So I was asked twice this week by two different buyer clients about "days on the market." They were both a little confused about how our local MLS tracks length of time on the market, and what exactly it means.
The primary MLS for Sacramento county (called Metrolist) uses two different abbreviations to define with how long a property has been on the market; DOM (Days on Market) and CDOM (Cumulative Days on Market). Up until a few years ago, Metrolist just used DOM...but that method just counted the days of that current listing, meaning that the agent could cancel or withdraw the listing, and the re-enter it as a new listing...this would reset the DOM to zero.
Generally speaking, home listings get more attention then they have a lower DOM - for example 2 days vs. 180 days. Also, potential buyers will think twice about making an offer close to the listing price the higher the DOM.
So a few years ago Metrolist added the CDOM. CDOM counts the total days on the market - so if the property is re-listed by the same agent, another agent, etc. within 30 days of the cancellation or withdrawal of a previous listing, the CDOM continues counting days. CDOM tracks the property's parcel number, so even if the seller of a house lists the property with another Sacramento real estate firm, the CDOM still tracks the cumulative days. So, you may see a listing that has a current DOM of 2, but a CDOM of 182. Does that make sense?