MLS changes CDOM rule to properly reflect how long it takes to sell a property

By
Real Estate Broker Owner with Safe Haven Realty CalBRE# 01433049

dalendarThe 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The current rule states a property must be off the market (Expired or Withdrawn/Canceled) for at least 30 days before the CDOM counter will reset to zero.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.

 

 

 

Posted by

Cynthia Larsen is the owner and broker of record for Safe Haven Realty and has worked and lived in Sonoma County for over 25 years. For more information about Sonoma County, check out the commuinites of Bodega Bay - Cotati - Rohnert Park - Santa Rosa - Windsor.

 

To view all available homes for sale in Sonoma County and individual communites, please visit Sonoma County Homes For Sale Online!

 

 

Cynthia Larsen
Broker/Owner - Safe Haven Realty

Sonoma County, California, USA
(707) 332-2560

www.cynthialarsen.com


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Topic:
Home Buying
Location:
California Sonoma County
Groups:
BananaTude
Bartender, Make it a Double
LA Connection
"Whacked"!!!
Tags:
cdom
dom
mls rules
days on market
cumulative days on market

Comments 47 New Comment

Rainmaker
526,229
Cynthia Larsen
Sonoma County Real Estate Broker
Safe Haven Realty

Malcolm - no, it isn't a proud stat. I think the change is sensible too.

Encinitas Homes - It puts me in an awkward position when I have to explain that some agents are trying to fool the public. It doesn't shed a good light on agents in general.

May 05, 2011 12:40 PM
Rainmaker
557,927
Diane McDermott
Charlotte NC Real Estate Market
Realtor®, GRI, Landis e2 Real Estate, LLC

Cynthia, I really like that rule and wish we had something similar, I pull history all the time even just for market reports and it's not uncommon to see withdrawn/re-listed within the same day or next day.  That's not a new listing!

May 05, 2011 12:59 PM
Rainmaker
526,229
Cynthia Larsen
Sonoma County Real Estate Broker
Safe Haven Realty

Diane - when I do a BPO and I get to the box that says "How many days on market" I have to pull up the history for the comp and grab my calculator. What a time bust!

May 05, 2011 01:20 PM
Rainmaker
234,539
David Ames
San Francisco
Zephyr Real Estate, San Francisco

Cynthia...It really comes down to skewed statistics doesn't it.  We don't have a CDOM yet, but it's amazing the amount of "gaming" that takes place.  I always click the "history" link to get the true story if it's a property a client might be interested in.  Now THERE'S where you can get a really interesting perspective.  ;-)

May 05, 2011 09:04 PM
Rainmaker
1,281,855
Joan Cox
Denver Real Estate - Selling One Home at a Time
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373

Cynthia, it is amazing that your MLS system did not show the true DOM!    This is rather important when doing a listing presentation!      

May 06, 2011 09:19 AM
Rainmaker
526,229

Cynthia Larsen

Sonoma County Real Estate Broker
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