TOM: Why Isn?t Price Enough?

Author

Year

Volume

Issue Number

Start Page / End Page

Charles Ka Yui Leung, Youngman Chun Fai Leong, Ida Yin Sze Chan

2002

5

1

91 / 114

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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