Nuances of the average DOM in 2009. The graph of DOM's is likely to look like: \__.__/ instead of __/*\__
By that I mean to say that a high percentage of homes sell with the first 20 days after they are listed, a small percentage sell near the "median" or "average" and another large percentage take several months to sell.
This phenomena is in play because many REO's and investor owned properties sell very quickly when priced correctly, while most short sales and many overpriced houses take months to close.
Thus, an "average days on market" figure is still interesting, but largely insignificant statistic these days.... more