The Real Deal New York

City lag time distorts residential sales data, report says

March 07, 2011 12:05PM

Most industry insiders recognize that residential market reports can be deceptive — but few would assume that city records could be to blame for skewed sales data. According to Noah Rosenblatt, head of real estate tracking site UrbanDigs.com, the lag time between when a residential sale is filed with the city and when it’s recorded on public record is great enough to distort monthly and quarterly reports. “We all know that when a transaction closes the deal is done and should be available for use as a comparable sale,” Rosenblatt said. “But when it gets recorded as public record is another story.” Rosenblatt found that of the 58 sales logged in New York City public record Feb. 28, 2011, fewer than half were sold within two weeks of the filing date. In fact, 14 percent of the sales that showed up on public record that day were actually sold over eight weeks earlier, according to Rosenblatt. [UrbanDigs]

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