Manhattan Contract Activity Spikes
The Elegran | Forbes Global Properties NYC Consumer Sentiment Index rebounded from -5 to +11 last week, reflecting an 11% increase in current consumer sentiment compared to the pre-pandemic average (from January 5, 2015, to February 29, 2020).
Buyer activity is rising ahead of the traditional spring market kick-off. This week alone, 212 contracts were signed in Manhattan, the most since July 2023, surpassing the 200-contract threshold for the first time since October. The trend is undeniable, with January showing an 11% increase in contracts signed compared to December and an impressive 20% YoY growth.
Turning to the supply side, Manhattan has witnessed a modest 2% increase in supply over the past month. However, it's noteworthy that supply remains 3% lower than last year, creating an increasingly competitive market environment as demand rises while supply declines.
Across the river in Brooklyn, demand remains robust and elevated, outpacing the pre-pandemic average. January statistics reveal a 16% YoY increase in contracts signed, while supply dropped by nearly 6%, emphasizing the ongoing supply-demand disparity in the borough.
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, 251 new listings came to market, bringing the total supply to 5,865 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, 153 new listings came to market, bringing the total supply to 2,898 units for sale in Brooklyn.
Manhattan Pending Sales
Pending sales increased this week to 2,414 units. Expect pending sales to stay relatively flat for the next few weeks and increase as we near Spring.
Brooklyn Pending Sales
Pending sales declined by one this week to 1,720 units, and the metric should stay relatively flat through the remainder of the Winter.
Manhattan Consumer Sentiment
This week, Manhattan’s score on the Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index increased from -17 to 0, as 212 contracts were signed this week compared to 162 last week. This was the first week that more than 200 contracts were signed since late October.
Brooklyn Consumer Sentiment
This week, Brooklyn’s score on the Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index (below) increased from +38 to +47, as 109 contracts were signed this week versus 101 last week.
New Development Insights
Marketproof reported that 40 new development contracts were signed in 32 buildings this week. The following buildings were the top-selling new developments of the week:
- 200 East 20th Street (Gramercy Park) reported 6 contracts
- Archive Lofts (Lenox Hill), 50 W 66th St (Lincoln Square), and The West Residence Club (Clinton) each reported 2 contracts.
