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The definition and identification of housing submarkets

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  • Craig A Watkins
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    Abstract

    Although it is widely accepted that urban housing markets are too complex to be described by unitary market, equilibrium models, the role of submarkets has not been embraced in applied research. In this paper it is argued that this is unsurprising and can be traced to the failure to establish a theoretical or empirical basis for submarket modeling. I note that, throughout the housing economics literature, the term 'submarket' is subject to a range of definitions; the means of identifying submarkets has varied; empirical analyses have employed differing tests; and case studies have focused on a range of different cities and different time periods. This inconsistency has prevented the development of a coherent analytical approach. By using data from the Glasgow housing market a range of alternative definition and identification schemes are compared. The evidence suggests that submarkets are important and that, rather than being based exclusively on the similarity of property characteristics or geographical contiguity, the dimensions of housing submarkets are determined by both spatial and structural factors simultaneously.

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    Bibliographic Info

    Article provided by Pion Ltd, London in its journal Environment and Planning A.

    Volume (Year): 33 (2001)
    Issue (Month): 12 (December)
    Pages: 2235-2253

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    Handle: RePEc:pio:envira:v:33:y:2001:i:12:p:2235-2253

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    Cited by:
    1. Yong Tu & Hua Sun & Shi-Ming Yu, 2007. "Spatial Autocorrelations and Urban Housing Market Segmentation," The Journal of Real Estate Finance and Economics, Springer, Springer, vol. 34(3), pages 385-406, April.
    2. Elif Alkay, 2008. "Housing Submarkets in Istanbul," International Real Estate Review, Asian Real Estate Society, Asian Real Estate Society, vol. 11(1), pages 113-127.
    3. Clapp, John M. & Wang, Yazhen, 2006. "Defining neighborhood boundaries: Are census tracts obsolete?," Journal of Urban Economics, Elsevier, vol. 59(2), pages 259-284, March.
    4. Gjestland, Arnstein & McArthur, David Philip & Osland, Liv & Thorsen, Inge, 2014. "The suitability of hedonic models for cost-benefit analysis: Evidence from commuting flows," Transportation Research Part A: Policy and Practice, Elsevier, Elsevier, vol. 61(C), pages 136-151.
    5. Xudong An & John Clapp & Yongheng Deng, 2005. "Omitted Mobility Characteristics and Property Market Dynamics: Application to Mortgage Termination," Working Paper, USC Lusk Center for Real Estate 8584, USC Lusk Center for Real Estate.
    6. Alejandro García Pozo, 2008. "Determinantes del precio de la vivienda usada en Málaga: Una aplicación de la metodología hedónica," Revista de Estudios Regionales, Universidades Públicas de Andalucía, Universidades Públicas de Andalucía, vol. 2, pages 135-158.
    7. Biswas, Arnab, 2012. "Housing submarkets and the impacts of foreclosures on property prices," Journal of Housing Economics, Elsevier, Elsevier, vol. 21(3), pages 235-245.
    8. Silvia Banfi & Massimo Filippini & Andrea Horehájová, 2008. "Valuation of Environmental Goods in Profit and Non-Profit Housing Sectors: Evidence from the Rental Market in the City of Zurich," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), Swiss Society of Economics and Statistics (SSES), vol. 144(IV), pages 631-654, December.
    9. Hans R.A. Koster & Jan Rouwendal, 2010. "The Impact of Mixed Land Use on Residential Property Values," Tinbergen Institute Discussion Papers, Tinbergen Institute 10-105/3, Tinbergen Institute.
    10. Brett Day & Ian Bateman & Iain Lake, 2007. "Beyond implicit prices: recovering theoretically consistent and transferable values for noise avoidance from a hedonic property price model," Environmental & Resource Economics, European Association of Environmental and Resource Economists, European Association of Environmental and Resource Economists, vol. 37(1), pages 211-232, May.
    11. Xudong An & John Clapp & Yongheng Deng, 2010. "Omitted Mobility Characteristics and Property Market Dynamics: Application to Mortgage Termination," The Journal of Real Estate Finance and Economics, Springer, Springer, vol. 41(3), pages 245-271, October.

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