Determinants of Time on the Market and its Effect on Sales Price for Developed Residential Land in Akure, Nigeria

Forfattere

  • Adeola Taiwo Olusola Department of Estate Management and Valuation, Rufus Giwa Polytechnic, Owo, Nigeria
  • Akinola Olanike Oluwatosin Department of Estate Management and Valuation, Rufus Giwa Polytechnic, Owo, Nigeria

Nøgleord:

Time on the market, developed land, list price, sales price, time lag

Resumé

This research work examined the contributing factors of time on the market (TOM) on developed residential property market in Akure. It also examined the effect the time lag has on the sales price. The data for the study was collected through structured questionnaires administered on principal partners of the 20 estate surveying and valuation firms in Akure as contained in the, 2014 register of the heads of firms of the Nigerian institution of estate surveyors and valuers, Ondo state branch. The records of the past sales’ transactions of the estate surveying and valuation firms were sampled from 2010 to 2015 and the records revealed that only 131 properties had complete data for analysis. Data collected were analysed using multiple linear regression model to assess the factors responsible for TOM on developed residential properties in Akure, while simple linear regression was deployed to analyse the effect of the delay on sales price. The factors that mostly affect the time developed residential property spend on the market before being sold in Akure include nearness to tarred road, asking price and season which were significant at 0.000, 0.004 and 0.013 respectively. The other model showed that the independent variable time lag is negatively correlated with dependent variable sale price. This shows that a unit increase in the independent variables time lag will lead to the corresponding decrease in the value of the sale price. The study therefore recommended that property investors should pay attention to those housing attributes that influence TOM in order to enhance the marketability of their properties.Cite this Article Adeola, Taiwo Olusola, Akinola, Olanike Oluwatosin. Determinants of Time on the Market and its Effect on Sales Price for Developed Residential Land in Akure, Nigeria. Journal of Production Research and Management. 2016; 6(2): 1–12p. 

Forfatterbiografi

  • Adeola Taiwo Olusola, Department of Estate Management and Valuation, Rufus Giwa Polytechnic, Owo, Nigeria
    Buildint Technology Department. Senior Techninical Instructor

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Publiceret

2016-06-09

Nummer

Årg. 6 Nr. 2 (2016)

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