There is frequent discussion about Days on Market data and how that relates to a property’s value and marketability. Real estate appraiser/guru Jonathan Miller describes his approach to the Days on Market (archived: 2013). If you are a Realtor, MLS person or buyer or seller, you would do well to read his post. While Days on Market does not draw a clear correlation to market value, it can help start the line and add insight into the Seller’s motivation.
“When I review active listings in a particular market, I look at the days on market before I consider finer property nuances like condition, layout, room count and so on. It provides clues to the upper limit to value, helping define the possible value range of a property whose value we are estimating. The same goes with sales that closed. I want to understand how the property was accepted. (bolding his)”
Our MLS is in the process of developing/implementing a “continuous days on market” category to make tracking this data more accurate. Yet, we still have to depend on Realtors (the weakest link), who generally do not recognize the value the MLS data, to input correct information. Understanding the data is one thing; understanding its limitations is another.
Side note: I wish our MLS provider would practice the transparency that this MLS provider does; the insights are invaluable.
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I have been been representing buyers and sellers in Charlottesville, Albemarle, and Central Virginia since 2001. Get local insight born of experience.
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