AN ANALYSIS OF TIME ON MARKET AND ADVERTISED TO SALE PRICE DIFFERENCES OVER TIME
||Rossini, Peter; Mcgreal, Stanley; Kershaw, Paul
||AN ANALYSIS OF TIME ON MARKET AND ADVERTISED TO SALE PRICE DIFFERENCES OVER TIME
||17th Annual European Real Estate Society Conference in Milan, Italy
||This paper investigates the changes to Time on Market (TOM) and the advertised to sale price differential for a residential property market over an 8 year period using an extensive data set. The study is based in Adelaide, Australia which is a geographically isolated but active market with over 20,000 residential transactions each year. The study uses sales for detached dwellings from 2002 to 2009 and includes over 70,000 observations that result from combining sale transaction records from the South Australian Government, with details of property marketing collected from advertisements in newspapers and websites and available through a commercial supplier (RPdata). During the period of the study there were substantial regulatory changes affecting the practice of real estate agency as well as a change in the level of government subsidy partly as a result of the Global Financial Crisis. This paper uses time series analysis including event modelling to explore the effect of the regulatory and subsidy changes as well as investigating the seasonal changes to time on market and the advertised to sale price differential.
||Residential property markets, Property agency, Time on Market
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||Marketing & Communication in Real Estate
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