Why the Average Days on Market Sometimes Goes UP in a Hot Market!
By Tina Tamboer of The Cromford Report
There are many factors that affect how long it takes to sell a home in Phoenix. Many sellers will ask about the average Days on Market (DOM) for their area. This measures the average time properties were active before they sold. While there’s nothing wrong with using this measurement as a point of reference, it can be inaccurate to use the DOM to set expectations of marketing time for a new listing.
This measurement is what Michael Orr, Director of Real Estate Theory and Practice for ASU’s W.P. Carey School of Business, calls a “trailing indicator” meaning that Days on Market is an indicator of past market activity, not necessarily today’s…