Buyer Confidence Rises as New Inventory Hits the Market
This week, both Manhattan and Brooklyn saw an increase in new-to-market listings. Manhattan saw 21% more new listings this week (338 new listings), and Brooklyn saw 5.1% more (185 new listings). However, despite the uptick in new inventory, Brooklyn’s total active listings dipped slightly (-0.2%), an unusual trend for this time of year, which signals strong absorption and steady buyer demand.
Pending sales declined in both boroughs—down 6.6% in Manhattan (2,745 total) and 3.6% in Brooklyn (1,767 total)—as contract activity hasn’t kept pace with closings, a seasonally expected trend.
The standout data point? Buyer sentiment is shifting upward. Manhattan saw a 27% increase in signed contracts (209 total), and Brooklyn saw a 1% increase in signed contracts (126 total). Overall, the Elegran | Forbes Global Properties NYC Consumer Sentiment Index increased from +7 to +22.
What does this mean for you? With inventory expanding and buyers re-engaging, this is a prime moment to assess your strategy before the market gains momentum. Let's discuss your next move.
Manhattan Supply
This week, 338 new listings appeared in Manhattan's residential real estate market, a 21% increase from the previous week. This brought the total active inventory to 5,575 (+0.65% week over week).
Data Courtesy of UrbanDigs
Brooklyn Supply
Brooklyn saw 185 new listings hit the market this week—a 5.1% increase from the previous period. However, despite these latest listings, the total active inventory dipped slightly to 2,888 listings (-0.2% WoW), an unusual trend for this time of year.
Data Courtesy of UrbanDigs
Manhattan Pending Sales
Pending sales decreased by 6.6% to 2,745 as recent contract activity has not kept pace with recent closings. This is seasonally normal.
Brooklyn Pending Sales
Pending sales decreased by 3.6% to 1,767 as recent contract activity has not kept pace with recent closings. This is seasonally normal.
Manhattan Consumer Sentiment
Manhattan’s residential market saw a 27% jump in signed contracts this week (209 total), pushing the Elegran | Forbes Global Properties Consumer Sentiment Index from -18 to +3—its first positive reading after six consecutive below-average weeks.
Brooklyn Consumer Sentiment
This week, 126 contracts were signed in Brooklyn, a 1% increase from the previous period. This increased the Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index slightly from +69 to +70.
New Development Insights
Marketproof reported that 54 new development contracts were signed in 40 buildings this week. The following buildings were the top-selling new developments of the week:
- The Austin (Forest Hills) signed eight contracts
- 50 West 66th Street (Lincoln Square) signed four contracts.
