In Manhattan, supply increased by 3% and contract activity increased by 8% compared to last week as more than 300 contracts were signed this week. More contracts were signed this week than in any week in nearly the last 3 months and contract activity continues to outpace supply. In Brooklyn, supply decreased by nearly 2% and contract activity increased by nearly 12% compared to last week with 199 contracts signed.
Manhattan Supply
Increased by 3% this week to 5,234 units, resuming its slow crawl higher. Supply has increased slightly from its low of 4,700 units in late January. This week, 488 new listings came to market, a 9% increase compared to last week and 20% more than the same week last year.
Brooklyn Supply
Decreased nearly 2% to 2,384 units for sale this week. Supply has remained relatively flat since mid-December. This week 258 new listings came to market, an increase of 26% from last week and 17% less than the same week last year.
Manhattan Pending Sales
Remained relatively unchanged this week at 4,171.
Chart Courtesy of Urban Digs
Brooklyn Pending Sales
Increased 4% to 3,262 this week, the third weekly increase in a row.
Chart Courtesy of Urban Digs
Manhattan Contracts Signed
309 contracts were signed this week, an 8% increase from last week and a 3% decrease from the same week last year.
Brooklyn Contracts Signed
199 contracts were signed this week, a 12% increase from last week and a 6% decrease from the same week last year.
Manhattan Weekly Contract Analysis
Of the contracts signed this week, and based on the last asking price, the (a) median price per square foot was $1,445, (b) the median price was $1.23M and © the median size was 1,201 square feet.
Brooklyn Weekly Contract Analysis
Of the contracts signed this week, and based on the last asking price, the (a) median price per square foot was $833, (b) the median price was $995K and © the median size was 1,173 square feet.
New Development Insights
As reported by Marketproof, this week, 106 new development contracts were reported across 67 buildings. The following were the top-selling new developments of the week:
- Greenwich West in Soho
- 300 West in Harlem
- The Wales in Carnegie Hill
- 11 Hoyt in Downtown Brooklyn
- Skyline Tower in Long Island City
