Contract Volume in Manhattan and Brooklyn is “Average” This Week; Supply Begins Seasonal Decline
Manhattan and Brooklyn experienced a 3% decrease in the number of contracts signed this week compared to the previous week. This reduction brought contract volume back to the average levels observed throughout this year. Consequently, the Elegran | Forbes Global Properties Consumer Sentiment Index decreased from +12 to +3.
On the supply side, Manhattan’s inventory slightly decreased after remaining flat for the previous six weeks, suggesting that the supply has peaked for the season. Brooklyn mirrored this pattern with a slight weekly decrease in supply. As we transition into the summer months, the supply in both boroughs is expected to continue declining.
Manhattan Supply
Inventory in Manhattan decreased to 7,400 units as 287 new listings hit the market, likely reflecting the start of the seasonal decline in supply.
Manhattan Supply | Data courtesy of UrbanDigs
Brooklyn Supply
Inventory in the Brooklyn residential market decreased slightly to 3,359 units as 182 new listings came to market, also likely reflecting the start of the seasonal decline in supply.
Brooklyn Supply | Data courtesy of UrbanDigs
Manhattan Pending Sales
Pending sales increased by almost 2% to 3,285 units this week.
Brooklyn Pending Sales
Pending sales increased by 2.6% to 2,118 units this week.
Manhattan Consumer Sentiment
This week, Manhattan’s score on the Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index decreased from -5 to -9, as 225 contracts were signed, a 3% decrease 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 +63 to +58, as 131 contracts were signed, reflecting a 3% decrease from the previous week. Brooklyn’s contract activity continues to be lower this June compared to last, 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) reported 7 contracts.
- Lightsquare (Clinton) reported 5 contracts.
- The Treadwell (Manhattan Valley) and the Huron (Greenpoint) reported 3 contracts each.
