Days on Market in such a hot market.
Looking at the stats during this hot sellers market, it can be hard to wrap our heads around how quickly these properties are selling.
One stat that has been catching my eye is the DOM (Days on Market) and not for the reason you think. As of the last market report, the DOM for the City of Guelph was 9 days, which is obviously a tell-tale sign of a seller’s market. However, I believe this number is inflated due to the sales strategy of holding off on offers until a certain date.
With this strategy, the sellers sign a 244 form and request a date and time that they will review any offers that are submitted on the property. In most instances, this date is 5-7 days from the initial date of listing.
In my opinion, I believe that a lot of the properties that have sold in the past month would have easily sold in the first day or two if the sellers would allow it. So with most sales being forced on the market for a minimum of 5 days, it is seeming impossible for the average DOM to be lower than where it is.
With all the hype around this seller’s market, I am sure most people don’t need this metric to gage the market, however, as a real estate professional and constantly reviewing the details of the market, I find it interesting how this stat, in my opinion, is inaccurate. Just another side effect of such a hot seller’s market.