Manhattan Market Hits Fall High as Buyers Gain Confidence
This week marked the strongest demand of the fall season in Manhattan, with contract signings reaching their highest weekly total since late May. In Brooklyn, while this wasn’t the strongest week of the season, activity remained solid, with an above-average number of contracts signed for the fall.
The Elegran | Forbes Global Properties Consumer Sentiment Index mirrored this momentum, rising from +24 to +40. These trends suggest a promising winter market, as the uncertainty surrounding the election has subsided and interest rates have stabilized following the Fed’s latest guidance. This stability affords a sense of confidence, encouraging buyers and sellers to re-engage in the market.
With Thanksgiving approaching, next week is expected to be quieter. Still, the strong late-season demand in Manhattan and steady performance in Brooklyn are bullish signals and hint that winter activity may exceed typical seasonal expectations.
Manhattan Supply
After reaching its seasonal peak in late October, the overall supply continued to decline, slipping 1.3% to 6,540 properties. This week, 210 new listings hit the market, marking a 17% drop compared to the previous week.
Brooklyn Supply
Following its mid-October peak, Brooklyn’s overall supply continued its seasonal decline, dropping 1.6% to 3,233 properties. This week, 125 new listings were added, reflecting a 16% decrease from the previous week.
Data Courtesy of UrbanDigs
Manhattan Pending Sales
Pending sales rose 1.4%, reaching 2,920 units.
Brooklyn Pending Sales
Pending sales increased by 0.5% to 1,946 units.
Manhattan Consumer Sentiment
This week, Manhattan’s residential real estate market experienced more activity, with contract signings rising 17.7% to 246—the highest weekly total of the fall season and the most since late May. Consequently, the Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index climbed from +7 to +26.
Brooklyn Consumer Sentiment
Brooklyn’s residential real estate market saw a 4% uptick in contract signings this week, with 143 contracts signed—an above-average performance for the fall season. As a result, the Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index increased from +78 to +86.
New Development Insights
Marketproof reported that 45 new development contracts were signed in 34 buildings this week. The following buildings were the top-selling new developments of the week:
- 255 East 77th Street (Upper East Side) signed 5 contracts
- 520 Fifth Avenue (Midtown) and Monogram New York (Turtle Bay) each signed 3 contracts.
