TOM: Why Isn’t Price Enough?

Charles Leung, Youngman Chun Fai Leong and Ida Yin Sze Chan
Additional contact information
Youngman Chun Fai Leong: Department of Economics, Chinese University of Hong Kong, Shatin, Hong Kong, http://www.cuhk.edu.hk/en/
Ida Yin Sze Chan: Department of Economics, Chinese University of Hong Kong, Shatin, Hong Kong, http://www.cuhk.edu.hk/en/

International Real Estate Review, 2002, vol. 5, issue 1, 91-115

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.

Keywords: TOM; price ratio; inflation factor; physical attribute; time aggregation (search for similar items in EconPapers)
JEL-codes: L85 (search for similar items in EconPapers)
Date: 2002
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Citations: View citations in EconPapers (14)

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