Marketing Time and Sales Price of Residential Properties in Akure, Nigeria

Abstract

The sales price and time to sell residential properties is a function of the interaction between buyers and sellers in the property market. The paper examines the average time it takes to market residential properties (undeveloped land and developed property) and the difference in the list price and the eventual sales price of the properties put up for sales in the study areas. Data for the analysis was collected from the past sales transactions of 20 estate surveying and Valuation firms in Akure, Nigeria. The number of estate surveying and valuation firms were gotten from the 2014 register of the Heads of firms of the Nigerian Institution of Estate Surveyors and Valuers, Ondo State Branch. The data were analysed using Mean time and Paired Sample t - test. The result of the study showed that undeveloped residential land are sold faster than develop residential properties. The result also revealed that the properties put up for sales in all the areas under study sold below their list prices. The study therefore, recommended that government should open up more land for development to individuals since undeveloped land were more favoured in the areas.

Keywords: Marketing Time, List Price, Sales Price and Residential Property