Manhattan Sees Highest Contract Signings in 10 Months, Brooklyn Breaks 9-Month Record Amid Growing NYC Real Estate Demand
The Elegran | Forbes Global Properties NYC Consumer Sentiment Index increased from +33 to +47 this week as 278 contracts were signed in Manhattan, a record in the last 10 months, and 158 in Brooklyn, a record in the last 9 months. Notably, contract signings in Manhattan and Brooklyn increased by 24% and 12%, respectively, compared to last week, outstripping the rise in new listings by 5% and 4% in each borough.
Buying: Expect a competitive market; act fast when you find a property you like.
Selling: Considering selling? Now is the prime time to come to market. Let’s discuss the right strategy for you and your home.
Prices: Expect less negotiability and be prepared to encounter a bidding war.
Confidence: People feel more confident about the market and macroeconomic factors, which affects decision-making.
Preparation: Get your finances in order, make those small renovations, and know the market well to compete effectively.
Manhattan Supply
Supply continues to trend higher. This week, 465 new listings came to market, and supply increased by 2.5% to 6,392 units for sale. This marks the first consecutive month with more than 400 new-to-market weekly listings since last September.
Manhattan Supply | Data courtesy of UrbanDigs
Brooklyn Supply
Brooklyn's supply increased this week as 223 new listings came to market, bringing the total to 2,940 units for sale. This was the third week more than 200 new listings came to market since last spring.
Brooklyn Supply | Data courtesy of UrbanDigs
Manhattan Pending Sales: Pending sales increased by almost 5% to 2,665 units this week.
Brooklyn Pending Sales: Pending sales increased by almost 3% to 1,765 units this week.
Manhattan Consumer Sentiment
This week, Manhattan’s score on the Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index increased from +11 to +37, as 278 contracts were signed this week, a 24% increase from last week. This is the highest weekly contract signed total in the last 10 months for Manhattan.
Brooklyn Consumer Sentiment
This week, Brooklyn’s score on the Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index increased from +90 to +112, as 158 contracts were signed this week, a 12% increase from last week. This is the highest weekly contract signed total in the last 9 months for Brooklyn.
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:
- Tribeca Green (Battery Park City) reported 4 contracts
- One11 Residences (Midtown), 125 Perry St (West Village), and 11 Hoyt St (Downtown Brooklyn) reported 3 contracts each.
