Table 8.

Determinants of the discount on listing prices

	Ratio between average listing and sale prices
Foreclosures	−0.008
	(0.024)
Other listings	0.023${}^{\ast \ast \ast }$
	(0.005)
Housing stock	−0.001${}^{\ast \ast \ast }$
	(0.000)
Dummies	City + semester
Observations	9,415
Adjusted R${}^2$	0.270

The dependent variable is the ratio (multiplied by 100) between the average listing and sale prices in the local market i during the semester t. The regressors are the number of listings at time t. We control for the housing stock, the location inside the city, and we add city and time dummies. ${}^{\ast \ast \ast }$Significant at the 1% level. ${}^{\ast \ast }$Significant at the 5% level. ${}^{\ast }$Significant at the 10% level