OFF-MARKET Inventory refers to all exclusive listings that move from an active state to a 'off-market' state in the REBNY Listing Service. We believe this captures around 90% of the Manhattan marketplace and only excludes non-REBNY member listings as well as FSBOs (For Sale By Owner Listings).
To be counted in our OFF-MARKET Inventory, the listing must first be measured in an ACTIVE state and then be changed to an OFF-MARKET (TOTM, POTM, OFF EXCLUSIVE) state by the listing broker. The listing will be measured as off-market as long as the listing state does not change or a period of 270 days is reached. Once a listing is off-market for longer than 270 days, it is not longer counted as off-market inventory. The goal of this measurement is to track the behavior of listings that do not sell or are removed from the active marketplace for seasonal reasons. By measuring off-market trends, we can tell if movements in ACTIVE inventory are a function of demand or a function of listings moving both on and off market.
This is on top of 'general database governance' which is described in this section.