening in many U.S cities.
Manipulating DOMP
To prop up rapidly falling sales, real estate agents across the country began to rely on the process of manipulating the amount of time that homes had been on the market more than ever to attract buyers and maintain sales prices. There were great disparities concerning the practice in the various regional MLS's across the country. Some MLS's charged real estate agents to alter the statistics, and referred to the practice as "refreshing a listing." In general however, the old guard of the real estate industry considered the practice as deceptive at best, and fraudulent at worst. Rumors of possible lawsuits circulated in the industry because homes that had been on the market for long periods of time were considered to be overpriced and thus not worth their advertised sales prices. The practice also stood in dark contrast to the National Association of Realtor's Code of Ethics that prohibits doing anything that is deceptive to buyers.
Current use
This business practice is still being carried out by the REIC and is a point of contention with bloggers calling it "deceptive". Others maintain it is a way to acquire the attention of new customers, akin to a store moving its inventory from one location to another. MLS information like days on the market, the selling price and who were the buying agents or buyers is not available in Canada to any-one but REALTORSr.