Chilly Temperatures & Snow Ushered in a Quieter Week for NYC Real Estate
The Elegran | Forbes Global Properties NYC Consumer Sentiment Index decreased from -6 to -19 amid the cold snap, signaling a -19% dip in current consumer sentiment compared to the pre-pandemic average (January 5, 2015, and February 29, 2020).
Although there was a notable increase in new inventory hitting the market in Manhattan and Brooklyn, contract activity saw a decline this week compared to the previous months. However, the outlook is promising, with expectations of contract activity picking up later this month and into February as buyers explore the fresh listings.
If you're in search of a deal, now might be the ideal moment to identify motivated sellers who've been on the market through the holidays and have adjusted their prices.
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 the spring listing season. This week, 242 new listings came to market, bringing the total supply to 5,790 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 the spring listing season. This week, 181 new listings came to market, bringing the total supply to 2,880 units for sale in Brooklyn.
Manhattan Pending Sales
After declining for each of the last four weeks, pending sales increased this week to 2,443 units. Expect pending sales to stay relatively flat for the next few weeks and then increase as we near Spring.
Brooklyn Pending Sales
Pending sales declined again this week to 1,788 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 decreased from –23 to –30 as 136 contracts were signed this week compared to 154 last week.
Brooklyn Consumer Sentiment
This week, Brooklyn’s score on the Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index (below) decreased from +39 to +14 as 83 contracts were signed this week versus 106 last week.
New Development Insights
Marketproof reported that 25 new development contracts were signed in 19 buildings this week. The following buildings were the top-selling new developments of the week:
- Claremont Hall (Morningside Heights) reported 3 contracts.
- 235 N Henry St (Greenpoint) reported 2 contracts.
