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Price signals in illiquid markets:The case of residential property in Ireland, 2006-2012

  • Ronan C. Lyons

    ()

    (Department of Economics, Trinity College Dublin)

How do list and sale prices relate to each other over the market cycle? Using a dataset of over 650,000 Irish property listings and transactions between 2006 and 2012, this research examines the relationship between list and sale prices. It applies hedonic methods and exploits information on time-to-sell and time-to-drawdown to decompose the gap between list and sale prices into four spreads: the selection spread, capturing the price difference between properties that sell and all listings; the matching spread, which reflects time-to-sell and is countercyclical; the drawdown spread, reflecting administrative costs; and the counteroffer spread, which is the closest counterpart to a bid-ask spread in the housing market and is procyclical.

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File URL: http://www.tcd.ie/Economics/TEP/2013/TEP0613.pdf
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Paper provided by Trinity College Dublin, Department of Economics in its series Trinity Economics Papers with number tep0613.

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Length: 25 pages
Date of creation: Dec 2013
Date of revision:
Handle: RePEc:tcd:tcduee:tep0613
Contact details of provider: Postal: Trinity College, Dublin 2
Phone: (+ 353 1) 6081325
Fax: 6772503
Web page: http://www.tcd.ie/Economics/

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  1. J. R. Knight & Jonathan Dombrow & C. F. Sirmans, 1995. "A Varying Parameters Approach to Constructing House Price Indexes," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 23(2), pages 187-205.
  2. Kennedy, Gerard & McIndoe Calder, Tara, 2011. "The Irish Mortgage Market: Stylised Facts, Negative Equity and Arrears," Research Technical Papers 12/RT/11, Central Bank of Ireland.
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