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.