When calculating Days on Market (DOM), SmartMLS counts each day the listing is on the market. That being said, a listing in the Under Contract-Continue to Show status will continue to accrue market time since it is still being publicly marketed via the MLS, IDX and listing syndication. Once a listing is no longer being marketed (when a listing is marked as Under Contract) the market time will stop accruing.
Listings should not be kept on Under Contract-Continue to Show status until the closing. The Under Contract-Continue to Show status is there to let other agents know that, although there is a duly executed agreement on the property, the seller still wants the property to be shown to allow for possible back-up offers (there may be outstanding contingencies, etc.). Once contingencies are met (or sooner, if the seller no longer wants the property to be shown) the listing should be marked Under Contract. At that point, the listing is off the market and DOM calculation ceases.
Accuracy of data is the foundation of the MLS. That is why the market time continues to accrue when a property is being marketed as Under Contract-Continue to Show. If a listing cannot be shown, it should not be in the Under Contract-Continue to Show status. Unfortunately, we still deal with some situations where there is abuse of this status. It is not there to help gain online leads. If the property can’t be shown but the listing on the MLS is saying that it can be, that is misrepresentation and should be reported to the MLS for correction.
When a listing is marked Under Contract-Continue to Show, the listing agent has to enter the date the listing went to that specific status. You can use this field to determine how many days the listing was in the Active status. Our support team can show you how to add the correct field to your Single Line report.
If there is an abuse of the Under Contract-Continue to Show status, please email the listing number and address to email@example.com. The MLS will research the issue and have the listing updated as needed.
We have reviewed how other MLSs calculate market time and our current process is consistent with industry practices.