Demand [Expectedly] Dips Slightly Amid Shortened Holiday Week
Contract activity saw a slight decline during the shortened holiday week. Nevertheless, per the Elegran | Forbes Global Properties NYC Consumer Sentiment Index, demand remains steady, slightly surpassing the pre-pandemic average at +16. This week, Manhattan saw 198 contracts signed, while Brooklyn recorded 118.
Meanwhile, supply faces downward pressure as we enter the traditionally busy spring listing season. With supply hovering at the lower end of a four-year range, the balance of leverage tilts from buyers towards sellers as the local real estate market heats up heading into spring.
Manhattan Supply
As we would expect from analyzing the repetitive pattern of the chart below, supply should grow for the next few months as we enter the spring listing season. This week, 318 new listings came to market, and supply increased by nearly 1% to 5,943 units for sale.
Manhattan Supply | Data courtesy of UrbanDigs
Brooklyn Supply
As we would expect from analyzing the repetitive pattern of the chart below, supply should grow for the next few months as we enter the spring listing season. This week, 140 new listings came to market, and supply increased slightly to 2,829 units for sale.
Brooklyn Supply | Data courtesy of UrbanDigs
Manhattan Pending Sales
Pending sales decreased by 3% to 2,443 units this week.
Brooklyn Pending Sales
Pending sales decreased by half a percent to 1,653 units this week.
Manhattan Consumer Sentiment
This week, Manhattan’s score on the Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index decreased from +17% to -1%, as 198 contracts were signed, 28 fewer than last week. Although this week marks a decrease in contract activity, the forecast for the upcoming weeks is still optimistic toward growth.
Brooklyn Consumer Sentiment
This week, Brooklyn’s score on the Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index decreased from +74% to +58%, as 118 contracts were signed this week versus 124 last week.
New Development Insights
Marketproof reported that 54 new development contracts were signed in 37 buildings this week. The following buildings were the top-selling new developments of the week:
- 134-16 35th Ave (Flushing) reported 6 contracts
- 650 Greene Ave (Bedford Stuyvesant) reported 5 contracts
- 200 East 20th St (Gramercy Park) and Tribeca Green (Battery Park City) each reported 3 contracts.
