Last week was an exceptionally hot one, in terms of the weather, and a lukewarm one for the real estate market; making it a normal summer week. Supply decreased by 1% in Manhattan and increased by 1% in Brooklyn overall compared to last week. In the same period, contract activity decreased 6% in Manhattan and increased 1% in Brooklyn.
Compared to the same week in 2019 (the most recent normal year), 4% more contracts were signed in Manhattan and 43% more were signed in Brooklyn this year. As pending sales rose in Manhattan and supply declined, Manhattan’s Market Pulse increased from 0.7 to 0.73. In Brooklyn, as supply increased and pending sales decreased, Brooklyn’s Market Pulse decreased from 1.18 to 1.15.
Manhattan Supply
Decreased 1% this week to 6,142 units as 274 new listings came to market, which is 13% less than last week, and 25% more than the same week in 2019. Supply has decreased in six of the last eight weeks.
Brooklyn Supply
Increased by 1% to 2,667 units as 190 new listings came to market, 28% less than last week and 90% more than the same week in 2019. Brooklyn's supply increased in the last two weeks after declining in the preceding three weeks.
Manhattan Pending Sales
Increased 2% to 4,475 this week.
Chart courtesy of UrbanDigs
Brooklyn Pending Sales
Decreased 1% to 3,069 this week.
Chart courtesy of UrbanDigs
Manhattan Contracts Signed
191 contracts were signed this week. This represents a 6% decrease from last week and a 4% increase from the same week in 2019.
Brooklyn Contracts Signed
142 contracts were signed this week. This represents a 1% increase from last week and a 43% increase from the same week in 2019.
New Development Insights
As reported by Marketproof, this week, 40 new development contracts were reported across 32 buildings. The following were the top-selling new developments of the week:
- The Grand Mulberry in Little Italy
- Salvation Lofts at 10 Quincy Street in Clinton Hill
- One United Nations Park in Murray Hill
- Vandewater in Morningside Heights
