Time on-market and price trade-offs in high-rise housing sub-markets

This paper provides the first analytical study of the relationship between list price and time on-market (TOM) for high-rise public housing flats stra tified by sub-markets in terms of geographical region and property type. In addition, the effects of macroeconomic variables pertinent to the price di scovery process for property markets are analysed. By using data from singl e listings with one major agency firm to control for brokerage effects, the results obtained in this study are robust to incentive factors arising fro m firm size, number of listings, commission structure and incentive measure s. The key results are that floor level affects the relationship between pr icing and TOM, and variations in determinants of TOM exist across sub-marke ts. Moreover, TOM is influenced by price movements in both the public and p rivate housing markets, as well as by individual agent effort.