Equities Market and NYC Contract Activity Rebounds
Following a down week, both the equities and real estate markets rebounded. Although Manhattan's contract volume was lighter than the same week last year, Brooklyn saw an increase. Mortgage rates dipped slightly, and rising rents are prompting potential buyers to carefully consider the rent vs. buy decision.
Key developments this week include:
- Manhattan: Contract volume rose by 15% from the previous week. Inventory levels continue to climb, surpassing 7,000 units for the third consecutive week. While this growth reflects an expansion of available properties, inventory remains below levels from May last year.
- Brooklyn: Contract volume increased by 18%, while inventory increased by 1%, though inventory remains approximately 4% lower than in May 2023.
- Consumer Sentiment: The Elegran | Forbes Global Properties NYC Consumer Sentiment Index scored +19.
The market's recovery in contract activity thus far during May aligns with last year's pattern and indicates a potential rise in activity compared to April.
Manhattan Supply
Inventory in Manhattan increased to 7,323 units as 424 new listings came to market. While there's been a fresh wave of listings, overall supply is still down about 1% year-over-year.
Manhattan Supply | Data courtesy of UrbanDigs
Brooklyn Supply
Inventory level increased to 3,177 units as 217 new listings came to market. While there's been a fresh wave of listings, overall supply is still down about 4% year-over-year.
Brooklyn Supply | Data courtesy of UrbanDigs
Manhattan Pending Sales
Pending sales increased by 1.5% to 2,982 units this week.
Brooklyn Pending Sales
Pending sales increased by 2.8% to 1,949 units this week.
Manhattan Consumer Sentiment
This week, Manhattan’s score on the Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index increased from -21 to -6, as 232 contracts were signed, a 15% increase from last week. The Sentiment Index continues to be in negative territory for the fifth week as contract activity is comparably light for the spring season.
Brooklyn Consumer Sentiment
This week, Brooklyn’s score on the Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index increased from +63 to +94, as 159 contracts were signed, an 18% increase from last week.
New Development Insights
Marketproof reported that 48 new development contracts were signed in 33 buildings this week. The following buildings were the top-selling new developments of the week:
- The Centrale (Turtle Bay), Monogram New York (Turtle Bay), The Lexi (Kips Bay), The 74 (Upper East Side), The Cortland (West Chelsea), Claremont Hall (Morningside Heights), and 1064 Hancock St (Bushwick) each reported 2 contracts.
