Category: Selling Advice

Advice for home sellers in Lake Oswego, Oregon

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Market Activity ~ Nov 24-30, 2014

snowflake_lgGreetings, Property Blotter readers!  OK, I  will go out on a limb and say that things are slowing down a bit.  I call this the Holiday Black Hole : )  I do business this time of year every year because people either Buy or Sell for so many reasons… most not having to do with the weather… and time of year often plays into the desire to accomplish something (by moving) at or around the time of the turn of the year.  Anyway, I decided that for myself a long time ago, and so it is ; ) But most people take their minds off real estate at this time of year and put them on family, friends, and the things that really matter in Life…  some of us just have “dual duty” in helping to make changes that house the family and friends that we Love, while decorating and toasting with Loved ones all at once!  …and that’s plenty of fun too.

Here is your Latest Market Data: Last week in Lake Oswego we saw 9 New properties enter the market, 10 move to Pending status, and 8 “Closed”/Sold.

Following is the breakdown for you according to RMLS:

NEW on Mkt (Nov 24-30, 2014)

Address List Price # Beds # Baths Total SF Prop Type
5275 OAKRIDGE RD $349,900 3 1 1267 DETACHD
5590 KILCHURN AVE $624,900 4 2.1 2472 DETACHD
13070 BOONES FERRY RD $549,000 3 1 1864 DETACHD
910 FAIRWAY RD $1,098,000 4 3.1 3384 DETACHD
34 DEL PRADO ST $569,950 4 3 3120 DETACHD
1075 OAK TER $355,000 3 2 1356 DETACHD
66 GALEN ST (Upper) $109,500 1 1 689 CONDO
2234 FERNWOOD CIR $545,000 4 3 2975 DETACHD
2109 WEMBLEY PARK RD $819,000 5 3 3154 DETACHD

PENDING SALES (Nov 24-30, 2014)

Address List Price # Beds # Baths Total SF Prop Type CDOM
18951 INDIAN SPRINGS CIR $449,900 5 3 2865 DETACHD 3
1744 FERN PL $599,000 4 2.1 2110 DETACHD 10
59 GALEN ST (Lower) $94,900 1 1 550 CONDO 22
831 4TH ST $525,000 3 1.1 2240 DETACHD 20
100 KERR PKWY #11 $95,000 1 1 617 CONDO 282
19211 TERRY AVE $370,000 4 2 1872 DETACHD 9
5048 TREE ST $310,000 3 1.1 1232 DETACHD 7
12819 ALTO PARK RD $1,038,500 4 4.1 3944 DETACHD 8
1045 BULLOCK ST $568,000 3 2.1 2105 DETACHD 11
5726 CHARLES CIR $696,500 4 3.1 3173 DETACHD 104

SOLD  (Nov 24-30, 2014)

Address O/Price Close Price # Beds # Baths Total SF Prop Type CDOM
3061 DORIS CT $449,000.0 $420,000.0 5 2 2684 DETACHD 68
87 OSWEGO SMT (Lower) $119,000.0 $79,000.0 2 1.1 1116 CONDO 125
16342 IVY LN $699,900.0 $645,000.0 5 3.1 4645 DETACHD 57
137 KINGSGATE RD $446,000.0 $449,000.0 3 2.1 2372 DETACHD 2
13327 ATWATER LN $895,000.0 $840,000.0 3 2 3004 DETACHD 220
6243 SW DAWN ST $314,000.0 $302,500.0 3 1.1 1254 DETACHD 89
4 TOUCHSTONE #110 $149,000.0 $145,000.0 2 2 989 CONDO 85
18936 BRYANT RD $749,900.0 $670,000.0 4 4 4100 DETACHD 189

Criteria: Homes in the 97034 and 97035 zip code, listed, pending or sold between the dates listed above as reported by the Regional Multiple Listing Service (RMLS). DETACHD refers to Single Family Detached Residence, MFG refers to manufactured housing, and ATTACHD refers to single-family residences with some portion of the structure attached to another property, but not constituting CONDO ownership. DOM stands for days on market, or the number of days from when the listing became active and when it received an acceptable offer, with CDOM standing for “cumulative days on market” accounting for “refreshed” listings.

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2015 Economic Forecast

royalty-free-finance-clipart-illustration-77965While 2014 may be winding down, 2015 is just around the corner. I tend to think of this time of year as a time to regroup. Business is slower. It gives me a chance to catch my breath, but also to gear up. January 1, I want to hit the ground running. With that in mind, I try to take advantage of First American Title’s annual economic forecast. This event happened this morning and I thought I share some of what I learned.

The expert who gives this presentation is John Mitchell, Chief Economist for M&H Economic Consultants. He does a great job of taking a dry subject that is filled with numbers and charts, and making it entertaining and engaging. I am going to share with you a few highlights.

For the most part the outlook is good. While economic growth has been slow, it has also been steady. For the past few years there have been fits and starts with the economy. Mr. Mitchell likened it to Bill Murray and Groundhog Day. We’ve seen it before and we will see it again. The economy is chugging along. It’s not explosive, but it is more steady than not.

Some positive news:
Consumers who have delayed major life decisions (getting married, having a child, buying a bigger house) are gaining confidence and starting to make those big moves. This is a stimulus for the housing market.

The US Economy is the envy of the world. Financial and personal security are threatened in many parts of the world (Asia and Europe continue to lag in economic recovery, then there are the world events in Russia and the Middle East). This has countries and individuals looking to put their assets where they feel they will be secure, and that place is the United States. Mr. Mitchell gave credit to this influx of foreign money for the unexpectedly low interest rates of 2014.

dire6n7rTThe housing market is rebounding with both existing family home and new construction selling at greater rates than they have in years.

Oregon was #6 in the Nation for job growth in 2014.

Nationally, mortgage delinquencies are the lowest they have been since 2000.

Some concerns:
We are entering a whole new world that has no historic precedent. The stimulus package is pretty much over. The Federal Reserve is no longer buying mortgage backed securities. The economy is going to have to hold up the anticipated growth on its own. Having said that, the Fed is prepared to jump back in and re-engage if needed. This shows how fragile this recovery is. There is a lot of uncertainty.

The world situation has a lot of areas of concern. Ebola and ISIS were not on our radar a year ago. A major event can derail our economy. These events are not just difficult to hear about because of their horror, they also have an impact on our economy through things like consumer confidence and political turmoil.

Slowly gathering strength
On the whole, our economy is slowly gathering strength. As the job market grows and people feel more financially stable, they start to make decisions to improve their lives. Buying a new home is a big part of that picture.

Mr. Mitchell did advise that interest rates are likely to go up in 2015, but it will be fact driven. If the economy is not rebounding, they will stay low. If the economic rebound gets stronger, they will go up. Odd to think that rising interest rates are triggered by good news, but they are.

My personal thought on all of this is that our government and the Fed need our housing market to continue to rebound. It is vital to our National economic health. I have confidence that the housing market will stay on track with slow and steady growth.

As always, thanks for reading The Blotter,
Dianne

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News & Notes

Here is the latest data for you on the overall Portland area, as well as specific Lake Oswego/West Linn (RMLS lumps them together) numbers:

The latest real estate numbers in Portland and the Lake Oswego/West Linn areas are in. Things have taken an uptick in October for the Portland area. This was the strongest October for Closed Sales since 2006!

According to the RMLS Market Action Report for the Portland Metro Area  October, 2014:

  • At 2,487, October Closed Sales rose 4.6% over the month prior, September, and were up a full 13.6% from October of 2013’s 2,189 .
  • There were 2,881 New Listings in October which was 7.1% down from September, but rose 13.6% from October 2013.
  • The Average Sale Price in October of $335,600 was down $2,500 from the month prior. The first ten months of 2014 are logging an Average Sale Price of $333,200, which is up 7.4% over the same time period in 2013.
  • October Pending Sales (accepted offers), at 2,480, were down 2.8%  from the month prior.  That said, the Pending sales for October are up a full 16.7% over October 2013.

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In Lake Oswego and West Lin steady activity is Good with Closed Sales down by 10 and/but Pending Sales up by 6. Average Sale Price was up $11,200 from September. (There is a very wide range of prices in Lake Oswego among a relatively smaller number of homes for sale as compared to the larger Portland area, so this is not unusual.)

The combined areas of Lake Oswego and West Linn  for October reported:

    • 475 Active Listings  (Sept was 501)
    • 166 New Listings  (Sept was 177)
    • 136 Pending Sales  (Sept was 130)
    • 130 Closed Sales  (Sept was 140)
    • An Average Sale Price of $547,800.  (Sept was $536,600)
    • Average Time on the Market: 81 Days  (Sept was 100)
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Lender Required Repairs

toolboxA common statement I have heard many times over the years is “the lender will require the repair”. I just don’t think that is the case much of the time. I thought it might be helpful to give you my experience about lenders and repairs.

Most lenders want a house to be livable. It can be old, it can be dirty or worn out, but it has to be livable. That means no dangerous situations like a deck without a railing that is 10 feet off the ground, or holes in sheet rock, or missing flooring. Lenders also want at least 3-5 years of life left in the roof and a clear pest and dry rot report. Both of these are obtained through professional inspections.

But many things that are assumed to be a problem simply are not. This is not a promise that you won’t run into lender issues on these items. It is simply my experience that they have not been a problem. I have sold houses with post and peer foundations, with LP siding, with nearly every window having a broken seal. Seriously, I sold this really modern house that had 30 windows, 26 of which were clouded over with broken seals. And it was sold with a VA loan, usually considered to be the hardest loan for a property to qualify for.

So know that houses do not need to be perfect to get financing. They need to be “livable”. “Livable” condition may not suit a picky buyer, but that is an entirely different standard.

A good plan, if you are thinking of selling, is to invite a Realtor to your home well in advance so that they can give you an opinion of items to address. Ask for both their opinion on lender required repairs and also their opinion on items to enhance the sale and to make the house show well. Linda, Whitney, and I would all be happy to help.
Dianne

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News & Notes

Here is the latest data for you on the overall Portland area, as well as specific Lake Oswego/West Linn (RMLS lumps them together) numbers:

The latest real estate numbers in Portland and the Lake Oswego/West Linn areas for September are in. Overall numbers are down from August and up from last year

According to the RMLS Market Action Report for the Portland Metro Area  September, 2014:

  • At 2,378, September Closed Sales dropped 8% from the month prior (August), and/but were up a full 10.2% from September of 2013’s 2,158 .
  • There were 3,102 New Listings in September which was 6.1% higher than September 2013, but down 13.4% from the month prior.
  • The Average Sale Price in September of $338,100 was down $1,900 from the month prior. The first nine months of 2014 are logging an Average Sale Price of $333,000, which is up 7.4% over the same time period in 2013.
  • September Pending Sales (accepted offers), at 2,551, were down 5.7%  from the month prior.  That said, the Pending sales for September are up a full 15% over September 2013. ***This was the strongest September for Pending sales since 2006 when there were 2,599!

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In Lake Oswego and West Lin steady activity with all numbers down slightly from August, and/but the Average Sale Price rising by $16,400… and interestingly, Average Time on the Market going from 57 to 100 days (that’s quite a jump!)

The combined areas of Lake Oswego and West Linn  for August reported:

    • 501 Active Listings  (August was 531)
    • 177 New Listings  (August was 185)
    • 130 Pending Sales  (August was 148)
    • 140 Closed Sales  (August was 134)
    • An Average Sale Price of $536,600.  (August was $520,200)
    • Average Time on the Market: 100 Days  (August was 57)
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News & Notes

Here is the latest data for you on the overall Portland area, as well as specific Lake Oswego/West Linn (RMLS lumps them together) numbers:

The latest numbers shows mostly robust activity in Portland and the Lake Oswego/West Linn areas for July.

According to the RMLS Market Action Report for the Portland Metro Area  July, 2014:

  • At 2,678, July Closed Sales rose 2.3% over the month prior (June), but fell 3.2% when compared with July of 2013.
  • There were 3,954 New Listings in July... 2.0% higher than July 2013, but down 3% from the month prior when there were 4,078.
  • The Average Sale Price in July, $344,700, was up nearly $10,000 (9,900)  from the month prior!  In addition the first seven months of 2014 are logging an Average Sale Price of $331,400, which is up 7.9% over the same time period in 2013.
  • July Pending Sales (accepted offers), at 2,802, were down 5.5%  from the month prior. This seems to indicate a slowing where Buyers were not making as many offers in July. That said, the Pending sales are up 2.3% over July 2013 .

The combined areas of Lake Oswego and West Linn  for July reported:

    • 557 Active Listings
    • 230 New Listings
    • 148 Pending Sales
    • 157 Closed Sales
    • An average Sale Price of $560,900.
    • Average Time on the Market: 85 Days
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Bring on the Home Inspection

You’ve hired a great Realtor and accepted an offer to sell your home. You know your house. You’ve taken care of it, but it’s not perfect. What is going to turn up in the home inspection? This has got to be one of the most agonizing parts of the selling process. Here are some tips and pointers to help know what to expect.

ladderGet your house ready
The inspector is going to be going on the roof, opening and closing every door and window, and thoroughly investigating the entire house. You need to make his job possible by creating easy access to the attic hatch and the crawl space entrance. These are often in closets that are full of coats, luggage, and assorted personal items. Find these entries and clear out the path to the opening. You can just set things in the adjoining room and then put it all back when the inspection is over. Likewise, the inspector needs to get to the electrical panel. If it’s behind stacked boxes in the garage, it’s a problem. Move those boxes, shelves and toys so that the inspector does not have to.

radonIf there is going to be a radon test, you need to maintain “closed house” conditions for 12 hours prior to the test starting. You can come and go, just don’t leave doors or windows standing open. These conditions must be maintained during the duration of the test (usually 48 hours). This can be hard in the summer, but you must abide by the guidelines or the test will be defective.

Stay Away
Home inspections will last anywhere from 2-5 hours depending upon the inspector and the inspections being done. It’s not uncommon for multiple inspections to be done including sewer scopes and air samples. So be patient. Please don’t be circling the block. This creates pressure upon the buyer and the buyer’s Realtor to hurry to conclusion. This is not fair to the buyer who has an agreement that allows him the opportunity to do his own investigation.

There are two problems that occur if you are present at your buyer’s home inspection. First, the buyer feels awkward. The inspection will specifically be searching for defects. Finding them creates conversation that the buyer simply prefers you not hear. Second, you will put yourself in a position of being asked questions. A person selling a home wants the inspection to go well. While trying to be helpful, you may actually dig your self into a hole by suggesting you’ll take care of issues when you haven’t seen the full list of demands, or worse, representing knowledge you don’t really have. Your roof may not have ever leaked, but do you really know if it’s been flashed correctly? Stay away and stay out of trouble.

crawlspaceBe Reasonable
A successful sale needs both the buyer and the seller treating one another fairly and reasonably. Everything is negotiable and that is why Realtors are there to represent you. A Realtor will know if the items on the repair list are necessary for financing, are within the scope of normal requests, and if the sales price reflects the condition of the property.

So don’t panic, all will be well. Just know what to expect and do your part to get your house ready and accessible.

Thanks for reading,
Dianne

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Lease Options

ArtAt least once every year I have someone who wants to look into doing a lease option. It is usually a buyer I am working with, but it can also be a seller.

There are quite a few reasons a person would want to do an lease option. Usually it is because financially their situation will be different a year from now. Perhaps they want to save money for a down payment or they expect to be receiving money that could become a down payment. They need to move now and would really like to just move once: rent today and buy tomorrow.

I am currently working on a property that I represented the seller on who accepted a lease option. It is a very unique situation. Aging parents noticed the house for sale across the street from their daughter and son-in-law. Parents were not certain how their health and their personal situation would look a year ago. They entered into a lease option with my seller to “test the waters” with the house. It has worked out very well for them and they are now buying the house.

For my client, the seller, he appreciated the sound financial standing the buyer was able to demonstrate. In addition, he negotiated a good sales price by being willing to work with the option. He was not living in the house, having already moved. So his circumstances fit the situation as well.

Here is how the option worked. The buyers put down a very large, non-refundable option fee. This fee was paid directly to the seller. So the seller got a nice sum right up front. That option fee is being applied to the price of the house now that the option is being exercised. The buyers moved in and began paying rent. 10% of the rent they have paid for the last year is also being applied to the purchase price now that the option is being exercised. So the seller got money up front and got steady rent for a year. The buyer has already paid a portion of the purchase price through the rent and the option fee. It is coming together pretty smoothly.

However, there is risk. A seller needs legal council before entering into a lease option. That council needs to review his loan documents to see if the “Due on Sale” Clause usually contained in a mortgage can be triggered by a lease option. If it can, and the lender finds out about the option, the lender can call the loan due in full. This could create a bit of a crisis for both the seller who now has to cash out a mortgage,Oswego-Lake and for the buyer who may or may not want to buy the house.

I also think that most of the folks I council about lease options really are not in a position to do one. This is because if the reason for the option is lack of funds today, then they don’t have the means to pay an option fee up front.

My last comment is that a buyer wanting a lease option is probably better off simply finding a rental until they are ready to buy. There are very few sellers willing to do lease options. So finding a home you love, that is also available with a lease option, really narrows your house selection.

Real estate has so many things going on and, yes, lease options are one of them. It may even be something that would fit your current circumstances. Do not hesitate to give me a call if you have any questions.
Dianne, 503-803-6298

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News & Notes

Here is the latest data for you on the overall Portland area, as well as specific Lake Oswego/West Linn (RMLS lumps them together) numbers:

The latest numbers show robust activity in Portland and the Lake Oswego/West Linn areas for June.

According to the RMLS Market Action Report for the Portland Metro Area  June, 2014:

  • At 2,617, June Closed Sales rose 4.2% over last June’s  2,511, and was the strongest June for closed sales in the region since 2007!
  • There were 4,078 New Listings in June... 8.7% higherer than June 2013, but down 2.7% from May when there were 4,192.
  • The Average Sale Price in June was $334,800, down just $500. from May’s $335,300.
  • June Pending Sales (accepted offers) were down slightly at 0.8% from May to 2,965, and/but rose 5.7% from June 2013.

The combined areas of Lake Oswego and West Linn  for June reported:

    • 539 Active Listings
    • 252 New Listings
    • 162 Pending Sales
    • 156 Closed Sales
    • An average Sale Price of $527,300.
    • Average Time on the Market: 74 Days
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Market Activity ~ June 16-22, 2014

Wow. I can’t believe June is almost over! Summertime is in full swing and it shows in our real estate market activity.

Here is your Latest Market Data: Last week in Lake Oswego we saw 27 New properties enter the market, 25 move to Pending status, and 18 “Closed”/Sold.

Following is the breakdown according to RMLS:

NEW on Mkt (June 16-22, 2014)

Address List Price # Beds # Baths Total SF Prop Type
98 OSWEGO SMT $146,000 2 2 1140 CONDO
45 EAGLE CREST DR #100 $215,000 3 2 1537 CONDO
200 BURNHAM RD #402 $285,000 2 2 1305 CONDO
60 GREENRIDGE CT $312,000 4 2.1 2296 ATTACHD
2604 GLEN HAVEN RD $375,000 4 2 1704 DETACHD
16266 LAKE FOREST BLVD $389,900 3 2 1860 DETACHD
15422 PARTRIDGE DR $420,000 4 2.1 1841 DETACHD
5907 SW FERNBROOK CIR $429,700 4 2 1892 DETACHD
10 MOZARTEUM CT $445,000 3 3 2755 DETACHD
529 2nd ST $450,000 2 2 1339 CONDO
628 1ST ST $450,000 2 2.1 1776 ATTACHD
17211 ROBB PL $479,900 3 2 2085 DETACHD
714 2ND ST $499,900 2 2 1480 DETACHD
644 ELLIS AVE $499,900 3 2 2240 DETACHD
73 TANGLEWOOD DR $509,900 4 3.1 4278 DETACHD
629 5TH ST $529,000 2 1 1122 DETACHD
2584 PARK RD $586,999 4 2 2302 DETACHD
1008 OAK ST $589,900 3 3.1 2602 DETACHD
14564 KRUSE OAKS BLVD $689,900 5 2.1 3001 DETACHD
13148 SANDALWOOD CT $710,000 4 2.1 3190 DETACHD
4079 ORCHARD DR $759,000 5 3 4326 DETACHD
654 RIDGEWAY RD $825,000 4 2 1795 DETACHD
14034 TAYLORS CREST LN $895,000 5 3.2 4080 DETACHD
3950 EDENS EDGE DR $1,198,000 4 3.1 4427 DETACHD
4515 WEST RD $1,350,000 4 3.1 5262 DETACHD
3190 DOUGLAS CIR $1,559,000 4 3.2 4840 DETACHD
17301 Canal CIR $1,999,999 5 4.1 3843 DETACHD

PENDING SALES (June 16-22, 2014)

Address List Price # Beds # Baths Total SF Prop Type CDOM
5225 JEAN RD #201 $164,900 3 2 1500 CONDO 59
3956 CARMAN DR $199,900 2 2.1 1107 ATTACHD 10
3101 MCNARY PKWY $220,000 3 2.1 1894 ATTACHD 604
111 TOUCHSTONE TER $249,900 2 2 1341 ATTACHD 3
4261 COLLINS WAY $280,000 3 2 1476 DETACHD 3
77 GREENRIDGE CT $300,000 3 2.1 2102 ATTACHD 0
11 ABELARD ST $369,000 3 2.1 1985 DETACHD 2
880 BOCA RATAN DR $389,900 5 3 2364 DETACHD 9
4470 CHAPMAN WAY $389,900 3 3 2125 DETACHD 41
1710 MEADOWS DR $399,900 3 2 1677 DETACHD 66
550 2ND ST $419,995 2 1.2 1558 CONDO 16
14584 WILMOT WAY $439,000 4 2.1 1939 DETACHD 57
221 HIDALGO ST $448,000 3 2.1 2680 DETACHD 1
5284 RED LEAF ST $455,000 3 2.1 2142 DETACHD 6
13053 SIERRA CT $459,900 4 2.1 2215 DETACHD 107
1012 ANDREWS RD $519,900 3 2 2143 DETACHD 109
18212 INDIAN CREEK DR $549,900 4 2.1 2251 DETACHD 6
14412 MEADOW GRASS ST $584,000 4 2.1 3259 DETACHD 260
11 JUAREZ ST $595,000 4 2.1 2551 DETACHD 23
3033 WESTVIEW CIR $600,000 5 4.1 5013 DETACHD 254
6457 MCDUFF CT $675,000 4 3.1 3120 DETACHD 266
616 ATWATER RD $999,500 4 4 5558 DETACHD 140
14480 KRUSE OAKS BLVD $999,800 4 3.1 4661 DETACHD 12
17521 RIDGEVIEW LN $1,329,900 4 3.1 4813 DETACHD 80
17471 CARDINAL DR $1,369,000 5 3.1 3181 DETACHD 10

SOLD  (June 16-22, 2014)

Address Open Price Close Price # Beds # Baths Total SF Prop Type CDOM
109 OSWEGO SMT #109 $149,900 $130,000 2 2 1212 CONDO 34
4 TOUCHSTONE #104 $128,000 $131,500 3 2.1 1351 CONDO 50
46 CERVANTES CIR $150,000 $150,000 2 1.1 912 CONDO 6
1878 MAPLELEAF RD $330,000 $300,000 3 1.1 1347 DETACHD 22
915 BULLOCK ST $475,000 $425,000 4 3 2986 DETACHD 249
5796 BAY POINT DR $475,000 $485,000 4 2.1 2328 DETACHD 0
4867 SAGE HEN WAY $532,500 $529,600 4 2.1 2523 DETACHD 10
5657 GRAND OAKS DR $579,900 $574,900 3 2.1 2783 DETACHD 22
117 FURNACE ST $659,000 $645,000 2 2.1 1885 CONDO 45
3 CREEKSIDE TER $750,000 $680,127 4 3.1 4355 DETACHD 108
2757 SW RIVENDELL RD $734,900 $701,000 4 3.1 3960 DETACHD 1
13515 STREAMSIDE DR $849,900 $735,000 5 4.1 4357 DETACHD 264
13774 Melrose PL $788,950 $768,000 4 4.1 4940 DETACHD 1
17224 CEDAR RD $850,000 $790,000 3 2 3098 DETACHD 179
14435 UPLANDS DR $848,950 $835,000 4 3.1 4402 DETACHD 55
13531 FIELDING RD $849,000 $845,000 4 3.1 4566 DETACHD 1
752 8TH ST $1,250,000 $1,130,000 4 3.1 4550 DETACHD 53
17226 CHAPIN WAY $1,395,000 $1,559,795 4 3.1 4917 DETACHD 353

Criteria: Homes in the 97034 and 97035 zip code, listed, pending or sold between the dates listed above as reported by the Regional Multiple Listing Service (RMLS). DETACHD refers to Single Family Detached Residence, MFG refers to manufactured housing, and ATTACHD refers to single-family residences with some portion of the structure attached to another property, but not constituting CONDO ownership. DOM stands for days on market, or the number of days from when the listing became active and when it received an acceptable offer, with CDOM standing for “cumulative days on market” accounting for “refreshed” listings