This week, real estate appraiser, Curbed graph guru, blogger, newsletter writer, and columnist Jonathan Miller looks at patterns in contract signings.
After covering more serious topics as of late, this week I thought I'd lighten things up and look at New York city's signed contracts by day of the week. I used the roughly 2,000 contract dates I had for the closed sales in Q1 of 2015, as used in the Elliman Report for that time period, and parsed out the market by day of the week. Strategically, there is probably nothing to be learned from this exercise, but hey, it's an angle I've never examined before.
I learned this: I've never liked Mondays until now.
Wednesdays (hump day) were a big day for condos, while co-ops ruled Tuesdays during the week, as well as over the weekend.
But Mondays stood out from all other days. Mondays had the heaviest weekly share of contract signings, although the following couple of weekdays had fairly similar results.
Perhaps after viewing properties on weekends, buyers sign contracts early in the week after the attorneys take a look? The highest prices also skewed towards earlier in the week. Mondays also had the highest average sales price, price per square foot, and average square footageas well as the second-highest average number of bedrooms. The average sales price generally slipped through the remainder of the week.
Fridays, especially the evenings, were clearly all about pizza.
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