More New-to-Market Supply and a Decrease in Contract Volume Follow a Similar Trend Observed Last Year
Following the Memorial Day weekend and the shortened work week, contract volume was significantly lower than the previous week, with 34% fewer contracts signed in Manhattan and Brooklyn. This decrease caused the Elegran | Forbes Global Properties Consumer Sentiment Index to drop from +33 to -21.
Supply increased in both boroughs, with 6% more properties coming to market in Manhattan and 24% more in Brooklyn than last week. The market's performance this week is similar to the same period last year.
Expect contract activity to pick up again in the weeks ahead, aligning with recent seasonal trends. As interest rates remain elevated and supply increases, buyers will have a window of opportunity for increased negotiability, particularly for properties that remain on the market through the summer and undergo price adjustments.
Manhattan Supply
After decreasing last week, inventory in Manhattan increased by 1% to 7,425 units as 345 new listings hit the market in the shortened holiday week.
Brooklyn Supply
Following Memorial Day weekend and a shortened week, inventory in the Brooklyn residential market increased by 1.5% to 3,325 units as 217 new listings came to market.
Brooklyn Supply | Data courtesy of UrbanDigs
Manhattan Pending Sales
Pending sales increased by 1% to 3,126 units this week.
Brooklyn Pending Sales
Pending sales increased by 1% to 2,017 units this week.
Manhattan Consumer Sentiment
This week, Manhattan’s score on the Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index decreased from +8 to -36, as 171 contracts were signed, marking a 34% decrease from the previous week. This decline follows the Memorial Day weekend and a shortened work week, mirroring the trend observed last year.
Brooklyn Consumer Sentiment
This week, Brooklyn’s score on the Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index decreased from +90 to +21. A total of 103 contracts were signed, reflecting a 34% decrease from the previous week. This trend aligns with last year's post-Memorial Day pattern, likely influenced by the shortened work week.
New Development Insights
Marketproof reported that 29 new development contracts were signed in 22 buildings this week. The following buildings were the top-selling new developments of the week:
- The Rockwell Condominium (Manhattan Valley) reported 4 contracts.
- 9 Chapel Street (Downtown Brooklyn) reported 2 contracts.
