Contract Volume and New-to-Market Supply Normalize This Week
It was a typical week for the Manhattan and Brooklyn real estate market.
Contract activity and new properties entering the market remained consistent with recent levels. As such, the Elegran | Forbes Global Properties NYC Consumer Sentiment Index was near parity with the pre-pandemic average, measuring +10 this week. In Manhattan, 239 contracts were signed, representing a 16% increase compared to the previous week, while Brooklyn saw a decrease of 8% with 126 contracts signed.
Although the overall supply of properties for sale in both boroughs continues to rise, the number of new properties entering the market this week was slightly lower. In Manhattan, there was a 15% decrease compared to last week, and in Brooklyn, a 10% decrease.
In the Manhattan rental market, the supply of available units appeared to reach a low point at 2,950 units over the past three weeks. However, it has been increasing for the past two weeks and has now surpassed 3,000 units again this week.
Manhattan Supply
Supply jumped almost 3% to 6,760 units for sale this week as 451 new listings came to market.
Manhattan Supply | Data courtesy of UrbanDigs
Brooklyn Supply
Supply increased by 3% to 3,124 units for sale this week as 240 new listings came to market.
Brooklyn Supply | Data courtesy of UrbanDigs
Manhattan Pending Sales
Pending sales increased by 2% to 2,815 units this week.
Brooklyn Pending Sales
Pending sales increased by almost 2% to 1,809 units this week.
Manhattan Consumer Sentiment
This week, Manhattan’s score on the Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index decreased from +2 to -2, as 239 contracts were signed, a 16% increase from last week. Despite the increase in contract activity, the Sentiment Index decreased as the seasonality adjustment changed this week to account for the spring market.
Brooklyn Consumer Sentiment
This week, Brooklyn’s score on the Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index decreased from +85 to +51, as 126 contracts were signed, an 8% decrease from last week.
New Development Insights
Marketproof reported that 39 new development contracts were signed in 32 buildings this week. The following buildings were the top-selling new developments of the week:
- 30 E 31 (Midtown South) reported 3 contracts
- 659 Baltic St (Park Slope) reported 2 contracts.
