(Sept. 13, 2019) The local multiple list system is called Bright MLS.
Bright tracks how long a listing has been active with the use of Days on Market (DOM) and Cumulative Days on Market (CDOM).
The DOM provides a look at how long a current listing has been actively marketed. This is the time when buyers can view the listing online and make offers on the property.
It starts and stops calculating, depending on the statuses used throughout the life of the listing, such as Active Under Contract, Pending and Temporarily Withdrawn.
The CDOM offers a more comprehensive view of how long a property has been actively marketed.
It provides the sum of Days on Market for all listings associated with the same property, when the listing is expired or withdrawn and relisted multiple times by any office, and when there are 60 days or less between the end of one listing and the start of another.
To better address the needs of the market and more accurately capture the time a listing is actively marketed in Bright, the following changes were recently made to calculate DOM/CDOM.
• DOM will start at “1” on the date the listing is entered in Bright as active status. Regardless of the Listing Start Date, Days on Market will be at 1 on the day the listing is published as active in the system.
• DOM/CDOM will now pause for all properties listed in Active Under Contract status. Listings in this status will continue to be sent to consumer websites.
• DOM/CDOM will reset when a new listing is added after the previous listing has been in the withdrawn status for 61 consecutive days.
In order to ensure consistency with statistics and other reports, all current and historical listings will be updated based on these rules.
— Lauren Bunting is an Associate Broker with Bunting Realty, Inc. in Berlin.