New-To-Market Inventory Surges This Week
The Elegran | Forbes Global Properties NYC Consumer Sentiment Index decreased from +45 to +19 this week as 206 contracts were signed in Manhattan and 137 in Brooklyn, a decrease of 15% and an increase of 1.5%, respectively, compared to the prior week.
The highlight of this week's update is the significant rise in new-to-market inventory. Manhattan saw over 500 new listings, a remarkable 50% surge from the previous week, while Brooklyn witnessed over 250 new listings, marking a substantial 60% increase from last week.
Notably, Manhattan observed the highest influx of new listings in nearly a year, while Brooklyn recorded its highest number since May 2022. This surge in inventory is welcome news for buyers active in the market.
In response, sellers should closely monitor new comps and proactively adjust their asking prices as necessary to remain competitive.
Manhattan Supply
Supply jumped 2% to 6,586 units for sale this week as 528 new listings came to market. This week’s new supply total is the highest in nearly a year.
Manhattan Supply | Data courtesy of UrbanDigs
Brooklyn Supply
Brooklyn's supply crossed the 3,000 level for the first time this year, rising 2% this week with 267 new listings coming to market. This is the highest weekly new supply total in any week since May 2022.
Brooklyn Supply | Data courtesy of UrbanDigs
Manhattan Pending Sales
Pending sales increased by almost 2% to 2,759 units this week.
Brooklyn Pending Sales
Pending sales increased to 1,774 units this week.
Manhattan Consumer Sentiment
This week, Manhattan’s score on the Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index decreased from +20 to +2, as 206 contracts were signed, a 15% decrease from last week. Despite a slight decrease in contract signings this week, demand remains above the pre-pandemic average, although it is about 10% lower than last year.
Brooklyn Consumer Sentiment
This week, Brooklyn’s score on the Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index increased from +81 to +85, as 137 contracts were signed, a 2% increase from last week. Demand remains above the pre-pandemic average, although it is about 15% lower than last year.
New Development Insights
Marketproof reported that 45 new development contracts were signed in 33 buildings this week. The following buildings were the top-selling new developments of the week:
- Skyline Tower (LIC) reported 4 contracts
- Claremont Hall (Morningside Heights), Brooklyn Point (Downtown Brooklyn), and Lucent 33 (LIC) reported 3 contracts each.
