Last week, market activity in Manhattan and Brooklyn rebounded after slowing down right before and after the July 4th holiday weekend. Supply increased 3% in Manhattan and 4% in Brooklyn and contract activity increased 14% in Manhattan and increased 30% in Brooklyn compared to the prior week. The Market Pulse in both boroughs remains stable, with a Market Pulse of 0.7 in Manhattan and 1.18 in Brooklyn.
Manhattan Supply
Increased 3.5% this week to 6,215 units as 315 new listings came to market, 1% more than last week, and 18% more than the same week in 2019.
Brooklyn Supply
Also increased 4% to 2,638 units as 263 new listings came to market, 55% more than last week and 78% more than the same week in 2019.
Manhattan Pending Sales
Increased 2% to 4,376 this week.
Chart courtesy of UrbanDigs
Brooklyn Pending Sales
Increased 3% to 3,101 this week.
Chart courtesy of UrbanDigs
Manhattan Contracts Signed
203 contracts were signed this week. This represents a 14% increase from last week and a 10% increase from the same week in 2019.
Brooklyn Contracts Signed
140 contracts were signed this week. This represents a 29% increase from last week and a 46% increase from the same week in 2019.
New Development Insights
As reported by Marketproof, this week, 40 new development contracts were reported across 27 buildings. The following were the top-selling new developments of the week:
- Nova in Long Island City
- One Manhattan Square on the Lower East Side
- Maverick in Chelsea
