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Good morning
Halstead Open House Index subscribers and supporters,
Happy New
Year to all of you! Here is the first report of 2020.
What do you think, how did it go? Did we get a January bump? You
better believe it! No, you do not need to believe it – with your data
and my report you will KNOW it!
We received
201 surveys for this past weekend and the average attendance for all
of NYC jumped to 4.48 per open house. Compare this to last year, on
January 6, 2019, when we recorded attendance of 4.21 per open house.
Last weekend in 2019 the average was 3.23 (but from only 44 surveys
submitted) and the weekend prior it was 2.07. The average for all
weekends in December 2019 was 2.53 – so this past weekend represents
a 77% increase in traffic! Are the bonus people out - looking for
real estate?
18 open
houses reported zero traffic, which is just 8.9%. Not bad. If you
anticipate a very slow open house in the future, I recommend two
books to read, to help you grow your business. “Crucial
Conversations” – excellent book on hard stake negotiations. “365
Thank Yous: The Year a Simple Act of Daily gratitude Changed My
Life”– book recommend also by Ninja Selling to inspire you how, what
and to whom to write thank you notes each day.
The most
visited open house was reported by Phyllis Gallaway from Sotheby’s.
She greeted 41 parties at her first open house for a 2BR co-op at
1725 York Avenue on the Upper East Side. Here, in her own words: “Apt
is triple mint, priced to sell and has very low maintenance- also a
financially sound building. I had an assistant at the showing, a bit
difficult with the crowd, but doable. Yes to offers. Beautiful
home!!!”
There were
4306 open houses last weekend in NYC and, in my estimate, 5106
prospective buyers were hopping from one to another. Here is the dataset. Let’s check the
action in each borough:
Manhattan – the average jumped to 3.97 per
open house. Without that one record open house, the average would
have stood at 3.72. Last year, on January 6, 2019, the Manhattan
average was 3.80. In all weekends of December 2019, the average was
2.33. Two busy open houses in East Village with 13.50 average (small
sample). Central and West Village was busy with 5.00. Upper East Side
(4.74) and Upper West Side (4.34) above the average, although, if we
remove that one record open house, UES would be below the average
with just 3.78. Midtown West (2.33) and Chelsea (2.33) started the
year slow. See the rest below.
Brooklyn – the average jumped to 6.47 from 34
open houses received. Last year we recorded 5.95 in Brooklyn from 42
open houses submitted for January 6, 2019 weekend. The average for
all weekends in December in Brooklyn was 3.13, so this is a 206% jump
in traffic, compared to the December average! Cobble Hill/Carroll Gardens
(10.25) and Fort Greene/Clinton Hill (10.00) led the averages. Crown
Heights (8.00) and Williamsburg (7.67) not bad either, but beware of
small sample sizes. Bed Stuy was below the average with 4.50. See the
rest below.
Bronx – not bad with 5.00 per open house.
Busy in Riverdale with 6.14 from 7 open houses.
Queens – also busy with 6.00 per open
house from just 5 open houses received from Queens.
Staten
Island – still in
winter hibernation.
Size – townhouses (5.89) were awesome,
and JR4s (5.33) and 2BRs (5.27) were not far behind. The least
interest was in studios with 2.84, the only size category not to
break 3.00 or higher.
Price – All price categories scored 4.00
or more, but 2BRs scored 5.09, granted – thanks to that one open
house at 1725 York Avenue.
Type – condos attracted 3.90 per open
house and co-ops 4.86.
Condition – “Excellent/mint” with 5.10 was the
winner this weekend, “wrecks” were the worst with 3.14.
First Open
House – 9.05 per
each first open house vs. 4.01 for the stale ones. Price them well so
you receive offers after your first open house!
By
Appointment Only – 90% more traffic at “normal” open houses vs. those
advertised “by appointment only”.
This is all
for today. Let me know if you like what you read here or if you
prefer a different type of analysis. It is a collaborative forum
here, let’s share best open house practices or any other real estate
brokerage practices! My open house database grew to 24,252 records
and subscription list to 2134 “subscribers”, primarily agents such as
you, with the occasional reporter and condo developer lurking in here
too! For this coming weekend I will include a new neighborhood in
Manhattan: “Battery Park/Financial District”.
Best of luck
at your open houses this coming weekend!
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