Rihards Gederts | Elegran
Diverging Momentum: Brooklyn Gains as Manhattan Pauses
This week’s market highlighted a contrast between the boroughs. Inventory continued to rise across both Manhattan and Brooklyn, giving buyers more choice, but buyer response split: Brooklyn saw a rebound in contracts and stronger sentiment, while Manhattan posted its third consecutive decline. Overall, Elegran’s NYC Consumer Sentiment Index dipped into slightly negative territory at –2%, underscoring a cautious early-September tone even as opportunities expand.
Key Takeaways:
- Inventory Growth: Manhattan supply jumped 5.1% WoW to 6,210 homes, its second week of gains, with 529 new listings (+3% WoW, +9% YoY). Brooklyn rose 3.7% WoW to 3,333 homes, with 259 new listings (+8.4% WoW, –7% YoY).
- Pending Sales Dip: Pending contracts fell again, with Manhattan down 3.1% to 2,988 and Brooklyn down 2.9% to 1,882.
- Mixed Sentiment: Manhattan contracts slipped to 132 (–11% WoW, –20% YoY), pulling its sentiment index to –22%. In contrast, Brooklyn contracts surged to 114 (+21% WoW, +5% YoY), lifting its sentiment index to +57%.
Manhattan Supply
Manhattan’s inventory rose for the second straight week, climbing 5.1% to 6,210 homes. Sellers added 529 new listings, a 3% increase over last week and 9% higher than the same time last year. The seasonal post–Labor Day surge continues to rebuild supply after the summer slowdown.
Brooklyn Supply
Brooklyn’s supply grew 3.7% to 3,333 homes. New listings totaled 259 units (+8.4% WoW, though ~7% below last year). Overall, supply is now 1.8% above 2024 levels, creating more opportunities for buyers while easing competitive pressure.
Manhattan Pending Sales: Pending sales fell 3.1% this week to 2,988 units, marking the second week of decline. Buyers remain in a wait-and-see mode as new inventory enters the market.
Brooklyn Pending Sales: Brooklyn’s pending sales slipped 2.9% to 1,882 units, mirroring Manhattan’s slowdown.
Manhattan Consumer Sentiment
Manhattan contract activity slowed further, with 132 deals signed (–11% WoW, –20% YoY). The Elegran Manhattan Consumer Sentiment Index dropped from –15% to –22%, its third consecutive weekly decline. This dip reflects the usual early-September lull, though sentiment could rebound as buyers engage with fresh listings and potential interest rate adjustments.
Brooklyn Consumer Sentiment
Brooklyn bucked the Manhattan trend, with 114 contracts signed (+21% WoW, +5% YoY). The Elegran Brooklyn Consumer Sentiment Index climbed from +34% to +57%, signaling strong buyer confidence. With new listings building momentum, Brooklyn’s market appears well-positioned heading into the fall.
New Development Insights
Marketproof reported that 18 new development contracts were signed in 17 buildings this week. The following buildings were the top-selling new developments of the week:
- 77 Greenwich (Financial District) signed 2 contracts
- One Wall Street (Financial District), among others, with 1 contract signed.
