Does Time-on-Market Measurement Matter?

Autor: William G. Hardin, Justin D. Benefield
Rok vydání: 2013
Předmět:
Zdroj: The Journal of Real Estate Finance and Economics. 50:52-73
ISSN: 1573-045X
0895-5638
Popis: Time-on-market is one of the most commonly analyzed outcomes in the residential literature. However, existing research provides no consensus agreement on the actual definition of “time-on-market” and its calculation. Very little discussion of the numerous reasonable alternative definitions exists. To address this ambiguity, alternative definitions and related calculations of time-on-market are assessed. First, using multiple listing service data from a medium-sized United States city, five measures of time-on-market are modeled and across-model differences are evaluated. Second, using multiple listing service data from a large United States city, the importance of relisted properties in defining and assessing time-on-market is investigated. Results indicate that both time-on-market definition and the handling of relisted properties substantially influence model outcomes and the statistical significance of dependent variables. Results also suggest that much of the existing literature incorporating time-on-market warrants reevaluation using a consistent definition of marketing time and an adjustment for relisted properties.
Databáze: OpenAIRE
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