TOM: Why Isn?t Price Enough?
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Charles Ka Yui Leung, Youngman Chun Fai Leong, Ida Yin Sze Chan
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International Real Estate Review
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.