Contract Volume Stable in Manhattan, Drops in Brooklyn while Supply Peaks for the Season
Manhattan saw a modest 4% increase in contracts signed this week compared to the previous week. In contrast, Brooklyn experienced a notable 12% decline in contract activity. This disparity contributed to a decrease in the Elegran | Forbes Global Properties Consumer Sentiment Index, which fell from +17 to +8.
On the supply front, Manhattan’s inventory remained nearly unchanged, maintaining a flat trend for the past five weeks, indicating that supply has peaked for the season. Brooklyn also showed stability in supply, with slight weekly increases over the last four weeks. As we move into the summer months, we can expect a decrease in supply, with a resurgence anticipated after Labor Day when new inventory enters the market for the fall season.
Manhattan Supply
Inventory in Manhattan remained almost unchanged at 7,425 units as 319 new listings hit the market.
Manhattan Supply | Data courtesy of UrbanDigs
Brooklyn Supply
Inventory in the Brooklyn residential market increased slightly by almost 1% to 3,366 units as 192 new listings came to market.
Brooklyn Supply | Data courtesy of UrbanDigs
Manhattan Pending Sales
Pending sales increased by 3% to 3,226 units this week.
Brooklyn Pending Sales
Pending sales increased by almost 2% to 2,064 units this week.
Manhattan Consumer Sentiment
This week, Manhattan’s score on the Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index increased from -10 to -5, as 233 contracts were signed, marking a 4% increase from the previous week and returning to the average level observed this spring.
Brooklyn Consumer Sentiment
This week, Brooklyn’s score on the Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index decreased from +88 to +63. A total of 135 contracts were signed, reflecting a 12% decrease from the previous week. In June so far, Brooklyn’s contract activity is lower compared to the same period last year, a surprising development given the robustness of the borough's demand.
New Development Insights
Marketproof reported that 44 new development contracts were signed in 30 buildings this week. The following buildings were the top-selling new developments of the week:
- 520 Fifth Avenue (Midtown), One11 Residences (Midtown), The Rockwell (Manhattan Valley), and Tribeca Green (Battery Park City) each reported 3 contracts.
- Skyline Tower (Long Island City) reported 3 contracts.
