Days on the Market Property

Days on the Market Property (DOMP) is a measurement in days of how long that a home has been listed for sale to the public on the MLS (Multiple Listing Service). Although much lesser known than the phrase "days on the market" DOMM, DOMP is directly associated with DOMM, which is the acronym that home buyers are most familiar with. The days on the market statistic is of interest when a person is valuing real estate for the purpose of comparison. More days on the market than average may indicate a listing that was overpriced. The other use for this statistic is allowing prospective home sellers an idea of how long it may take to sell a property. The MLS is controlled by the real estate industry and has been the subject of many lawsuits.