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Good morning
Halstead Open House Index subscribers and contributors!
Or is it a
good morning? Did you like the bomb DOS dropped on our industry
yesterday? Don’t think for a moment that this will only affect the
rental business in NYC. This is just another move with unintended
consequences: the rents will go up because of this and investors will
start avoiding and leaving New York City. Which will affect the condo
sale market too. Let me know your thoughts.
Here are the numbers. Last weekend
was the Super Bowl weekend, which means more open houses on Saturday
and less on Sunday. The average attendance in NYC dropped almost 20%,
from 5.23 the weekend prior to 4.20 per open house on the weekend of
February 2nd. We received 255 replies last weekend.
24 open
houses reported zero attendance, roughly 9.4%.
The most
visited open house mention goes to Louise Phillips Forbes from
Halstead. She reported 20 parties at her new exclusive at 545 West End Avenue. It is a 4BR
for $3,325M – nice to see some strong attendance in the “cursed” $3M+
price range.
There were
5,240 open houses in NYC last weekend and roughly 5,825 prospective
buyers were hopping from one to another. Here is the dataset. Let’s check
what happened in each borough:
Manhattan – the average dropped to 3.79, from
4.90 the weekend before. This is the slowest so far this year.
Central and West Village (5.10) above the average and so was Soho and Tribeca (9.25). UES surprisingly strong with 4.75 and UWS surprisingly weak with 3.72. Midtown West was surprisingly strong with 4.33 and Midtown East typically weak with 2.09. Last year on
February 3, 2019, the average stood at 4.41. We received 195 replies
from Manhattan.
Brooklyn – the average was a strong 6.92 in
Brooklyn, still a dip
from the weekend earlier when we recorded 9.73. Bay Ridge (9.50),
Windsor Terrace (9.33), Park Slope (7.75) and Bed Stuy (7.80), all
above the average. Williamsburg relatively slow with 4.00. See the
rest below and beware of small sample sizes. Last year on February 3rd, we recorded 4.68 for Brooklyn.
Bronx – the average jumped to 3.17 from
18 open houses reported. See details below.
Queens – the average dropped to 3.33 from
just three open houses that arrived from Queens.
Staten
Island – 0
Size – 4BRs came on top with 8.83 and so
did Multi-Unit buildings (6.50) and Townhouses (5.13). 3BRs are also worth mentioning with 4.85. Slow with studios
(3.03).
Price - $3M+ on top this week with 6.42.
Even without that one record open house with 20 attendees, $3M+ would
have been 5.18, still stronger than the rest. Slow in under $500K and
$2M-$3M price ranges. See details below.
Condition – properties labeled “very good,
minor work needed” were most visited (4.59).
First Open
House – 214% more
traffic at first open houses this week, than at the “stale” ones.
By
Appointment Only – 51% more traffic and “normal” open houses than at
those labeled “by appointment only”.
This is all
from me today. Just a quick note to some of you who left comments –
I’d love to make it easier for you to complete the survey, but I
don’t know how. I am using Google Form and I do not see a solution
how to make sure that form remembers your entry from the previous week, so you just need to change the date and the number of
visitors at your open house.
Encourage
your friends in the industry to participate. We should be able to get
more replies each weekend.
Best of luck
at your open houses this coming weekend! The weather forecast is nice
and sunny for both days.
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