Days on Market: Measuring Liquidity in Real Estate Markets
Days on Market (DOM) refers to the number of days a property is on the active market, which is an important measurement of market liquidity in real estate industry. Indeed, at the micro level, DOM is not only a special concern of house sellers, but also a useful indicator for potential buyers to evaluate the popularity of a house. At the macro level, DOM is an important indicator of real estate market status. However, it is very challenging to measure DOM, since there are a variety of factors which can impact on the DOM of a property. To this end, in this paper, we aim to measure real estate liquidity by examining multiple factors in a holistic manner. A special goal is to predict the DOM of a given property listing. Specifically, we first extract key features from multiple types of heterogeneous real estate-related data, such as house profiles and geo-social information of residential communities. Then, based on these features, we develop a multi-task learning based regression approach for predicting the DOM of real estates. This approach can effectively learn district-aware models for different property listings by considering multiple factors. Finally, we conduct extensive experiments on real-world real estate data collected in Beijing and develop a prototype system for practical use. The experimental results clearly validate the effectiveness of the proposed approach for measuring liquidity in real estate markets.
H. Zhu et al., "Days on Market: Measuring Liquidity in Real Estate Markets," Proceedings of the 22nd ACM SIGKDD International Conference on Knowledge Discovery and Data Mining (2016, San Francisco, CA), pp. 393 - 402, Association for Computing Machinery (ACM), Aug 2016.
The definitive version is available at https://doi.org/10.1145/2939672.2939686
22nd ACM SIGKDD International Conference on Knowledge Discovery and Data Mining, KDD 2016 (2016: Aug. 13-17, San Francisco, CA)
Keywords and Phrases
Commerce; Houses; Learning systems; Multiple factors; Multitask learning; Potential buyers; Real estate; Real estate industries; Real estate market; Residential communities; Social information; Data mining; Days on market; Multi-task learning
International Standard Book Number (ISBN)
Article - Conference proceedings
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01 Aug 2016