What is Cumulative Days on the Market (CDOM)?
Many people and clients get confused about Comulative Days on the Market (CDOM) and just Days on the Market (DOM). One of the main problems regarding DOM was the practice of agents de-listing and then re-listing properties to reset the DOM counter and make the listing appear 'fresh' in the MLS. A similar reseting of the statistic occurred when properties expired after being listed for months (6 months usually), and then were re-listed by the same agent or a new agent. The reset caused by intentional removal of listings or because of an expiration caused the average days on market to appear much lower than it actually was.
So for Utah real estate the CDOM statistic is much closer to what agents and consumers thought DOM was originally supposed to represent, which is the time it takes a property to sell from when it was originally listed to when it had an offer accepted. CDOM differs from DOM by keeping a running tally of the DOM for a property for any listing of that property that occurs within 30 days of a listing of that same property.
So if a property was on the market 30 days, was then taken off the market for 2 weeks and was then re-listed for another 30 days before selling, the DOM market statistic would be 30 days, while the CDOM statistic would show the full 60 days the property was on the market. CDOM will make it clearer to perspective buyers and agents in Utah how 'fresh' a listing is and it will also give a better indication of average marketing times when used to analyze the market as a whole.
So for most homes and real estate in Utah it's proably best to look at the CDOM number to know how long a home has really been on the market in Utah!
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