Does Time-on-Market Measurement Matter?

Does Time-on-Market Measurement Matter? 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. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Journal of Real Estate Finance and Economics Springer Journals

Does Time-on-Market Measurement Matter?

Loading next page...
 
/lp/springer_journal/does-time-on-market-measurement-matter-K43OnEoGBk
Publisher
Springer US
Copyright
Copyright © 2013 by Springer Science+Business Media New York
Subject
Economics / Management Science; Regional/Spatial Science; Finance/Investment/Banking
ISSN
0895-5638
eISSN
1573-045X
D.O.I.
10.1007/s11146-013-9450-z
Publisher site
See Article on Publisher Site

Abstract

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.

Journal

The Journal of Real Estate Finance and EconomicsSpringer Journals

Published: Nov 13, 2013

References

You’re reading a free preview. Subscribe to read the entire article.


DeepDyve is your
personal research library

It’s your single place to instantly
discover and read the research
that matters to you.

Enjoy affordable access to
over 18 million articles from more than
15,000 peer-reviewed journals.

All for just $49/month

Explore the DeepDyve Library

Search

Query the DeepDyve database, plus search all of PubMed and Google Scholar seamlessly

Organize

Save any article or search result from DeepDyve, PubMed, and Google Scholar... all in one place.

Access

Get unlimited, online access to over 18 million full-text articles from more than 15,000 scientific journals.

Your journals are on DeepDyve

Read from thousands of the leading scholarly journals from SpringerNature, Elsevier, Wiley-Blackwell, Oxford University Press and more.

All the latest content is available, no embargo periods.

See the journals in your area

DeepDyve

Freelancer

DeepDyve

Pro

Price

FREE

$49/month
$360/year

Save searches from
Google Scholar,
PubMed

Create lists to
organize your research

Export lists, citations

Read DeepDyve articles

Abstract access only

Unlimited access to over
18 million full-text articles

Print

20 pages / month

PDF Discount

20% off