Contract Volume in Manhattan and Brooklyn Rises This Week; Supply Continues Seasonal Decline
This week, both Manhattan and Brooklyn experienced increases in contract volume. Manhattan saw a 6% rise, while Brooklyn enjoyed a 9% uptick in the number of contracts signed compared to the previous week. This positive activity boosted the Elegran | Forbes Global Properties Consumer Sentiment Index from +8 to +18.
On the supply side, inventory in both Manhattan and Brooklyn decreased, reflecting the seasonal peak in supply. As we transition into the summer months, we anticipate a continued decline in inventory levels in both boroughs.
Manhattan Supply
The inventory of residential apartments in Manhattan decreased by almost 2% to 7,274 units, reflecting the seasonal decline in supply. This week, 231 new listings came on the market.
Brooklyn Supply
Inventory in the Brooklyn residential market decreased by almost 1% to 3,331 units as 163 new listings came to market, reflecting the seasonal decline in supply.
Brooklyn Supply | Data courtesy of UrbanDigs
Manhattan Pending Sales
Pending sales increased slightly to 3,292 units this week.
Brooklyn Pending Sales
Pending sales increased by almost 1% to 2,137 units this week.
Manhattan Consumer Sentiment
This week, Manhattan’s score on the Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index increased from -9 to -2, as 239 contracts were signed, a 6% 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 increased from +58 to +72, as 142 contracts were signed, reflecting a 9% increase 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 54 new development contracts were signed in 38 buildings this week. The following buildings were the top-selling new developments of the week:
- 520 Fifth Avenue (Midtown) reported 12 contracts.
- Brooklyn Point (Downtown Brooklyn), The Graham (East Williamsburg), One Clinton (Brooklyn Heights), and H70 Condominium (Midwood) reported 2 contracts each.
