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Good morning
Halstead Open House Index subscribers and contributors!
Here is the
summary of results from the open house on January 18-19:
We received
245 replies (hi everyone: do I sense a fatigue in participation? How
do we increase the number of replies we receive each week? I have
some of you e-mailing your results to me. Sorry, you need to complete
the survey. I am just too busy to enter the results in for you. If
you enjoy reading my weekly reports and find them useful, the least
you can do is to submit your data after you hold an open house,
fair?). Last year on January 20, 2019, we received 228 responses.
These are the numbers. The average
attendance for all of NYC last weekend was 4.17. Significant drop
from the weekend before when we recorded 5.35. It has occurred to me
that there was just incredible weather over the weekend of January 12th, which must have contributed to the much larger open
houses attendance. Last year on the same weekend we recorded 3.45 per
open house, so this is still much stronger.
19 open
houses reported zero attendance, this is just 7.7% of all open
houses. Remember, when the percentage of zero open houses falls below
10%, it appears the weekend was good. I suggest using time
productively to a) land another exclusive within the building or b)
read or listen to some interesting strategies on how to find buyers
in this buyers’ market.
Not one, but
four open houses reported the record traffic this week. The magical
number was 15. There were 15 parties that showed up at the following
open houses: 170 w 81st street by Konstantin Zaliznyak of
Triplemint, 54 E 8th Street by Abe Rosenberg of Halstead, 304 W 88th
St by Kay Moon of Douglas Elliman and 7 4th Place in Brooklyn by Ari
Harkov’s team of Halstead. You can see details about each
property in the dataset link. Here is from Abe
Rosenberg, in his own words: “Thank you Fritz, What I can say
is , price, location & condition matter. Our photography is
almost like condo-new construction in the heart ❤️ of the village. There are certainly negatives, we
had 2 open houses first was 22 , last week 15 and I have a good
planning to come to my third on Sunday. Finally, I’m expecting an
offer today.” And here is from Ari Harkov, in his own words:
“Good morning, The property is a top floor renovated coop with a
roof deck on a beautiful block in Carroll Gardens. We’ve had
excellent traffic the first few weekends. We have a number of
buyers circling but no offers in hand as of yet.”
There were
5415 open houses held in the City last weekend, and, per my
unscientific method, roughly 5976 buyers were hopping from one open
house to another. Let’s check the action in each borough:
Manhattan – we received 193 open houses in
Manhattan. The average attendance dropped to 3.98, from 5.02 reported
the weekend earlier. Busy in Chelsea (5.88 – surprise!), Central
& West Village (5.75), Flatiron (5.00) and East Village (5.67).
Beware of small samples in East Village and Flatiron. Upper East Side
was below the average with 3.93 (Excellent 55 replies were received
from UES), UWS better than the average with 4.77 from 31 open houses.
Midtown East and Midtown West were identical this week with 3.09. See
the rest of Manhattan below.
Brooklyn – the average dropped to 5.44, from
6.68 the weekend before. Last year we recorded 5.54 on the same
weekend. We received 34 replies from Brooklyn (why can’t we get
Brooklyn to 100+ participation?). Strong in Park Slope (6.60) and
Williamsburg (6.40) and Cobble Hill (8.67), but beware of small
sample sizes across the board. See the rest of Brooklyn below.
Bronx – the average dipped to 2.75 (last
weekend it was 3.75), from just 8 open houses received. See details
below.
Queens - the average dropped to 5.43,
from 7.50 the weekend earlier. Just 7 open houses arrived from
Queens.
Staten
Island – no open
houses down there.
Size – Multi-unit buildings saw strong
attendance (5.80), as well as 3BR apartments (5.30). The slowest were
5BRs (2.25), JR4s (3.00) and 4BRs (3.33).
Price – the best attendance was in
$2M-$3M range, the worst in $3M+ range.
Condition – the wrecks again on top with 6.09
average.
First Open
House – 29 first
open houses reported attendance of 6.86. Compare this attendance at
your “stale” open houses with 3.81. 80% premium for being the first
this weekend.
By
Appointment Only – just 2.90 parties attended By Appointment Only, vs.
4.28 for the “normal” open houses.
This is all
for today. The weather for this Saturday is rain and sunny on Sunday,
but warm both days. Plan your open houses well and best of luck to
you! May all your buyers come prepared, qualified with strong
pre-approval letters and a lot of cash! Last year, on January 27, the
average attendance in NYC was 4.22, in Manhattan 4.04 and in Brooklyn
4.93. Are we going to do better this year?
Encourage
your colleagues in the industry to participate. The more data we get,
the more reliable these statistics will be, and the more useful to
you. Lastly, another reminder to report the total number of parties
who attended, not just the number of bodies. A couple attending with
their broker is 3 humans, but one party, for the purpose of our
analysis. Big thank you to all of you who regularly and patiently
submit your numbers.
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