Good Morning
Halstead Open House Index Aficionados!
Here is my report from Thanksgiving
weekend, November 30-December 1. It was snowing, people were still
recovering from overeating on Thursday, what did you expect?
Before we
come to the numbers, I wanted to share with you a few pics from the Halstead Holiday
Party yesterday from Guastavino’s on East 59th Street. It was
a blast! It shows you that Halstead knows how to sell real estate and
how to party and have fun!! Yours truly is this guy in red, in case
you don’t recognize me!!
As expected,
the number of open house reports received this week was low. Last
year we received 98 replies, this year we got 111. There were just
2839 open houses held in NYC – compare this with 6606 the weekend
prior, a 58% drop. The average attendance for NYC also dropped, this
time to 1.87 attendees per open house. This is lower than the weekend
before Thanksgiving, when we recorded 2.27. Last year on Thanksgiving
weekend, don’t ask me why, the average was much better: 2.74.
24 open
houses reported zero attendance, or 21.6%. The record attendance was
at the open house held by Harlan Simon from Halstead. He
reported 10 visitors to his open house at 426 Hart Street in the
Bed Stuy section of Brooklyn.
According to
my very unscientific method, there were approximately 1405
prospective buyers hopping from one open house to another last
weekend. Compare this with 3969 buyers the weekend prior or 5559
buyers the weekend of November 17, and you get an idea how slow it
was!
Here is the Dataset. Let’s check the
individual boroughs:
Manhattan – the average dipped to 1.69,
compare it to 2.09 the weekend earlier. We received just 81 open
house surveys from Manhattan this week. Surprisingly, the Upper East
Side was on top with 2.33, the Upper West Side was right behind with
2.06. Midtown East was slow with 1.00. Beware of small sample sizes
in all parts of Manhattan. Last year on Thanksgiving weekend the
Manhattan average was 2.15. See the rest below.
Brooklyn – recorded an increase in
attendance to 2.88, from miserable 2.55 the weekend prior. That Bed
Stuy open house helped it, for sure. See the rest of the numbers
below and again, beware of small sample sizes. We received just 17
replies from Brooklyn. Last year Brooklyn recorded 4.00 from 16 open
houses submitted.
Bronx – the average dipped to 1.56, from
1.87. We got just 9 replies from the Bronx agents.
Queens – the average was 2.00 from just
three open house sent from Queens.
Staten
Island – back on
the charts with two visitors from one open house submitted.
Size – Multi-unit buildings and
townhouses batted above 5.00 average. From apartments, 2BR units were
decent (2.56) comparing to others. Studios and 1BR batted below 1.00.
See details below.
Price - $1M-$2M was the only range that
attracted more than 2.00 visitors per open house, 2.36 to be precise.
The rest was, slow, slow, slow.
Condition – the wrecks won again with 4.14
average last weekend.
This is all
for today, folks. Next open houses are being lined up for December
7-8 weekend. Last year, on December 9, 2018, the average was 2.49
from 259 open houses received. Could we do better this time?
Certainly in the number of replies. If you find this weekly recap
useful, encourage your colleagues in the industry to participate.
A few of
have you asked me how to make completing the form more automatic,
with autofill. I don’t know. It is a Google Form. If using a desktop,
try to set your browser (i.e. Chrome) to allow Autofill. I hear your
frustration, but not sure how to fix it for you. It takes just 30
seconds to complete it for each open house. This weekly report stays
alive only if you guys participate. I am willing to do the work as
long you are willing to send your replies.
I received
an interesting comment this week in response to my report from
Monday. An agent asked to remain anonymous, but here it is: “In
the last 12 months, how many closed sales did you effect with a buyer
who first saw the property in one of your open houses, either with or
without a co-broker?”. I think the question more precisely
put was, how many visitors to open house actually bought that
specific unit? (i.e. if direct buyer, you may have closed them
elsewhere). The essence of the question is: “What’s really the use
of open house? Why are we doing them?” Looking forward to your
comments and let me know if you’d like to remain anonymous when I
quote you next week.
Best of luck
at your open houses this weekend. I encourage you to click on the
link to dataset. More and more agents are placing the address of
their property in the comment section, or some other details, such as
price drop, or outdoor space. This way you have more ammunition
analyzing the data.
Best
regards,
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