[naplesrealestate]

Hi Mert,

This issue bothered me so much that I called NAR and had a lengthy conversation with one of the economists that uses the statistics from the boards across the US to compile the national statistics.

He stated the average days on market, should be from list date to pending or contract date. This period of time is the true marketing time.

The time between pending or contract date and close date is not related to the market conditions, it is related to financing and other contingencies within the contract.

Don't quote me on this part, but when boards report days on market that use list to close date as the number of days - they use various formulae and regression analysis to determine the number of days on market.

He did say NAR receives about information from over 600 boards and the data does lack consistency from board to board.

It was a great conversation which I enjoyed there was quite a bit of information exchanged beyond the average days on market.

Another thing that I learned was that NAR does have a wealth of information or data and compiles a great deal of it.

It seems that lack of consistency is fairly rampant without the industry and there is a need for uniformity as well as maybe a course on understanding statistical information.