This week, the Manhattan and Brooklyn markets performed as one would expect for a prime spring season week. Contract activity and supply remained relatively stable compared to the prior week while the Market Pulse increased by 0.02 in both boroughs. Manhattan’s Market Pulse is currently 0.76 and Brooklyn’s is 1.24. In both boroughs, new-to-market supply decreased by nearly 25% compared to last week, despite a relatively high number of new listings that did come to market this week. Contract activity remained elevated in both boroughs as buyers are eagerly pursuing homes in the face of rising interest rates.
Manhattan Supply
Increased by half a percent this week to 5,922 units, continuing the trend of increasing supply which began in February. This week 437 new listings came to market, 23% fewer than last week and 10% fewer than the same week last year.
Brooklyn Supply
Remained flat this week with 2,612 units, as 235 new listings came to market, a 22% decrease from last week and 31% less than the same week last year.
Manhattan Pending Sales
Increased 2.5% to 4,493
Brooklyn Pending Sales
Increased by 1% to 3,227.
Manhattan Contracts Signed
342 contracts were signed this week, continuing the trend of more than 300 contracts signed in a week. This represents a 1% decrease from last week and a 4% increase from the same week last year. Overall, this year’s contract activity is closely matching last year’s.
Brooklyn Contracts Signed
225 contracts were signed this week, continuing the trend of more than 200 contracts signed in a week. This represents a 4% decrease from last week and a 4% increase from the same week last year. Overall, this year’s contract activity is closely matching last year’s.
New Development Insights
As reported by Marketproof, this week, 110 new development contracts were reported across 72 buildings. The following were the top-selling new developments of the week:
- The Solaire in Battery Park City
- Forena in Flatiron
- Greenwich West in Soho
- The Broad Exchange Building in the Financial District
- The Edison in Gramercy Park
