Manhattan Contract Volume Rises to Highest Level in 2 Months; Supply Decreases
The week leading into Memorial Day Weekend saw a notable uptick in contract volumes in Manhattan and Brooklyn, causing the Elegran | Forbes Global Properties Consumer Sentiment Index to increase from +18 to +30.
Demand:
- Manhattan:
- Contracts Signed: 261 contracts were signed, a 20% increase from the previous week, the highest contract volume since late March, and the second-highest weekly total all year.
- Brooklyn:
- Contracts Signed: 156 contracts were signed, an increase of nearly 8% from the previous week.
Supply:
- Manhattan:
- Inventory: Decreased by 0.5% to 7,365 units for sale.
- New Listings: Only 326 units came to market, the fewest in a week since late February.
- Brooklyn:
- Inventory: Increased by 0.5% to 3,275 units for sale.
- New Listings: 174 units came to market, the fewest in a week since late March.
Heading into Memorial Day Weekend, the recent wave of listings has subsided. Anticipate a reduction in new-to-market properties throughout the summer, leading to a stabilization and eventual decrease in total supply. While some buyers may be preoccupied with summer plans outside of NYC, others will leverage the season to secure favorable deals with motivated sellers.
Manhattan Supply
Inventory in Manhattan decreased by 0.5% to 7,365 units as 326 new listings came to market. This is the first week-over-week decline in total supply since early February and the least amount of new-to-market listings in a week since late February. Taken together, this is confirmation that heading into Memorial Day Weekend, the spring listing wave has passed.
Manhattan Supply | Data courtesy of UrbanDigs
Brooklyn Supply
Inventory increased to 3,275 units as 174 new listings came to market. Similar to Manhattan, this is the fewest new-to-market listings in a week since late March, and the spring listing wave has passed.
Brooklyn Supply | Data courtesy of UrbanDigs
Manhattan Pending Sales
Pending sales increased by 2.3% to 3,103 units this week. This is the largest week-over-week percentage increase in pending sales since late March.
Brooklyn Pending Sales
Pending sales increased by 1.4% to 1,998 units this week.
Manhattan Consumer Sentiment
This week, Manhattan’s score on the Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index increased from -13 to +8, as 261 contracts were signed, a 20% increase from last week. After nearly six weeks in negative territory, the Sentiment Index has swung back to positive ground. This week’s contract volume is the highest in the last two months.
Brooklyn Consumer Sentiment
This week, Brooklyn’s score on the Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index increased from +76 to +90, as 156 contracts were signed, an almost 8% increase from last week and is on the higher end of the range seen this spring.
New Development Insights
Marketproof reported that 43 new development contracts were signed in 38 buildings this week. The following buildings were the top-selling new developments of the week:
- 1218 Putnam Ave (Buschwick) reported 3 contracts
- 111 West 57th St (Midtown), Monogram New York (Turtle Bay), and Sofo Tower (Astoria) each reported 2 contracts.
