주택유형간 유동성 차이에 관한 연구: 단독주택과 아파트의 매매사례를 중심으로 = Liquidity by Housing Type : The Case of Single-Family and Multi-Family Housing in Seoul

다국어 초록 (Multilingual Abstract)

In an attempt to explain why owner-occupied multi-family housing (condominium) has prevailed in the Korean housing market, this paper gives attention to the difference in liquidity between single-family and multi-family housing focusing on the characteristic of housing as real asset. Applying various statistical analyses including survival analysis to the housing list and sale data surveyed in local housing market in Seoul, it demonstrates that the liquidity of single-family housing is lower than that of multi-family housing in terms of time on market and probability of sale. It also finds that low liquidity results in low sale price relative to list price, suggesting that market price of single-family housing are determined at lower level than those of multi-family housing ceteris paribus. Finally it identifies the factors influencing liquidity, including the level of list price, seasonal effects, housing orientation, and view besides housing type.키 워 드 유동성, 주택유형, 단독주택, 아파트, 시장잔류기간, 생존분석Keywords Liquidity, Housing Type, Single-Family and Multi-Family Housing, Time on Market, Survival Analysis

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