Today's chart of the day is pending sales. This is an accounting of all of the listings that have gone into contract. Not only has a price been agreed on but terms also. Attorneys have signed off and the process of navigating through, loan and board approvals can begin. In NYC, typically a cash deal will close within 30 days and a financed deal can close within 60 days. Those time frames are usually extended by approximately 30 additional days when the property is a coop to allow for board interview scheduling.
Looking at today's chart, you can see the huge drop-off as we headed into the summer. This drop-off in not unexpected however the severity of the fall in numbers bears mentioning. There has been little bounce as the numbers have basically flatlined since October. Not really that much to game here.
Note: Originally Posted 12/4/2015 on previous website.
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