On Repeat; Buyers: More Choices, More Competition
Continued Strong Demand: The Elegran | Forbes Global Properties NYC Consumer Sentiment Index maintains a positive sentiment score of +29, indicating sustained consumer optimism. This sentiment is echoed in the weekly contract volumes, with Manhattan consistently maintaining contract volumes above 200 and Brooklyn witnessing an increase in contracts signed compared to the previous week.
Rising Supply: Over the past week, overall Manhattan supply increased by 1.7%, and Brooklyn supply increased by 1.2% as 444 new listings in Manhattan and over 200 in Brooklyn came to market.
Market Implications: Current trends suggest a healthy real estate market characterized by robust consumer confidence and active engagement from buyers and sellers. The expanding inventory offers buyers a wider array of options while intensifying competition for coveted properties. In this dynamic landscape, buyers are advised to act decisively and purposefully to capitalize on opportunities.
Navigating the Landscape: In light of the expanding choices and heightened competition, buyers are advised to approach the market strategically. Acting swiftly and decisively, informed by thorough research and a clear understanding of personal preferences, is essential.
Manhattan Supply
Once again, supply remains above the 6,000 level. This week, 444 new listings came to market, and supply increased by almost 2% to 6,238 units for sale. This marks the third week with more than 400 new-to-market listings since last September.
Manhattan Supply | Data courtesy of UrbanDigs
Brooklyn Supply
Brooklyn's supply increased by 1% this week as 214 new listings came to market, bringing the total to 2,903 units for sale. This was the second 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 2,546 units this week.
Brooklyn Pending Sales
Pending sales increased by almost 3% to 1,715 units this week.
Manhattan Consumer Sentiment
This week, Manhattan’s score on the Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index increased from 0 to +11, as 225 contracts were signed this week, an 11% increase from last week. According to the index, demand for Manhattan real estate was higher this week than the pre-COVID average.
Brooklyn Consumer Sentiment
This week, Brooklyn’s score on the Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index increased from +87 to +90, as 141 contracts were signed this week, a slight increase from the 139 signed last week.
New Development Insights
Marketproof reported that 53 new development contracts were signed in 37 buildings this week. The following buildings were the top-selling new developments of the week:
- The Broad Exchange Building (Financial District) reported 3 contracts
- 349 22nd St (Greenwood) reported 2 contracts.
