September may be cruelest month since August

This graph by UrbanDigs shows quarterly average sale price trends.

When I visited 14 open houses from Central Park to the Hudson River and 62nd to 93rd streets on Sunday, I came away with the impression that our housing market was beginning to develop some strength

Buyers were out there, and a couple of brokers said they already had offers in hand.

Given that there were 461 open houses scheduled on the entire Upper West Side that day and my observations had to be skewed, I decided to see what I could learn from OLR, a prime broker database that fails to be comprehensive or otherwise completely accurate as broker, numbers cruncher and blogger Noah Rosenblatt convincingly argues.

A chief reason: Many brokers fail to update their listings in a timely manner (as anyone who searches, and other databases knows).

It turns out that I was in for a surprise. Continue reading