More Supply, More Buyers
The Elegran | Forbes Global Properties NYC Consumer Sentiment Index improved from -14 to -7 over the second week of 2024. This indicates that the current consumer sentiment is now -7% lower than the average sentiment between January 5, 2015, and February 29, 2020.
A flurry of new inventory is coming on the market as sellers decide now is a good time to list after the holiday season and seeing the recent increase in market activity.
Buyers patiently awaiting new inventory should explore the new opportunities and not be surprised if attractive and well-priced properties receive outsized attention and multiple bids quickly. Buyers looking for a “deal” should focus on properties on the market for 90+ days and with multiple price reductions.
Sellers should keep abreast of new comparables and quickly adjust their prices and positioning in the market to stay relevant to buyers.
Manhattan Supply
As we would expect from analyzing the repetitive pattern of the chart below, supply will grow for the next few months as we near spring listing season. This week, 280 new listings came to market, bringing the total supply to 5,728 units for sale in Manhattan.
Brooklyn Supply
As we would expect from analyzing the repetitive pattern of the chart below, supply will grow for the next few months as we near spring listing season. This week, 145 new listings came to market, bringing the total supply to 2,827 units for sale in Brooklyn.
Manhattan Pending Sales
Pending sales declined again this week, continuing an expected seasonal trend. Pending sales stand at 2,427 units. Expect pending sales to trickle lower through February or March when contract activity is expected to accelerate ahead of the traditionally busy spring market.
Brooklyn Pending Sales
Pending sales declined this week to 1,790 units. However, the metric should stay relatively flat through the remainder of the Winter season.
Manhattan Consumer Sentiment
This week, Manhattan’s score on the Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index increased from –27 to –23 as 154 contracts were signed this week compared to 140 last week.
Brooklyn Consumer Sentiment
This week, Brooklyn’s score on the Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index (below) increased from +15 to +38 as 106 contracts were signed this week versus 79 last week.
New Development Insights
Marketproof reported that 40 new development contracts were signed in 27 buildings this week. The following buildings were the top-selling new developments of the week:
- Both the Brooklyn Tower (Downtown Brooklyn) and Lucent 33 (LIC) reported four contracts each
- One High Line (West Chelsea) reported three contracts.
