Heading into Easter, Contract Volume Dips, Yet Consumer Sentiment Remains Strong
Heading into the Easter holiday, the Elegran | Forbes Global Properties NYC Consumer Sentiment Index decreased from +51 to +40 this week as 243 contracts were signed in Manhattan and 134 in Brooklyn, a decrease of 13% and 15%, respectively, compared to the prior week.
Similarly, the new-to-market supply also decreased this week, with 25% fewer properties coming to market in both boroughs than last week.
Nevertheless, the consumer sentiment index remains positive, indicating robust demand in the real estate market this spring.
Manhattan Supply
Supply continues to trend higher. This week, 350 new listings came to market, and supply increased by 1% to 6,457 units for sale. Manhattan's residential real estate market continues to grow steadily this spring.
Manhattan Supply | Data courtesy of UrbanDigs
Brooklyn Supply
Brooklyn's supply increased this week as 166 new listings came to market, bringing the total to 2,967 units for sale. As spring unfolds, Brooklyn's residential real estate market maintains its steady growth trajectory.
Brooklyn Supply | Data courtesy of UrbanDigs
Manhattan Pending Sales
Pending sales increased by 1.65% to 2,709 units this week.
Brooklyn Pending Sales
Pending sales slightly decreased to 1,752 units this week.
Manhattan Consumer Sentiment
This week, Manhattan’s score on the Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index decreased from +37 to +20, as 243 contracts were signed, a 13% decrease from last week. Despite a slight decrease in contract signings this week, demand remains above the pre-pandemic average.
Brooklyn Consumer Sentiment
This week, Brooklyn’s score on the Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index decreased from +112 to +81, as 134 contracts were signed, a 15% decrease from last week. This week's data reflects a minor contraction in weekly contract activity but is still well above the pre-pandemic average.
New Development Insights
Marketproof reported that 66 new development contracts were signed in 36 buildings this week. The following buildings were the top-selling new developments of the week:
- 9 Chapel St (Downtown Brooklyn) reported 4 contracts
- 450 Washington (Tribeca), The Rogers Residences (Prospect Lefferts Gardens), and 11 Hoyt St (Downtown Brooklyn) reported 3 contracts each.
