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"Days on Market"
Definition: The number of days a listing is active in a multiple listing service before it is entered into "pending" status. Pending status is when an offer has been accepted by the seller but the transaction is not yet closed. Many agents refer to "average days on market," which is derived by adding all the days on market of each listing and dividing by the number of listings. In a buyer's market, the DOM are generally higher because inventory takes longer to sell. In a seller's market, the DOM are fewer. Examples: The average days on market in a hot real estate market generally fall under 30 days.
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