A Tale of Two Markets: Brooklyn Contract Volume Increases, Manhattan Contract Volume Decreases
This week revealed a stark contrast in contract volume between Manhattan and Brooklyn. Manhattan saw a 17% decline in signed contracts, while Brooklyn enjoyed a robust 18% increase compared to the previous week. These contrasting dynamics drove the Elegran | Forbes Global Properties Consumer Sentiment Index from -4 to +20. The shift from “spring” to “summer” in the seasonal adjustment further bolstered this upward trend. On the supply side, despite a significant uptick in new inventory following the previous holiday week, overall inventory continues to decline in both boroughs, as is seasonally appropriate.
Manhattan Supply
The inventory of residential apartments in Manhattan slightly decreased to 6,971 units, reflecting the seasonal decline in supply. This week, 282 new listings came on the market, double the number that came on the market during the holiday week last week.
Manhattan Supply | Data courtesy of UrbanDigs
Brooklyn Supply
Inventory in the Brooklyn residential market decreased slightly to 3,243 units as 185 new listings came to market.
Brooklyn Supply | Data courtesy of UrbanDigs
Manhattan Pending Sales
Pending sales decreased slightly by 1.3% to 3,307 units this week. This is the first week that pending sales have decreased in the last 20 weeks.
Brooklyn Pending Sales
Pending sales decreased by 0.7% to 2,131 units this week. This is the first week that pending sales have decreased in the last 15 weeks.
Manhattan Consumer Sentiment
This week, Manhattan’s score on the Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index increased from -16 to -1, as 175 contracts were signed, a 17% decrease from the previous week. It’s important to note that the Consumer Sentiment Index score increased despite the decrease in contract volume because the seasonal adjustment changed this week from the “spring” to the “summer” adjustment.
Brooklyn Consumer Sentiment
This week, Brooklyn’s score on the Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index increased from +38 to +87, as 137 contracts were signed, reflecting an 18% increase from the previous week. It’s important to note that the Consumer Sentiment Index score increased further because the seasonal adjustment changed this week from the “spring” to the “summer” adjustment.
New Development Insights
Marketproof reported that 39 new development contracts were signed in 30 buildings this week. The following buildings were the top-selling new developments of the week:
- Monogram New York (Turtle Bay) reported 4 contracts, and 520 Fifth Avenue (Midtown) reported 3 contracts.
- Alcove Residences (Prospect Lefferts Gardens) and The Huron (Greenpoint) reported 2 contracts each.
