Feb 7 2016 Market Update

Feb 7 2016 Market Update

The rate of arrival of new listings has accelerated in the last few weeks and the 28 day total now stands at 6.2% higher than last year at this time. It has also overtaken the rates for 2014 and 2013.

Note that the List Date shown in the ARMLS system is not the same as the date it became a new listing. The List Date is the date the listing was first entered by the listing agent, but it may not be activated and become a new listing visible to anyone else until many days or even weeks later. There are therefore two ways of measuring new listings, based on when the listing was entered or when the listing became visible to the world. As an example MLS listing 5392962 was first entered on January 26 but did not become a live listing until February 3. The List Date is 1/26/16 but the history record shows it as a new listing on Feb 3. We do not get any information about listings that have been entered but not activated. We do see the List Date once the listing has been activated. Some listings are entered but are never activated. These are ignored completely by us. We download all the new listings every morning and compare the arrival rate of new MLS numbers with all previous days. The new listings that arrive this morning may have List Dates that are considerably earlier than this morning.

The Agent Days on Market (ADOM) count starts when the listing is entered. The Cumulative Days on Market (CDOM) starts when the listing becomes active. So although this may seem counter-intuitive, the Cumulative Days on Market can be less than the Agent Days on Market. When we refer to Days on Market in Cromford Report charts we are always referring to the Cumulative Days on Market. In the case of listing 5392962, it currently has 9 days as ADOM and 1 day as CDOM. The ADOM number is therefore quite misleading since this listing has only been on the market for 1 day.

The Tableau chart for new listings is based on the List Date field, so will not always reflect the same arrival patterns as we see each morning. It is based on the entry date for the listing not the activation date, but it will only include listings that have become active.



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Dated: February 7th 2016
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