We focus on the city of Madison, Wisconsin, where a single Web site () has become the dominant for-sale-by-owner platform. offered us access to all FSBO listings since its inception. We combined the FSBO data with data from two other sources. First, the South-Central Wisconsin Realtors Association granted us access to all MLS listings in the city. Second, we matched every listing with data from the city of Madison. The city assessor’s office maintains a database with the full history of transactions on every property, together with an exhaustive set of property characteristics. By merging these datasets we get a complete history of events that occurred.
