“New on Market”? Maybe not.

The new listing numbers started out in 2010 with 3 digits vs 8 digits of the last decade and beyond. It would be awesome if we could track how many new homes are coming on market by these numbers. Unfortunately I am seeing many “new” listings on market for hundreds of days.

There is a rule against, and fine for, “trading up” your mls # from a 2009 or even 2008 listing number to a fresh 2010 one. But I am seeing many that “expired” vs. cancelled on 12/31/09 and then re-listed (often with the same agent) since 1/1/2010.

These listings are also coming up with the “n” symbol as being “new” on market. They are also showing as “on Redfin 1 day” so be sure to look at CUMULATIVE DAYS ON MARKET before determining whether or not it is really a “new” listing. You can do this on Redfin by clicking the property detail. Cumulative Days on Market seems to be “one click away” as in “on Redfin 1 day” but Cumulative days on market 455 days.

Maybe some day there will be only one mls # allowed per home address…on a 12 month rolling basis. But for now, there really are not over 3,000 “new” listings since 1/1/10, even though over 3,500 have been “newly listed” since 1/1/2010 as of today.

It’s possible that the mls will take away their “new” number, and give them back their old one. It would be great if they did, so we can track how many really new listings there are coming on market this year. So far I have not seen a way to search by “cumulative days on market”. I’ll have to ask Matt Goyer over at Redfin if they have an internal system that will do that. But if they did, I would think they would not be showing those “on Redfin 1 day” houses that have been on market for over a year.

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ARDELL is a Managing Broker with Better Properties METRO King County. ARDELL was named one of the Most Influential Real Estate Bloggers in the U.S. by Inman News and has 33+ years experience in Real Estate up and down both Coasts, representing both buyers and sellers of homes in Seattle and on The Eastside. email: ardelld@gmail.com cell: 206-910-1000

24 thoughts on ““New on Market”? Maybe not.

  1. Ardell, you search by days Redfin by using the advanced search dropdown. Click “more options” under the “search listings” box to expose the options. Then go to the “Listing Facts” section in the bottom of the middle column. The first option is days on Redfin.


  2. Rob is correct we do have a search by days on Redfin. However, that searches how many days that MLS # has been on Redfin. It doesn’t search against the cumulative days on Redfin number you see when you click through to the listing details page.

  3. Ben, that is hysterical!

    Rob and Matt,

    Since it was “on Redfin” 444 days yesterday and “on Redfin” one day as of today, maybe it’s time to get rid of “on Redfin” altogether and just show the cumulative days, given it’s really been “on Redfin” the whole time. It’s a bit misleading.

  4. I agree it’s a little confusing.

    In a perfect world we would do that. However, we haven’t tackled the somewhat hard problem of calculating our own CDOM. The CDOM you see on listings in Seattle is the NWMLS CDOM.

  5. Matt,

    A buyer cares how long it’s been on market, not how long it’s been on Redfin. Just ditch the “days on Redfin” altogether and show the days on market. Again, just a suggestion 🙂

    Do a poll of your own and ask if anyone cares how long it’s been “on Redfin” vs. “on market”.

  6. I wonder how badly this is going to screw up our NWMLS ‘New Listing’ stats for January? I don’t recall ever seeing an analysis of what % of ‘New’ listings in the past were spurious re-lists, but I always assumed that as long as the rate of rule breaking was both low and fairly consistent, we didn’t have to worry much about it. But we already have a problem with ‘Pending’. Now this. It will be interesting to see what NWMLS does, if anything, including both monitoring the coding for ‘new’ and the imposition of fines for infractions. Perhaps the key is their commitment to the integrity of CDOM – I guess it can’t be ‘new’ if CDOM is over 31 🙂

  7. Chuck,

    The mls system was “built” to service sellers. The things we want now, like reliable stats, are to assist buyers in making buying decisions. A system that works well, and I’m not just talking about the mls here, for both buyers and sellers needs to start from scratch. Not a seller system “tweaked” only when people complain.

    The wheel needs to be reinvented to be fair to both sellers and buyers. A difficult challenge.

    When buyer agency first came about we envisioned two completely different industries run exclusively for buyers OR sellers, not both at the same time, and run separately. That lasted for literally about 10 days and then went quiet.

  8. Ardell and Chuck-

    I know the MLS has been trying diligently to correct infractions to give us accurate statistics, but I don’t exactly how this will be handled. Cracking down on cancel and relist was a good start, but now I have noticed that a lot of agents are running 30 day listings that expire and relist.

    I am afraid that January statistics will be really off seeing as how on Jan 1 there were 5200 expired listings. I wonder how many of those have simply been relisted.

    Perhaps when we change from Rappatoni to the new MLS system statistics will improve. Accurate statics are so vital to our day to day business.

    Marcy Spieker

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