Real Estate

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We couldn’t believe this item is true, so we read it three times, and it still says the same thing: The SoCal MLS (Southern California Multiple Listing Service) is removing ‘days on market’ and ‘combined days on market’ statistics from listings -- depriving buyers and sellers of crucial information.

Days on Market is one of the first MLS numbers we look at, after price and square footage. It tells you how fresh the listing is. A high number tells you that, for some reason, the house isn’t selling -- probably because the asking price is too high.

From the SoCalMLS online newsletter: ‘The bottom line is that you, the real estate professional are in the best position to explain to your customer -- buyer or seller -- what the true DOM figure is and what it means.’

More: ‘To that end, the SoCalMLS BOD, after getting input from MLS Committees and other practitioners, have decided to remove the DOM and CDOM fields from all Client reports.’

Notes: Real estate agents will still have acccess to ‘days on market’ stats, and the SoCal MLS, despite its name, covers only Orange County and much of the San Fernando Valley.

As we’ve reported -- or, more accurately, as Manhattan Beach Confidential has reported, there is growing controversy about re-listings -- which give the misleading impression that a property has just come on the market, when in fact it has already been listed, and unsold, for some time. Re-listing takes a property that might have, say, 175 Days on Market, and resets the clock to zero.

We’re very eager to hear comments on this. Anybody want to take the side of the SoCal MLS?
Link: Patrick.net
Photo Credit: Reuters