Cumulative Market Time

Calculation Information

May 12, 2003 ... IMPORTANT MT MESSAGE: The Board of Directors implemented a change to Market Time to more accurately disclose the entire property history. The MT (Market Time) field was previously displayed as CMT (Cumulative Market Time) is the total number of days the property has been on the market with all brokers. The LMT ( listing Market Time) now reflects the time for the current listing. Since the Market Time and Listing Market Time data is intended for use by brokers and agents, the Board has recently decided to remove the MT from the client report which is the report most frequently given to clients. The LMT is only included on the Total report (FULL). The change will also be made to the browser products.

On the recommendation on the MLSNI Board of Directors, Market Time will be revised to calculate back 90 days, rather than the current 180 days.  Beginning at 6:00pm this evening, Market Time values will start to be re-set to zero in preparation for a complete recalculation of Market Time. This will be completed by Saturday, April 24, 2004.

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At the direction of the MLSNI Board of Directors, changes will be made to the current Market Time (MT) and Cumulative Market Time (CMT) fields and values for MLSNI listings.  According to Jim Kinney, President of MLSNI, “We wanted to clean up the system to eliminate the capability of skewing numbers.”  (2-03)

Here’s a brief run down on the changes.

• The current Market Time (MT) field will be changed to Listing Market Time (LMT) and will reflect the following values:
  • For ACTV, BOMK, NEW, PCHG & RACT statuses it will calculate List Date to current date
  • For CTG status it will calculate List Date to Contract Date (CONTRACT DATE)
  • For TEMP status it will calculate List Date to Off-Market Date (OMD)
  • For CLSD and PEND statuses it will calculate List Date to Contract Date (CONTRACT DATE)
  • For RNTD status it will calculate List Date to Rented Date (RD)
  • For CANC status it will calculate List Date to Off-Market Date (OMD)
  • For EXP status it will calculate List Date to Expiration Date (XD)
• The new LMT field will only display on the AGENT & CLIENT Full Reports (i.e. only reports where currently the CMT value is displayed).

The Cumulative Market Time (CMT) field will be changed to Market Time (MT) and will display where current MT values display, including List & Detail views, statistical reports, etc.  The new Market Time field will accurately reflect how long the property has been on the market as opposed to how long the individual property listing (List Number) has been in the system.  Calculations for Market Time will track the property PIN, address and unit number going back 181 days in order to accurately reflect the true value for days on market.

The current time-frame for completion of this project is end-March 2003.

Should you have any questions about inputting market times, please contact MLSNI’s Help Desk at (630) 955-2754.