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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.