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TOM: Why Isn’t Price Enough?

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Author Info
Charles Ka Yui Leung () (Department of Economics, Chinese University of Hong Kong, Shatin, Hong Kong)
Youngman Chun Fai Leong (Department of Economics, Chinese University of Hong Kong, Shatin, Hong Kong)
Ida Yin Sze Chan (Department of Economics, Chinese University of Hong Kong, Shatin, Hong Kong)

Additional information is available for the following registered author(s):

Abstract

In an efficient market, differences in quality should be fully reflected in differences in price. This paper examines a highly active residential property market and verifies whether housing attributes can explain time on the market (TOM) in addition to prices. In contrast to the previous literature, only the price ratio and inflation factor are found to be critical in affecting TOM. An interpretation of the results is suggested, along with some directions for future research.

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Publisher Info
Article provided by Asian Real Estate Society in its journal International Real Estate Review.

Volume (Year): 5 (2002)
Issue (Month): 1 ()
Pages: 91-115
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:ire:issued:v:05:n:01:2002:p:91-115

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Postal: Asia Real Estate Society, 51 Monroe Street, Plaza E-6, Rockville, MD 20850, USA
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Web page: http://www.asres.org/

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Postal: Asian Real Estate Society, 51 Monroe Street, Plaza E-6, Rockville, MD 20850, USA
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Related research
Keywords: TOM; price ratio; inflation factor; physical attribute; time aggregation;

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Find related papers by JEL classification:
L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Charles K. Y. Leung & Garion C. K. Lau & Youngman C. F. Leong, 2002. "Testing Alternative Theories of the Property Price-Trading Volume Correlation," Journal of Real Estate Research, American Real Estate Society, vol. 23(3), pages 253-264. [Downloadable!]
  2. Han Bin Kang & Mona J. Gardner, 1989. "Selling Price and Marketing Time in the Residential Real Estate Market," Journal of Real Estate Research, American Real Estate Society, vol. 4(1), pages 21-35. [Downloadable!]
  3. Dale T. Mortensen & Randall Wright, 2002. "Competitive Pricing and Efficiency in Search Equilibrium," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 43(1), pages 1-20, February. [Downloadable!] (restricted)
  4. Donald Haurin, 1988. "The Duration of Marketing Time of Residential Housing," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 16(4), pages 396-410. [Downloadable!] (restricted)
  5. Eric A. Hanushek & Steven G. Rivkin & Lori L. Taylor, 1996. "Aggregation and the Estimated Effects of School Resources," NBER Working Papers 5548, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  6. Abdullah Yavaş, 1992. "A Simple Search and Bargaining Model of Real Estate Markets," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 20(4), pages 533-548. [Downloadable!] (restricted)
  7. Jud, G Donald & Winkler, Daniel T & Kissling, Grace E, 1995. "Price Spreads and Residential Housing Market Liquidity," The Journal of Real Estate Finance and Economics, Springer, vol. 11(3), pages 251-60, November.
  8. G. Donald Jud & Terry G. Seaks & Daniel T. Winkler, 1996. "Time on the Market: The Impact of Residential Brokerage," Journal of Real Estate Research, American Real Estate Society, vol. 12(3), pages 447-458. [Downloadable!]
  9. Christiano, Lawrence J. & Eichenbaum, Martin, 1987. "Temporal aggregation and structural inference in macroeconomics," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 26(1), pages 63-130, January. [Downloadable!] (restricted)
    Other versions:
  10. Taylor, Curtis R, 1999. "Time-on-the-Market as a Sign of Quality," Review of Economic Studies, Blackwell Publishing, vol. 66(3), pages 555-78, July. [Downloadable!] (restricted)
  11. Fred A. Forgey & Ronald C. Rutherford & Thomas M. Springer, 1996. "Search and Liquidity in Single-Family Housing," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 24(3), pages 273-292. [Downloadable!] (restricted)
  12. Asabere, Paul K & Huffman, Forrest E & Johnson, Rose L, 1996. "Contract Expiration and Sales Price," The Journal of Real Estate Finance and Economics, Springer, vol. 13(3), pages 255-62, November.
  13. Moen, Espen R, 1997. "Competitive Search Equilibrium," Journal of Political Economy, University of Chicago Press, vol. 105(2), pages 385-411, April.
    Other versions:
  14. Horowitz, Joel L, 1992. "The Role of the List Price in Housing Markets: Theory and an Econometric Model," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 7(2), pages 115-29, April-Jun. [Downloadable!] (restricted)
  15. Chen, Yongmin & Rosenthal, Robert W, 1996. "Asking Prices as Commitment Devices," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 37(1), pages 129-55, February.
    Other versions:
  16. Merlo, Antonio & Ortalo-Magne, Francois, 2002. "Bargaining over Residential Real Estate: Evidence from England," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
    Other versions:
  17. Terence Chong, 2001. "Estimating the locations and number of change points by the sample-splitting method," Statistical Papers, Springer, vol. 42(1), pages 53-79, January. [Downloadable!] (restricted)
  18. Eugene Kandel & Avi Simhon, 2002. "Between Search and Walras," Journal of Labor Economics, University of Chicago Press, vol. 20(1), pages 59-85, January. [Downloadable!]
  19. Genesove, David & Mayer, Christopher J, 1997. "Equity and Time to Sale in the Real Estate Market," American Economic Review, American Economic Association, vol. 87(3), pages 255-69, June. [Downloadable!] (restricted)
    Other versions:
  20. Michel Glower & Donald R. Haurin & Patric H. Hendershott, 1998. "Selling Time and Selling Price: The Influence of Seller Motivation," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 26(4), pages 719-740. [Downloadable!] (restricted)
  21. Terence Tai-Leung, Chong, 1997. "Structural Change in AR(1) Models," Departmental Working Papers _079, Chinese University of Hong Kong, Department of Economics.
    Other versions:
  22. Christiano, Lawrence J & Eichenbaum, Martin & Marshall, David, 1991. "The Permanent Income Hypothesis Revisited," Econometrica, Econometric Society, vol. 59(2), pages 397-423, March. [Downloadable!] (restricted)
    Other versions:
Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Charles Leung & Dandan Feng, 2005. "What Drives the Property Price-Trading Volume Correlation? Evidence from a Commercial Real Estate Market," The Journal of Real Estate Finance and Economics, Springer, vol. 31(2), pages 241-255, September. [Downloadable!] (restricted)
  2. Charles Ka Yui Leung & Kelvin Siu Kei Wong & Patrick Wai Yin Cheung, 2007. "On the Stability of the Implicit Prices of Housing Attributes: A Dynamic Theory and Some Evidence," International Real Estate Review, Asian Real Estate Society, vol. 10(2), pages 66-93. [Downloadable!]
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