As expected, a significant amount of new for-sale inventory came to market last week as the fall market officially began. Overall supply rose 4% in Manhattan as 479 new listings came to market and rose 1% in Brooklyn with 240 new listings. Buyers had been eagerly awaiting this new wave of inventory and could expect more new inventory to flow on the market over the next few weeks. Given Labor Day, contract activity declined compared to the prior week and is expected to reaccelerate through September and into October as buyers return to the market and pursue new inventory.
Manhattan Supply
Increased 4% this week to 6,645 units as 479 new listings came to market, which is 235% more than last week, and 20% less than the same week in 2019.
Brooklyn Supply
Increased 1.4% to 3,230 units as 240 new listings came to market, 74% more than last week and 9% less than the same week in 2019.
Manhattan Pending Sales
Decreased by 3% to 3,297 this week.
Chart courtesy of Urban Digs
Brooklyn Pending Sales
Decreased 3% to 2,376 this week.
Chart courtesy of Urban Digs
Manhattan Contracts Signed
118 contracts were signed this week. This represents a 39% decrease from last week and a 15% decrease from the same week in 2019.
Brooklyn Contracts Signed
110 contracts were signed this week. This represents a 20% decrease from last week and a 9% decrease from the same week in 2019.
New Development Insights
As reported by Marketproof, this week, 46 new development contracts were reported across 37 buildings. The following were the top-selling new developments of the week:
- 208 Delancey on the Lower East Side
- 1901 Ocean Avenue in Midwood
- One Essex Crossing on the Lower East Side
- 611 West 56th Street in Midtown West
