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Good morning
Halstead Open House Index subscribers and contributors!
It is
Thursday, which means my open house report is hitting your
inbox…….right now! What happened last weekend?
The numbers are in! The average
attendance in NYC jumped again – to 5.23 per open house. January saw
total see-saw attendance: first weekend 4.48, 2nd weekend 5.35, 3rd weekend 4.17
and this last weekend 5.23. (See the chart on the bottom, comparing
January 2020 vs. January 2019). Last year, on January 27, 2019, the
average attendance stood at 4.22. We received 258 reports, the most
this year, but still far from good old days when I sometimes received
over 400 replies. Short of me paying you, any ideas on how to
increase the participation?
28 open
houses reported zero attendance, this is 10%. Not bad. When this
number hits over 15%, it will be the sign of slow weekends.
The largest
attendance mention this week goes to Peter Grazioli of Halstead’s
Brooklyn office. He reported 55 parties at his first open house
for a multi-unit building in Park Slope for $2,500,000. Yes, his
first open house. 10 open houses reported attendance larger than 20
and one reported 37!
According to
my analysis, roughly 7861 prospective buyers were hopping from one
open house to another last weekend. Here's the dataset. Let’s check what
happened in each borough:
Manhattan – the average jumped to 4.90, from
3.98 the weekend before. Huge 23% increase in traffic in Manhattan.
(don’t ask me why. If you sort data in the Dataset by area, you will
notice a number of open houses reporting 20+ attendance in
Manhattan). Large attendance in Other Upper Manhattan Areas (20.00)
and Soho & Tribeca (13.00), but from just 2 and 3 open houses
reported, respectively. Remember my old saying: beware of small
samples! Washington Heights (8.29) above the average, and so were
Other Downtown Areas (6.86) and Chelsea (6.00). Interesting that UES
(5.36) beat UWS (4.83) again. I wonder if the buyers are finding
better values on UES and this drives the traffic? Opinions? Slow in
Gramercy Park area (2.67) and Midtown East (2.77). See the rest
below. Last year on January 27, 2019, Halstead Index recorded 4.04
for Manhattan.
Brooklyn – the number jumped to 9.73, from
5.44 the weekend prior. But primarily thanks to that record open
house from Peter. Without it the Brooklyn average would have been
still very strong 7.92 per open house. Super strong in Park Slope
(15.71) (we know why), and Bed Stuy (11.67). Slow(er) in Fort Greene
(5.33). See the rest below and again, beware of small sample sizes.
We received just 26 replies from Brooklyn. Last year, on the same
weekend, Brooklyn reported 4.93.
Bronx – the average dropped to 1.77, from
just 13 open houses that arrived from the Bronx.
Queens – the average jumped to 5.67, from
5.43 the weekend earlier. But from just 3 open houses reported, so
not sure if it should be taken seriously.
Staten
Island – no open
houses there.
Size – Multi-unit buildings off the
chart with 16.60 thanks to Peter, the average would have been 7.00
without it. From apartments, the best attendance at 2BR open houses
(6.36), then JR4s (5.56). The slowest was at studio open houses
(3.48) and 4BRs (3.60).
Price – most traffic in $2M-$3M range
(7.83). Even without Peter’s open house, this price range would be
the best with 6.15 per open house. Slowest in $3M+ range (2.55) – see
the rest below.
Condition – properties described as “good,
but some work needed” took the top spot with 5.86. The worst? “Mint”
condition with 4.87. Again, are you guys putting too much premium on
mint condition?
First Open
House – huge 332%
more traffic at first open houses. There were 38 last weekend in the
total sample of 258.
By
Appointment Only – just 49% more traffic at “normal” open houses than
at those labeled “by appointment only”. Busy weekend lifts all open
houses.
This is all
for today my fellow followers. Thank you for patiently submitting
your results each week.
As promised,
see the chart below for the average attendance in NYC in January 2020
vs. January 2019.
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