The Bay Area Real Estate Information System (BAREIS), our MLS in Sonoma and surrounding Counties, has changed the Cumulative Days On Market (CDOM) rule at the request of several Brokers.
The current rule states a property must be off the market (Expired or Withdrawn/Canceled) for at least 30 days before the CDOM counter will reset to zero. This seemed perfectly reasonable at first, but apparently too many agents have been "gaming" the system to make their listing look brand new.
I've been watching one particular property that has been on the market for 1,163 days, yet the MLS says it has only been on the market for 170 days. This is easily accomplished today by letting a listing expire, wait 30 days, then re-entering the listing as brand new.
In this example, the MLS says 170/170 and it should read 170/1163. (DOM/CDOM)
The new rule, which takes effect June 6th, states the property must be off the market for at least 90 days before the CDOM counter will reset. If somebody wants to pull their property off the market for an entire season just to reset the CDOM, all the power to them.
This new rule should give the public a better idea how long a property has REALLY been on the market. And it should stop skewing statistical data as well.
Thank you, BAREIS.