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Pricing and Time on the Market for Residential Properties in a Major U.K. City

Author

Listed:
  • Stanley McGreal

    () (University of Ulster at Jordanstown Newtownabbey, Co. Antrim BT37 0QB Northern Ireland, UK)

  • Alastair Adair

    () (University of Ulster at Jordanstown Newtownabbey, Co. Antrim BT37 0QB Northern Ireland, UK)

  • Louise Brown

    () (University of Ulster at Jordanstown Newtownabbey, Co. Antrim BT37 0QB Northern Ireland, UK)

  • James R. Webb

    () (James J. Nance College of Business Cleveland State University Cleveland, Ohio 44115)

Abstract

The pricing and length of time to sell single-family residential properties is a function of the interaction between buyer and seller behavior. This study estimates value effects in relation to the time on the market for residential properties within the Belfast (U.K).metropolitan area. Three distinctive characteristics of market are highlighted. First, the majority of sales are at a premium to the list price. Second, different factors influence time on the market for premium and discount sales. Third, the marketing period is examined for three events: listing to sales agreement, sales agreement to completion, and listing to completion.

Suggested Citation

  • Stanley McGreal & Alastair Adair & Louise Brown & James R. Webb, 2009. "Pricing and Time on the Market for Residential Properties in a Major U.K. City," Journal of Real Estate Research, American Real Estate Society, vol. 31(2), pages 209-234.
  • Handle: RePEc:jre:issued:v:31:n:2:2009:p:209-234
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    References listed on IDEAS

    as
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    Cited by:

    1. Michael Dinkel, 2011. "Factors that influence listing prices and selling prices of owner-occupied residential properties in Germany," ERES eres2011_68, European Real Estate Society (ERES).
    2. Haurin, Donald & McGreal, Stanley & Adair, Alastair & Brown, Louise & Webb, James R., 2013. "List price and sales prices of residential properties during booms and busts," Journal of Housing Economics, Elsevier, vol. 22(1), pages 1-10.
    3. Shimizu, Chihiro & Nishimura, Kiyohiko G. & Watanabe, Tsutomu, 2016. "House prices at different stages of the buying/selling process," Regional Science and Urban Economics, Elsevier, vol. 59(C), pages 37-53.
    4. Justin Benefield & William Hardin, 2015. "Does Time-on-Market Measurement Matter?," The Journal of Real Estate Finance and Economics, Springer, vol. 50(1), pages 52-73, January.
    5. David Koch & Gunther Maier, 2015. "The influence of estate agencies’ location and time on Internet," Review of Regional Research: Jahrbuch für Regionalwissenschaft, Springer;Gesellschaft für Regionalforschung (GfR), vol. 35(2), pages 147-171, October.

    More about this item

    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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