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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.
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