The Manhattan market is nearly a buyer’s market based on the UrbanDigs’ Market Pulse indicator, as supply rises and pending sales fall. The Manhattan’s Market Pulse is now 0.39, right on the border of a buyer’s market, and has decreased from 0.42 in the past week. The Manhattan Market Pulse is now at its lowest level since February 2021.
Brooklyn’s Market Pulse is 0.63, down from 0.64 the previous week, and is indicative of a neutral market, whereby it favors neither the buyer nor the seller. The current Brooklyn Market Pulse is comparable to the same period last year.
With volatile equities, rising interest rates, and the strengthening dollar, contract activity has slowed compared to the previous eighteen months. Importantly though, today’s contract activity is consistent with the levels seen in 2019, the last normal real estate year.
Therefore, the market has normalized and currently is not performing at below-average levels. If the current trend holds, it’s expected that the Market Pulse in both boroughs will increase later this fall, as contract activity accelerates and new-to-market inventory slows in October.
Manhattan Supply
Increased 2% this week to 7,398 units as 392 new listings came to market, which is 13% less than last week, and 18% less than the same week in 2019.
Brooklyn Supply
Remained flat this week with 3,436 units for sale as 181 new listings came to market, 29% less than last week and 3% less than the same week in 2019.
Manhattan Pending Sales
Decreased 3.6% this week to 2,908 dropping below the 3k level for the first time since February 2021.
Chart courtesy of UrbanDigs
Brooklyn Pending Sales
Continued to trend lower and decreased by 2.6% to 2,149 this week.
Chart courtesy of UrbanDigs
Manhattan Contracts Signed
157 contracts were signed this week. This represents a 7% decrease from last week and a 2% decrease from the same week in 2019.
Brooklyn Contracts Signed
126 contracts were signed this week. This represents an 18% increase from last week and a 33% increase from the same week in 2019.
New Development Insights
As reported by Marketproof, this week, 62 new development contracts were reported across 30 buildings. The following were the top-selling new developments of the week:
- The Cortland in West Chelsea
- 323 Lenox Road in Flatbush
- Post House in Boerum Hill
- The Solaire in Battery Park City
