Manhattan and Brooklyn Show Seasonal Strength Amid Slower Inventory Growth
Despite a slight dip in new listings and signed contracts this week, Manhattan’s real estate market activity remains above levels seen since the end of spring, aligning with the expected seasonal upswing this fall. Inventory rose modestly in Manhattan, with 342 new properties entering the market. However, the pace has slowed, reflecting a 22% drop in new listings from the previous week. Signed contracts in Manhattan fell by 2% to 237 but still represent the second-highest weekly total since the end of June, indicating solid buyer interest.
Brooklyn, too, is seeing a similar trend. The pace of new inventory additions has tempered following months of rising inventory, but buyer demand is on the upswing. Signed contracts held steady at 158, an 18% increase year-over-year, mirroring Manhattan’s fall market resilience.
Overall, the Elegran | Forbes Global Properties Consumer Sentiment Index decreased from +46 to +43 this week.
While some buyers remain on the sidelines as mortgage rates have increased by roughly 70 basis points over the past month, more are expected to reenter the market after the upcoming election. Sentiment remains cautiously optimistic, with expectations for a robust winter market as some current uncertainties settle.
Manhattan Supply
Manhattan’s residential inventory continued to rise this week, with 6,857 units now available for sale—up by 0.5% from last week. Although 342 new properties entered the market, this reflects a significant 22% drop from the previous week and a 3% decline compared to last year.
Data Courtesy of UrbanDigs
Brooklyn Supply
Brooklyn’s housing inventory remained stable this week at 3,429 units, even as 171 new listings hit the market. This influx represents a 15% decrease from the previous week and a substantial 31% decline year-over-year.
Data Courtesy of UrbanDigs
Manhattan Pending Sales
Pending sales rose by 2.6%, reaching 2,761 units, continuing the upward momentum of the fall season.
Brooklyn Pending Sales
Pending sales increased by 3.1% to 1,837 units.
Manhattan Consumer Sentiment
The number of signed residential contracts in Manhattan dipped by 2% this week to 237. While slightly down from last week, it still marks the second-highest weekly contract total since late June. Notably, contracts are up 13% compared to last year's week. This week, the Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index decreased from +24 to +21.
Brooklyn Consumer Sentiment
Brooklyn’s residential real estate market held steady this week with 158 contracts signed, matching last week’s total and marking an 18% increase year-over-year. The Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index remained stable at +105.
New Development Insights
Marketproof reported that 60 new development contracts were signed in 42 buildings this week. The following buildings were the top-selling new developments of the week:
- Perrie (Turtle Bay) signed 4 contracts
- Park Lee Fulton (Bedford Stuyvesant) signed 2 contracts.
