As COVID-19 Slows Buyer Traffic, MetroTex Has No Plans to Pause Days On Market

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Showings and open houses are out, but North Texas properties are still on the clock with days on market.

In California, one of the states hardest hit by the disease caused by the novel coronavirus — COVID-19 — the MLS board has opted to pause the days on market (DOM) count for current listings. The rationale is that with slower foot traffic thanks to shelter-in-place orders, DOM is not necessarily an accurate indicator of the desirability of a property. Therefore, by pausing the DOM, there’s less pressure on agents to violate shelter-in-place orders.

This action is intended to relieve pressure on sellers and buyers during the coronavirus pandemic and to underscore public compliance efforts during the shelter-in-place. The health of the public is priority number one. We are actively reviewing policies to identify ways to support buyers, seller, agents, and brokers in these unprecedented times. We continue to collaborate with other MLS listing platforms for best practices under the impact of coronavirus.”

Karl Lee, MLS Listings Chairman

For buyers, DOM is a number often used to see whether a seller is ready to wheel and deal. However, is it still relevant? And should more MLS boards put DOM on pause?

That’s what several North Texas real estate professionals have asked us here at CandysDirt.com. So we reached out to Bill Head, director of communications for MetroTex Association of Realtors.

“The DOM and CDOM calculations in Matrix are extremely intricate and include several business rules,” Head told us by email. “Any attempt to ‘pause’ the days on market creates a significant programming problem and would result in a false reflection of our current situation. If the days on market calculations were frozen we would experience irreparable problems when the calculations start again.”

Of course, this statement comes on the heels of Gov. Greg Abbot’s revised executive order that deems real estate-related businesses as essential, a move that was lobbied for by Texas Realtors.

So why, considering the state of the market, is DOM important?

“Listings and their marketing should be transparent to the consumer. Days on market calculations for an “active” listing should not be altered if the property is available to be sold and is being actively marketed,” Head elaborated. “MLSs should utilize RESO’s standard statuses within their systems and provide clear guidance to members on how to best classify listings within existing rules. Current and historical data accuracy requires that we document today’s marketplace activity accurately.”

What do you think?

mm

Joanna England

If Executive Editor Joanna England could house hunt forever, she absolutely would. Instead she covers the North Texas housing market and the economy for CandysDirt.com. While she started out with the Real Estate Center at Texas A&M University, Joanna's work has appeared in The Dallas Morning News as well as several local media outlets. When she's not knitting or hooping, or enjoying White Rock Lake, she's behind the lens of her camera. She lives in East Dallas with her husband, son, and their furry and feathered menagerie.

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Comments

    • mmJoanna England says

      Hi Ed. We’ve actually had several agents ask us if DOM would be paused until the shelter-in-place order was lifted, so we wrote this update to serve our readers. Best to you.

  1. Sharon Quist says

    Considering many agents are canceling listings to avoid additional DOM, I believe considering hitting pause on DOM is a salient point. Of course, now that CA MLS has done it, many other MLS systems will have to consider. Obviously it is possible, but not probable in Dallas, it seems. With over a dozen listings, I am weighing the validity of withdrawing or putting TOM with my sellers. I appreciate your research and find it very relevant, Jo.

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