This week in Manhattan overall supply increased 6% despite a drop in new-to-market inventory. Overall supply in Manhattan has been gradually increasing, up 800 units, since the start of the year, and this week represents one of the largest week-over-week percentage increases in supply in the last two years. Contract activity in Manhattan took a step back this week, with 299 contracts signed, a 12% decrease from last week.
In Brooklyn, supply rose 2% this week, after decreasing 2% last week. Overall supply in Brooklyn has been moving sideways this year, with only a slight increase of 300 units in total supply since the start of the year. Contract activity remained steady this week, with 215 contracts signed in Brooklyn.
Manhattan Supply
Increased by 6% this week to 5,656 units, continuing the trend of a gradual increase in supply. This week, 469 new listings came to market, 13% less than last week and 22% more than the same week last year.
Brooklyn Supply
Increased 2% to 2,466 units for sale this week as supply continues to move sideways. This week 267 new listings came to market, a decrease of 4% from last week and 10% less than the same week last year.
Manhattan Pending Sales
Remained virtually unchanged this week with 4,306.
Chart Courtesy of Urban Digs
Brooklyn Pending Sales
Increased by nearly 2% to 3,147 this week.
Chart Courtesy of Urban Digs
Manhattan Contracts Signed
299 contracts were signed this week, a 12% decrease from last week and a 13% decrease from the same week last year.
Brooklyn Contracts Signed
215 contracts were signed this week, a 2% increase from last week and a 3% increase from the same week last year.
New Development Insights
As reported by Marketproof, this week, 103 new development contracts were reported across 67 buildings. The following were the top-selling new developments of the week:
- Skyline Tower in Long Island City
- One Manhattan Square in Two Bridges
- 11 Hoyt in Downtown Brooklyn
- One Essex Crossing on the Lower East Side
- 2505 Broadway on the Upper West Side
