Thursday, October 24, 2019

Halstead open House index

I think this is a very interesting boots-on-the-ground report about what's happening every Sunday. Many thanks to Fritz Frigan at Halsted.

Good afternoon Halstead Open House Index followers and contributors!

I'm sending today's report for the second time today. We've received reports of the first email going to people's spam folders. I hope you at least received this email and sorry for the inconvenience.

Here is our report from this past, rainy, weekend. What do you think? Was it just the rain? Or was it the combination of rain AND slow, buyers’ market that influenced the traffic last weekend?

The average for all of NYC dropped to 2.38, from 2.62 the weekend before. October is sliding (3.00 on October 6, 2.62 on October 13 and now 2.38 on October 20! Ouch!). The good news is that we almost broke a record in submissions of open house surveys – we received 424 replies this week, just six short from our record of 430, from October 6th. Keep it growing! More data we collect, better and more reliable the statistics and analysis will be. Try reading all the way to the end of this report, I have more questions (and answers) for all of you.

When 98 open houses, out of 424, did not have a single soul to attend, you know it was slow. 23% of open houses were super lonely! The infamous “Sgt. Pepper’s Lonely Hearts Club Band’ now has over 1000 members, all real estate agents and brokers from NYC!

The most visited open house last weekend was the one held by Andreas Mann of Douglas Elliman, at his first open house for his new exclusive at 146 West 86th Street in Manhattan. A 3BR, $2.6M co-op attracted 14 parties! Here is in Andreas’ own words: “Hi Fritz, We tried to be really careful on pricing.
That was really it – and, it is in move in condition!”

Here I owe apology to Bahar Tavakolian from Compass. Last week she was the winner, and I referred to her as HE. Sorry Bahar. It was HER open house that attracted the most attendees on the weekend of October 13. (note to myself to check online bio and picture of every agent I mention in my weekly report).

Here is dataset. Let’s visit each borough:

Manhattan – tiny drop from the previous weekend: it was 2.26 last weekend, vs. 2.27 the weekend of October 13. I guess Manhattan is slow, rain or shine. Surprisingly busy in the Gramercy Park area (3.75) and Washington Heights (3.60). When Upper West Side scores 2.69, you just KNOW that the weekend was slow. Upper East Side was right there with 2.38. It must have rained harder on Sunday in Midtown East (1.76) and Midtown West (1.55). See the rest of the numbers below. Last year, on October 21st, 2018 weekend, the average in Manhattan was 2.20, from 299 open houses received. This week we got 320 results from Manhattan.

Brooklyn – the average tumbled to 2.87, from 4.19 the weekend prior. I do not recall when was the last time that the Brooklyn average dropped below 3.00. Above the average was in Park Slope (4.90), Williamsburg/Greenpoint (4.00), the rest was slow. Brooklyn Heights scored 1.71 and Brooklyn Other Areas just 1.87. See the rest of the numbers below. Last year, on October 21st, Brooklyn recorded 2.77 from 44 open houses. This week we received 68 replies from Brooklyn.

Bronx – the average nose-dived to 2.08, from 2.92 the weekend earlier. Again 13 replies from the Bronx county. See the number below.

Queens – attendance in Queens dropped 30% from the weekend prior: to 2.73, from 3.93 recorded on October 13. Above average in Queens Other Areas (4.83) and Forest Hills (3.25). Slow in LIC (1.43). See the rest below and watch for small sample sizes. Queens recorded 3.06 last year, on October 21st, 2018 weekend. We received 22 replies from Queens.

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