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Assessing the Performance of Real Estate Auctions

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  • Christopher J. Mayer

Abstract

This article investigates the performance of real estate auctions relative to negotiated sales. It uses a repeat‐sales methodology to control for unobserved differences in the quality of auction properties. Properties auctioned in Los Angeles during the 1980s boom sold at an estimated discount of 0%–9%, while sales in Dallas following the oil bust obtained discounts of 9%–21%. This evidence is consistent with the theoretical prediction that the auction discount increases in downturns when a seller trades‐off a longer expected selling time in a search market against an immediate auction sale. The study finds no evidence of the declining price anomaly.

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  • Christopher J. Mayer, 1998. "Assessing the Performance of Real Estate Auctions," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 26(1), pages 41-66, March.
    • Handle: RePEc:bla:reesec:v:26:y:1998:i:1:p:41-66
    DOI: 10.1111/1540-6229.00737
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