Important Change to DOM Calculation in the H3MLS System
In an effort to provide all MLS PIN subscribers
and their clients with a more accurate picture of the market, the Board of
Directors of MLS PIN have voted to
modify the process in which days on market (DOM) are tracked and totaled
in the H3MLS system.
In the past, each time a listing was entered into the system it would
"reset" the calculation of DOM regardless of how long the property
had been for sale. As a result, the statistical data in the system did not
reflect the true amount of time properties took to sell, but instead reflected
the amount of time for that specific listing number.
With the H3MLS system, we now have the ability to improve this situation and will effective April 1,
2006 show complete DOM for each property instead of each listing number.
In accordance with this change DOM will
no longer appear on the actual listing report. To find the
actual days on market for a property you will need to go to the Market History
page, and to assist there will be a button on the listing report itself
entitled "Market History" which will display the complete marketing
history of the property. The Market History button will be at the top of the
listing page, and will replace the current Listing History and Property History
buttons. There will however still be a Property History option from the Tools
section on the main menu.
The following is an example of a Market History Report and how our system will
determine DOM effective April 1, 2006:
It is now easier to determine the number of days it took a property to sell, as
well as the number of days it was listed with each company. Another important
factor is that all listings, including those from past years (back to 1992)
will incorporate this change; therefore, both current and historical market
reports obtained from our system will also reflect the true DOM.
Please note a few other important details:
- If a property is off the market
for more than ninety (90) days
and then comes back on the market it will show as a new listing with zero
(0) days on the market. In this case the market history report will have a
"previous listing" button if you need to view the prior listing
data.
- If a property is off the market
for less than ninety (90) days
and then comes back on the market it will show as a new listing and the
calculation of DOM will pick up from the prior listing.
- If a property is put under agreement, and the transaction does not
close, the days it was off the market will not be included
in the days on market calculation.
You
may wonder why we chose to make this modification now. Everyone should benefit
from this positive change; sellers and buyers will get a more accurate
representation of the market before they list or buy, economists will have
improved real estate market data to use to make their predictions, and the
media will be able to report a more accurate picture of market conditions. The
ability to enhance the DOM calculation is a benefit of having our own in-house
developed system, H3MLS. We are now able to make important and valuable changes
and/or additions to our system, without having to go through the channels of an
outside vendor. We also consider the start of a new quarter to be the easiest
and best time for this type of transition.
If you have any questions, please feel free to contact our customer service
department directly at 800-695-3000 option 1. As always, we thank you for your
attention to and support of this important update.
