Reimagining Days on Market

Two months ago, our "Median Days on Market" in this area was 119 days.  Now, as shown above, it's only 66 days.  What's happening?  A drastic acceleration of our local real estate market?

Actually, no.

"Days on Market" is now being calculated differently by our new MLS.  In the past, the "Days on Market" was counting the number of days between the list date and closing date.  Now, it is a calculation of the number of days between the list date and when a property goes under contract.

In many ways, this is a more helpful calculation -- it takes the variable of "how long it takes a buyer to get to closing once they are under contract" out of the equation.  Now, "Days on Market" shows how long it takes for a house to go under contract.