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Good morning
Halstead Open House Index followers!
Here is my recap from the weekend of
February 22-23. Sorry for one day delay, I was out of town, just
returned last night.
I am not
sure what happened, but the attendance went up crazy last weekend,
especially in Brooklyn. I heard the rumor that, if you move to
Brooklyn, you will be immune from coronavirus , could that be
it? :)
The average
attendance in NYC jumped to 5.62 per open house. The weekend prior it
was 4.19, so this is 34% increase in attendance! (I am seriously
worried that you guys are eager to report your numbers when
attendance is good, and you are totally shy when you have zero.).
Nice increase in surveys received too. We received 277 replies,
compared to 239 the weekend earlier. I forgot to check the number of
open houses held last weekend, hence no estimate of the number of
buyers.
25 open
houses reported zero attendance. 9.0%, not bad. When this percentage
goes above 15%, it signals slow weekend for all.
The most
visited open house mention goes to Sascha Beicken from Halstead
Brooklyn. He reported 60 parties at his first open house for his
exclusive at 251 Pacific Street in Cobble
Hill. Here is in his own words: “The apartment is so
attractive because it's on the Cobble /Boerum Hill border and very
well priced for a beautifully renovated unit in this location with an
amazing shared roof. We received 5 offers, all substantially
above ask; if it's priced right, then it's selling now given that
interest rates are also still falling. Yes, I was alone and
everyone signed in on the iPad. It's not too big a space so it
was manageable.” It was an amazing weekend in Brooklyn. If you
check the Dataset, the top 8 open houses last weekend were in
Brooklyn, the least visited had 23 attendees! Check the Brooklyn
numbers in detail below. Last year, on February 24, 2019, the average
for all of NYC was 3.78, from 320 responses received. Here is the dataset. Let’s check the
action in each borough:
Manhattan – the average jumped to 4.65 per
open house, from 3.52 the weekend earlier. Nice 32% increase in
traffic for Manhattan. Above average in Soho & Tribeca (6.22),
Gramercy Park Area (6.00), UWS (5.51), even UES eked out above the
average number with 4.74. Midtown West (1.71) and Chelsea (2.40) on
the bottom. See the rest of the numbers below and beware of small
sample sizes. We received 221 replies from Manhattan. Last year, on
February 24, 2019, Manhattan recorded 3.49.
Brooklyn – totally on fire last weekend. The
average jumped to 12.94 per open house, from 8.39 the weekend prior.
6 Brooklyn neighborhoods recorded attendance higher than 10.00 –
Cobble Hill (22.20), Park Slope (23.25), Fort Greene (19.33)…. Check
details below and beware of small sample sizes. We received 35
replies from Brooklyn. Last year on corresponding weekend Brooklyn
recorded 5.95.
Bronx – the average climbed to 3.85, from
3.78 the weekend earlier. We received 13 replies from the Bronx open
houses.
Queens – the average dropped to 3.40 from
just five open houses that arrived from Queens.
Staten
Island – nothing
yet.
Size – Multi-unit buildings were off the
chart with 16 average from 4 open houses. Busy at 4BR open houses
with 9.75 and JR4s (7.13). The slowest at studios (4.21) and 1BRs
(4.52).
Price – busy in $2M-$3M range (6.42),
slow in $3M+ range (2.44) and under $500K range (5.28). Everything
else was in between.
Type – condos (5.44) just slightly below
co-ops (5.48).
Condition – the wrecks won this time with
6.70.
First Open
House – premium
of 273% of first open houses (11.32) vs. the “stale” ones (4.14).
By
Appointment Only – 58% more traffic at the “normal” open houses (5.77)
vs. those labeled as “by appointment only” (3.63).
This is all
for today. Please note that I removed Bushwick from the Brooklyn
areas and replaced it with Dumbo. Let’s see if we get more replies
from that part of Brooklyn going forward.
“Not On
StreetEasy” concept seems to be spreading. I counted 10 e-mails since
last week of properties promoted as “Not On StreetEasy”. Let me know
what you all think.
Some of you
are asking to simplify the data entry in my Google form so you do not
have to retype it each time from your open houses. I hear you and I
wish I could. Maybe there is something you could do with your
settings in Chrome or Safari to remember your entries? I do not know
how to do it. I also heard a comment that this weekly report is “for
and from Halstead only”, hence reluctance to participate. I can
assure you that less than 50% of replies come from the Halstead
agents. I am personally blown away on the many encouraging replies
and comments I received, regarding how much this weekly recap has
actually united the industry to co-operate with data. Please share
with others and encourage them to participate. The goal is to receive
10% replies from all the open houses held weekly.
Best of luck
at your open houses this coming weekend. The weather forecast is nice
and sunny. Let’s see if the carnage on the Wall Street and the virus
panic has placed a dent in average attendance and in the buyers’
appetite.
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