Days on Market (DOM) calculation

Updated March 10, 2023 19:39

Days on Market is defined as the number of days a listing was in an active status from the Listing Date through the Contract Date. For the purpose of MLS DOM calculation, the Contract Date is defined as the date the final signature was obtained on the Contract. The new calculation does not take into consideration the dates a listing was bindered or subject to a purchase agreement.

Additionally, all listings that were closed prior to this new calculation being implemented (on 9/13/18) have had their Days on Market recalculated using this new method. You may reliably compare the DOM for Closed listings from ten years ago to listings Closed this year and be confident that it is an accurate comparison.

Here are a couple examples of how it works:

Example 1 (direct to contract)- A listing is entered into the MLS on September 1^st. On September 5^th all parties sign a sale or lease contract. On September 6^th the listing agent modifies the listing to Under Contract- Continue to Show status on the MLS. Since the listing is still in an active status, Days on Market will continue to accrue. On September 15^th the listing will have 15 days on market. The agent modifies the listing to Under Contract and is required to enter the Contract Date during the edit listing process. The listing agent enters September 5^th as the Contract Date. The listing re-calculates the Days on Market to 5, the Listing Date to the Contract Date.

Example 2 (using a binder or purchase agreement)- A listing goes on the MLS on September 1^st. On September 5^th all parties sign a binder. On September 6^th the listing agent modifies the listing to Under Contract- Continue to Show status on the MLS. Since the listing is still in an active status, Days on Market will continue to accrue. On September 15^th a listing contract is fully executed. On September 16^th the listing agent modifies the listing to Under Contract, the listing now has 16 Days on Market. The listing agent enters September 15^th as the Contract Date. The listing re-calculates the Days on Market to 15, the Listing Date to the Contract Date.

Please remember: The Listing Broker/Agent must report to the MLS the date on which a final Contract of Sale and/or Lease has been fully executed by all parties. The contract date is not dependent on the satisfaction of any contingencies or conditions of the contract which must be satisfied prior to closing.