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Three Cents Worth: 13 Thousand Little (Manhattan) Closings

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[This week, real estate appraiser, Curbed graph guru, blogger, and podcaster Jonathan Miller has vacation on the brain.]

It's been quite a 12-month window on the Manhattan market and since I am going on a beach-related vacation tomorrow, I thought I'd get granular like sand (sorry). I took a look at the past year's worth of co-op, condo and townhouse closings to view the impact of Hurricane Sandy and the Fiscal Cliff on closing patterns, throwing in holidays for good measure.

I tend to visualize the actual closing of sales as occurring on a continuous, 7-day-a-week basis, sometimes 24 hours a day since that can be the life of an active real estate broker. Of course that's not the case. Add a record-setting super storm and there were plenty of days with quiet closing tables. And there were days that were unusually busy, such as the last day of last year.

Hurricane Sandy (10/29/2012): An 88 percent drop in closings occurred the week of October 29th (30 closings) compared to the prior week (250 closings).

Fiscal Cliff (12/31/2012): There was an unusually heavy amount of closings on the last day of the year, especially at the high end. What's amazing about the surge was that December 31st was on a Monday, sandwiched between a weekend and the New Year's holiday on Tuesday.

No real point to this chart other than a real time look at the days where residential real estate changes hands.
· Matrix [matrix.millersamuel.com]
· Three Cents Worth archive [Curbed]