Here’s a little Q+A from one of my recent talks on News Radio 101.FM KXL:
Q. What’s the most important statistic sellers need to know in this market?
A. The most important number is one most people never even see. Its days on market since last price change. The reason is that you have to manually compute this. Theres no RMLS stat for this number.
Q. Why is that so important?
A. It tells you the real time on market and also how buyers are valuing that type of property in that area. You can position much more accurately with this info.
To give this Q+A and the idea of this new stat some more support look at this case study:
1. House in Mt. Tabor:
There were 20 sales in July and average DOM (days on market) was 82 days. When you look at average DOM after the last price change the average DOM drops to 38 days. Less than half the time on market! This means that when homes start out priced to market or make an adjustment and get to the correct market price sales are happening pretty quickly!