Buyers: More Choices, More Competition
Demand Remains Strong: The positive sentiment of +21 in the Elegran | Forbes Global Properties NYC Consumer Sentiment Index indicates consumer optimism. This positive sentiment is reflected in the weekly contract volumes, with Manhattan maintaining a contract volume above 200 and Brooklyn witnessing a significant 15% surge compared to the previous week.
Supply is Starting to Rise: Despite the high demand, there has been a net increase in supply in both Manhattan and Brooklyn. Nearly 450 new listings in Manhattan and over 200 in Brooklyn indicate an uptick in available properties.
Market Implications: The current trends suggest a healthy real estate market with strong consumer confidence and active participation from buyers and sellers. With increased available options, buyers are presented with more choices, which also means heightened competition for desirable properties. To remain competitive, buyers must act swiftly, with purposeful and decisive decision-making, to seize opportunities in this dynamic market landscape.
For the last few months, it's been a stalemate between buyers and sellers with a relatively balanced market. In the last month, sellers gained a slight edge as demand rose while supply remained limited. In the coming months, expect this trend to continue, with leverage increasingly favoring sellers as demand intensifies and supply remains constrained compared to the prior year.
Manhattan Supply
Supply finally ticks a bit higher, crossing the 6,000 level. This week, 449 new listings came to market, and supply increased by 1.5% to 6,132 units for sale. This marks the second week with more than 400 new-to-market listings since last September.
Manhattan Supply | Data courtesy of UrbanDigs
Brooklyn Supply
Brooklyn's supply increased slightly this week as 222 new listings came to market, bringing the total to 2,868 units for sale. This was the first week more than 200 new listings came to market since last October.
Brooklyn Supply | Data courtesy of UrbanDigs
Manhattan Pending Sales
Pending sales increased by 1% to 2,516 units this week.
Brooklyn Pending Sales
Pending sales increased slightly to 1,670 units this week.
Manhattan Consumer Sentiment
This week, Manhattan’s score on the Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index decreased from +8% to 0%, as 202 contracts were signed this week, a slight decrease from last week. According to the index, this week, demand for Manhattan real estate was at parity with the pre-COVID average.
Brooklyn Consumer Sentiment
This week, Brooklyn’s score on the Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index increased from +64% to +87%, as 139 contracts were signed this week, an increase from the 121 signed last week.
New Development Insights
Marketproof reported that 43 new development contracts were signed in 38 buildings this week. The following buildings were the top-selling new developments of the week:
- Monogram New York (Turtle Bay), Claremont Hall (Morningside Heights), Four Fifty Grand (Clinton Hill), 11 Hoyt St (Downtown Brooklyn), and The Huron (Greenpoint) all reported 2 contracts each.
