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I like to watch the Hawaii real estate market and have been doing so for about five years. What seemed odd to me was the Days On Market didn't always seem right to me. Some propertes that I KNOW have been on the market for years only showed 30 or 40 days on the market, or something a lot less than what I expected. Either I was crazy, or the turnover was very high or something else. At least yesterday confirmed the something else.
One property started out three years ago for 299,500. Got reduced to 250,000, then 199,000, then 195,000, then 130,000, 105,000, then 95,000. After three years, it was no longer listed. Yesterday, I saw it again, listed for 89,000. DOM clock now said 3 days and of course a different MLS#. Checked the County records and no sale had been recorded.
Of course any agent will say the DOM is TECHNICALLY right, but at least now I know not to count on it.
I'm not saying it's something weird about Hawaii, it's just that where I noticed it.
The DOM could be a great tool for negotiations, but not always!
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quote:
Originally posted by EightFingers...
The DOM could be a great tool for negotiations, but not always!
It definitely can be a good tool as your realtor can look up the property by TMK # on the MLS (a paid subscription part), and tell you how many days it has been on total, and how many different MLS #'s it has had, and last sale etc (Last sale can also be found on the COH RPT site.)
This makes the DOM a good tool for you, but also for the realtors as you must call one of them to get the "real" history. But because we are a small population, the competent realtor usually knows something of the background of a property especially the ones that have been around a long time and maybe have seen a particular property change hands several times through out the years.
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In WA state there is a standard for days off the market to reset the DOM. Commonly done, especially over the winter there.
Life goes on, with you or without you.
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Our MLS system is tricky. [
][
][
] If a listed property is withdrawn from the market for 30 days and relisted by the same broker than the DOM stats from zero again. If a listed property is withdrawn from the market and relisted by another broker the next day than the DOM starts from zero again. Only paying MLS subscribers have access to this data.
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"Our MLS system is tricky" - agreed ..... It took a lot of re learning for me to get a handle on how real estate is done here on the islands. A lot looser than most places is my experience.
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DOM on the MLS is a misnomer...it's not really Days On the Market, but rather Days on Current Listing as John Rabi states. It is strictly related to the listing contract (and MLS#) that exists between a homeowner and the real estate agent.
I agree that you need to go deeper than looking at DOM to understand the history of a property.
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