Lately, I’ve been getting creative with how I am searching homes for clients. I have been paying particular attention to scouting for homes with long cumulative days on the market.
Active Days on Market (ADOM) is a number attached to a property’s Listing number. Cumulative Days on Market (CDOM) is attached to a property’s tax ID. What’s the difference and why do I look? If Dr. Jones lists his home for 6 months and it doesn’t sell. He might let his listing agreement run out, wait a month and re-list the house to put it back on the market. Whether he uses the same agent or not, his ADOM count will begin with 0, and go up from there. His CDOM number will start at about 180 (6 months @ 30 days in a month..6 x 30 = 180). So, I will see something that looks like this:
ADOM = 0
CDOM = 180
Dr. Jones’ house is going to appear as new listing on everyone’s home search – even mine. In reality though, Dr. Jones has been trying to sell his home for 180 days. Maybe Dr. Jones would like an offer? (hint, hint). The only way the CDOM number will be the same as the ADOM number, is when a house has not been active or pending for at least 90 days.
Like I said, every market is good for someone. In certain price points, in certain areas of Austin, you won’t find a home lasting more than 60 days on the market. In other areas, its different. Watching the CDOM numbers, helps me find hidden opportunities.