Market Conditions, Marketing Time, and House Prices

Olga Filippova and Michael Rehm

Journal of Housing Research, 2014, vol. 23, issue 1, 45-55

Abstract: We examine whether the relationship between marketing time and selling price changes with conditions in the Auckland housing market. Our sample covers periods when house prices rise (2006:Q1–2007:Q3), then decline (2007:Q4–Q4 2008:Q4), and lastly resume appreciating (2009:Q1–2010:Q3). We estimate hedonic pricing models for each identified subperiod. Our results indicate that the coefficient of time-on-market (TOM) is clearly influenced by the changing market conditions. In buoyant market conditions, houses that remain unsold are subject to a stigma discount. TOM, however, does not significantly impact price in a falling market.

Date: 2014
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DOI: 10.1080/10835547.2013.12092086

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