| Sample | Local Sellers | Nonlocal Sellers | Represented | Unrepresented | ||||||||
| Variable | Coefficient | t-stat | Coefficient | t-stat | Coefficient | t-stat | Coefficient | t-stat | ||||
| Constant | 6.612 | *** | 32.6 | 6.769 | *** | 19.1 | 6.904 | *** | 39.5 | 6.439 | *** | 10.1 |
| ln(Land area) | −0.004 | −0.4 | −0.048 | *** | −2.9 | −0.049 | *** | −6.5 | −0.055 | −1.5 | ||
| ln(Size) | −0.160 | *** | −13.0 | −0.076 | *** | −4.1 | −0.071 | *** | −7.9 | −0.109 | *** | −2.8 |
| ln(Age) | −0.126 | *** | −10.5 | −0.170 | *** | −8.3 | −0.166 | *** | −18.3 | −0.129 | *** | −2.9 |
| Class A | 0.564 | *** | 9.7 | 0.660 | *** | 9.0 | 0.571 | *** | 16.2 | 0.492 | *** | 3.2 |
| Class B | 0.141 | *** | 6.2 | 0.131 | *** | 3.1 | 0.095 | *** | 5.0 | 0.099 | 1.1 | |
| Multi-tenant | −0.076 | ** | −3.6 | −0.077 | ** | −2.1 | −0.084 | *** | −4.9 | −0.101 | −1.3 | |
| ln(Market time) | −0.041 | *** | −4.7 | −0.042 | *** | −2.7 | −0.051 | *** | −7.2 | −0.053 | * | −2.0 |
| Buyer rep | 0.101 | *** | 4.4 | 0.002 | 0.1 | 0.048 | *** | 2.9 | 0.056 | 0.5 | ||
| Same rep | −0.079 | *** | −2.6 | −0.051 | −1.0 | −0.064 | *** | −3.1 | ||||
| Seller rep | −0.029 | −1.1 | −0.006 | −0.1 | ||||||||
| Nonlocal | −0.081 | *** | −5.5 | −0.120 | * | −1.7 | ||||||
| Seller type | 19 indicators | 20 indicators | 20 indicators | 14 indicators | ||||||||
| Calendar year | 9 indicators | 6 indicators | 7 indicators | 8 indicators | ||||||||
| Sale conditions | 81 indicators | 87 indicators | 112 indicators | 38 indicators | ||||||||
| Market | 115 indicators | 107 indicators | 121 indicators | 85 indicators | ||||||||
| Adjusted R2 | 50.7% | 59.3% | 59.5% | 50.9% | ||||||||
| Observations | 8106 | 3162 | 7750 | 3162 | ||||||||