Frederick Md Real Estate: Terminology

Monday, April 25, 2011

When you see Homes for sale in Frederick Maryland, whether advertised on the many websites for real estate, or in print, you’ll usually see some real estate terminology that isn't always familiar. For example:

DOM or DOMP: “Days on Market” or “Days on Market Proper”.  DOM is the  number of days the home has been listed on the market with the most previous listing agent.  If a home is temporarily taken off the market, the DOM stops adding up and then starts again when it is put back on the market. If a home is off the market for at least 3 months, the home is considered a new listing, with a new MLS number, and DOM resets to zero.

DOMP is the total number of days the property has been listed, including the time on the market with a previous agent or brokerage, except if it had been off the market for 3 months or more.

Why is this data important?

Keeping track of this statistic is important for sellers and for buyers.  The average DOM for Frederick County recently has been between 100 and 110 days, in other words the average home takes about 110 days to get a contract.  This is an average for the entire county and every community is different; in the City of Frederick, the average is about 95 days and in the smaller communities in the outskirts of Frederick County it has been taking 150 + days to sell a home.


Frederick Sellers should want to keep an eye the DOM of their home while it is on the market.  As time goes on, your home will get “stigmatized” and will cause buyers to ask questions, like "what is wrong with this home?", "is it overpriced? or in bad condition?"  .  These sellers will hang out on the market, hoping to get their price, at the risk of wasting the time on the market and stigmatizing their home.

Frederick Buyers will want to watch DOM statistics to consider in their negotiating strategy. If the seller is just unrealistic about the price of their home, the buyer might want to move on. If the condition is less than desirable, and you are willing to do some work, you might be able to get a price concession.  If the home has been on the market for less than the average and the seller has had regular price reductions, that is a good sign of a motivated seller.

Whether you are a buyer or a seller in the Frederick Real Estate market, DOM is a statistic you should pay  attention to.


Carroll Creek Project in Baker Park Frederick Maryland
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The Highland Group

Chris & Karen Highland *
301-831-9947
Turning Point Real Estate 
isell4u2@msn.com