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Good
afternoon Halstead Open House Index tribe!
How is
everyone feeling? Some uptick in the buyers’ activity? Now that more
buyers entered the market?
Well, the results from the last weekend
certainly point that way! The average attendance in NYC jumped to
5.35 per open house, from 4.48 the weekend before. This is 19% more
traffic. 7 open houses reported traffic of 20+ attendees and 28 open
houses reported 10+. Check the dataset here for more specifics. Last year,
on the weekend of January 13 the average traffic was just 4.08. We
received 254 replies (disappointing). There were a total of 5684 open
houses held across the city.
15 open
houses reported zero attendance. This is just 5.9% you guys should
seriously consider the pricing. My take is that, on the weekend when
5.35 people on average attend open houses, and you attract zero – the
verdict is: you seem to be grossly overpriced. The market is merciless.
The most
visited open house award goes this week to Michael Carroll of BHS this
week. His open house at 245 West 74th Street, a 2BR for $1.5M, attracted 29 visitors. Yes, it was
his first open house for this property. Here, in his own words: “245
West 74th St #5C – It’s a gorgeous apartment
that the sellers wanted to present and price to attract the absolute
most number of visitors. They’ve chosen their next home in the
neighborhood and are motivated to sell. We also prayed for sunny
skies and spring-like temperatures and it worked. We’ve had multiple
offers and have just called for best-and-final numbers this
afternoon. I worked with a colleague who met visitors in the lobby
and gave an overview of the listing.” In fact, 11 out of top 14 most visited open houses
this last weekend, were the first open houses. 38 open houses in the
sample of 254 were the first. A lot of new product entered the
market, as expected.
There were
8056 prospective buyers hopping from one open house to another, in my
very unscientific estimate. Here is the dataset. Let’s check the
action in each borough:
Manhattan – the average attendances leaped to
5.02, from 3.97 the weekend prior. Last year, on the same weekend,
Manhattan traffic was just 3.45. Are we seeing a rebound in buyer’s
appetite? Washington Heights (8.60), Battery Park/Financial District
(7.50), East Village (6.75), Central & West Village (6.67), Upper
West Side (6.32) and Upper East Side (5.61) led the pack. But beware
of small sample sizes in Battery Park (2), Washington Heights (5),
East Village (4). Harlem was slow (2.92), Midtown West too (2.63).
Midtown East below the average with 3.13. See the rest below. We
received 202 replies from Manhattan.
Brooklyn – the average jumped to 6.68, from
6.47 the weekend earlier. Last year on the same weekend Brooklyn
reported 7.34. Park Slope strong with 9.33. See the rest below and
beware of small sample sizes. I am thinking of removing Bushwick. We
hardly ever get any response from that Brooklyn neighborhood. We
received 38 replies from Brooklyn, last year it was 44.
Bronx – the average dropped to 3.75, from
5.00 the weekend prior. But from just 4 open houses reported in the
Bronx, all from Riverdale. Disappointing.
Queens – the average jumped to 7.50, from
just 8 open houses reported. Hello, Long Island City agents, what
happened this week? Queens reported 5.43 last year.
Staten
Island –
zzzzzzzzzzzzzzz.
Size – surprise, the most action was at
3BR open houses (7.39) and Townhouses (7.75). 2BRs reported 5.81. The
slowest was at studios (3.50).
Price – Most traffic in $1M-$2M range
(5.59), but $500K-$1M and $2M-$3M were right behind. The least
traffic in $3M+ range (4.87), but even this was strong for $3M+. In
all of 2019, the average attendance for $3M+ properties was 2.17.
Type – 45% more traffic at co-op open
houses, than at condo open houses. Pricing, pricing!
Condition – the wrecks came back roaring with
8.00 traffic average. The least at “mint” open houses (4.93).
Pricing, pricing!
First Open
House – with
10.50 per each of 38 first open houses, the premium was 236% for
attendance, compared to “stale” open houses (4.44).
By
Appointment Only – 289% more traffic at “normal” open houses, vs.
those labeled “by appointment only”.
This is all
for today folks. I encourage you to click on the Dataset link. More and more agents
are feeling “brave” and leaving readable comments, with exact
addresses of their exclusives or other interesting details. Such as,
if there was a price drop, if there’s outdoor space, or something
else. I also remind you that you can easily see my reports from
previous weeks on my blog at https://halsteadopenhouseindex.blogspot.com/,
where you can also comment. Lastly, do not be shy to ask for specific
analysis, averages or charts, if this is what would help you in difficult
conversations with your sellers!
Best of luck
at your open houses this coming weekend!
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