Looking at Median Cumulative Days on the Market (MCDOM), huh, median cumula WHAT?
Please explain. First CDOM, then MCDOM. For homes that sell, CDOM, cumulative days on the market, is the number of days a home has been on the market from the first day it was listed to the day it goes to contract. And if the listing either expired or was canceled and the home is relisted within 30 days, the CDOM clock keeps ticking, until the home goes to contract and sells.
But if it’s relisted more than 30 days after the previous listing was canceled or expired, the CDOM clock stops ticking, and is reset to 0 days for the new listing. So it’s a useful measure, but only up to a point. Median CDOM is the middle number is a list of sorted numbers. In this case the list of CDOM numbers.
DOM, days on market, on the other hand, is a much less telling figure, though it is also a more frequently quoted figure. Because with DOM, if the listing for a home is canceled or expires on Monday at 1 PM and it’s relisted on that very same Monday at 1:05 PM, the DOM clock resets to 0 days on market. Presto, like magic, it erases the past. So if you’re looking at DOM figures you may very well be seeing just the most recent phase in the history of that property.
Phew!! So here’s a look at MCDOM for all the single family homes sold in the Catalina Foothills from 2004 to 2014.
Looking at it over the years it’s seems pretty clear that in the last few years homes have been selling as quickly, or even quicker, than they were during the booom years of 2004, 2005 and into the first half of 2006 – after which it all started to crumble.
And that’s pretty fantastic. However, one (long winded) caveat. In the years since the bust it is much more likely that homes were listed and relisted and re-relisted before they sold, and some of them after waiting more than 30 days to do so, and therefore resetting the MCDOM clock to 0 days, than is likely to have happened during the booom years. Because during the booom years buyers weren’t very concerned about prices and homes were flying off the shelf without having to be relisted at a lower price.
And if perchance your listing didn’t sell quickly during the booom you sure as heck didn’t sit around twiddling your thumbs for 31 days or more just to reset the damn clock. Whereas, during the bust, and in the years since, it was much more common for sellers to take a breather and sit it out for a month or more and come back as a shiny new listing with 0 CDOM.
So the MCDOM figures above are likely not telling the whole, absolute and complete story for the years of the bust and later. Nevertheless, we can at the very least surmise that, these days, once homes do get to the right price, whether they’ve been relisted or not, they are selling very quickly.
And it’s also true that more homes are now being listed at, or darn near, the right price, right out of the chute.
see TheFoothillsToday.com
to find your Catalina Foothills Home
