Weekly Manhattan & Brooklyn Market Update: 2/24

Rihards Gederts - Elegran | Forbes Global Properties More Sellers, Fewer Buyers This Week in Manhattan & Brooklyn  Inventory growth continued this week. Manhattan saw 355 new listings, an 11% increase, bringing the total active inventory to 5,685 units. Yet, contract signings fell 12% to 187 deals.  Brooklyn remained more resilient, with 186 new listings—a 36% surge—while contract signings dipped 5% to 121 deals. Strong absorption rates kept the borough's total active inventory nearly unchanged at 2,868 units. As both boroughs experienced a decline in contract volume, the Elegran | Forbes Global Properties NYC Consumer Sentiment Index dropped from +28 to +13 this week. With fresh inventory entering the market, pricing and strategic positioning will be key for sellers looking to attract buyers in today’s market. Manhattan Supply Seller confidence is rising in Manhattan, with 355 new listings hitting the market this week—an 11% uptick from last week. This fresh inventory has pushed total active listings to 5,685 units, a 1.54% increase. Buyers may find more opportunities as supply builds, though well-priced properties continue to move quickly. Data courtesy of UrbanDigs Brooklyn Supply Brooklyn’s market gained momentum this week, with 186 new listings—a 36% jump from last week. Yet, high absorption rates kept total inventory growth minimal, up just 0.56% to 2,868 listings. The swift turnover of new inventory highlights Brooklyn’s strong market fundamentals and sustained buyer demand, reinforcing the borough’s competitive landscape. Data courtesy of UrbanDigs Manhattan Pending Sales: Pending sales decreased by 1.6% to 2,700 as recent contract activity has not kept pace with recent closings.  Brooklyn Pending Sales: Pending sales increased by nearly 1% to 1,807.  Manhattan Consumer Sentiment The Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index declined from +5 to -7 this week, as 187 contracts were signed, 12% fewer than last week. Brooklyn Consumer Sentiment Despite a 5% dip in contract signings to 121, Brooklyn’s market remains resilient. The Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index held strong at +64, down slightly from +73 but still signaling robust market confidence. This sustained optimism underscores Brooklyn’s enduring appeal and buyer confidence in its long-term value. New Development Insights  Marketproof reported that 41 new development contracts were signed in 29 buildings this week. The following buildings were the top-selling new developments of the week: - Bergen Brooklyn (Boerum Hill) signed five contracts - 720 West End Avenue (Upper West Side) signed three contracts.   If you would like to chat about the most recent market activity, feel free to contact us at info@elegran.com or  connect with one of our Advisors. About Us Welcome to Elegran | Forbes Global Properties, where our mission is to revolutionize the world of real estate. Founded in 2008 by Michael Rossi, our journey began with an unwavering drive for motivation, innovation, and a genuine care for our clients. As an independently owned brokerage, we pride ourselves on our elite team of "advisors," offering a personalized touch that goes above and beyond the traditional real estate experience. Armed with robust data insights, we empower our clients to make informed decisions that lead to success. Distinguished as the exclusive member of the invitation-only Forbes Global Properties network in NYC, Elegran proudly stands at the forefront of excellence. This exclusive partnership broadens our horizons, enabling us to connect buyers, sellers, and investors with extraordinary luxury properties not only in New York City but across the globe. Our passion lies in turning your real estate dreams into reality, and we are committed to providing exceptional service at every step of the journey. Are you ready to experience the Elegran difference? Dive into the possibilities at www.elegran.com and embark on an unforgettable real estate adventure with us.

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Weekly Manhattan & Brooklyn Market Update: 2/17

Rihards Gederts - Elegran | Forbes Global Properties Momentum Builds Across Manhattan and Brooklyn as Buyer Confidence Grows Manhattan and Brooklyn’s residential markets show signs of growing stability and optimism as both markets maintain positive momentum this week. In Manhattan, 213 contracts were signed, marking a 5% increase from last week’s 209 deals. Total active listings inched up by 0.43% to 5,599 units, even as new inventory slowed with just 320 new listings—a 5% drop from the previous week. In Brooklyn, contract activity rose by 2%, with 128 contracts signed this week compared to 126 last week. However, inventory constraints persist, as only 137 new listings entered the market—a 26% decline from the previous week—bringing total active listings down to 2,852 units (-1.25% week over week). Takeaway: Both markets are seeing sustained buyer confidence and incremental gains in contract activity. Overall, the Elegran | Forbes Global Properties NYC Consumer Sentiment Index remained unchanged at +27.  However, tightening inventory, particularly in Brooklyn, could create a more competitive environment as the spring season approaches. Manhattan Supply This week, Manhattan’s residential real estate market saw 320 new listings, a 5% drop from the 338 added last week. Despite the dip in fresh inventory, total active listings increased slightly to 5,599 units, up 0.43% week-over-week. Data courtesy of UrbanDigs Brooklyn Supply Brooklyn’s residential market added just 137 new listings this week, a 26% decline from last week’s 185. This sharp drop in new inventory drove total active listings down to 2,852 units, marking a 1.25% week-over-week decrease. The continued decline in both new and total inventory is unusual for mid-February, a time when supply typically begins ramping up in preparation for the spring selling season. Data courtesy of UrbanDigs Manhattan Pending Sales: Pending sales remained virtually unchanged at 2,744. Brooklyn Pending Sales: Pending sales increased by 1.3% to 1,790. Manhattan Consumer Sentiment Manhattan’s residential market is gaining momentum once again, with 213 signed contracts this week—a 5% rise from last week’s 209 deals. The Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index also climbed from +3 to +5, reflecting growing optimism among buyers. This is the second straight week of above-average activity, signaling a decisive shift away from the market’s slower performance earlier this year and pointing toward strengthening confidence as the spring season approaches. Brooklyn Consumer Sentiment Brooklyn’s residential market showed steady growth this week, with 128 contracts signed—a 2% increase from last week’s 126 deals. The Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index increased from +70 to +73, reinforcing its position in strong positive territory. Although the week-over-week gains are modest, the consistently high sentiment and gradual increase in contract activity reflect sustained buyer confidence, signaling resilience and stability in Brooklyn’s market as the spring season approaches. New Development Insights  Marketproof reported that 51 new development contracts were signed in 38 buildings this week. The following buildings were the top-selling new developments of the week: - Enzo (Hunter’s Point) signed 7 contracts - Bloom On 45th (Clinton) signed 4 contracts.   If you would like to chat about the most recent market activity, feel free to contact us at info@elegran.com or  connect with one of our Advisors. About Us Welcome to Elegran | Forbes Global Properties, where our mission is to revolutionize the world of real estate. Founded in 2008 by Michael Rossi, our journey began with an unwavering drive for motivation, innovation, and a genuine care for our clients. As an independently owned brokerage, we pride ourselves on our elite team of "advisors," offering a personalized touch that goes above and beyond the traditional real estate experience. Armed with robust data insights, we empower our clients to make informed decisions that lead to success. Distinguished as the exclusive member of the invitation-only Forbes Global Properties network in NYC, Elegran proudly stands at the forefront of excellence. This exclusive partnership broadens our horizons, enabling us to connect buyers, sellers, and investors with extraordinary luxury properties not only in New York City but across the globe. Our passion lies in turning your real estate dreams into reality, and we are committed to providing exceptional service at every step of the journey. Are you ready to experience the Elegran difference? Dive into the possibilities at www.elegran.com and embark on an unforgettable real estate adventure with us.

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Weekly Manhattan & Brooklyn Market Update: 2/10

Rihards Gederts - Elegran | Forbes Global Properties Buyer Confidence Rises as New Inventory Hits the Market   This week, both Manhattan and Brooklyn saw an increase in new-to-market listings.  Manhattan saw 21% more new listings this week (338 new listings), and Brooklyn saw 5.1% more (185 new listings). However, despite the uptick in new inventory, Brooklyn’s total active listings dipped slightly (-0.2%), an unusual trend for this time of year, which signals strong absorption and steady buyer demand. Pending sales declined in both boroughs—down 6.6% in Manhattan (2,745 total) and 3.6% in Brooklyn (1,767 total)—as contract activity hasn’t kept pace with closings, a seasonally expected trend. The standout data point? Buyer sentiment is shifting upward. Manhattan saw a 27% increase in signed contracts (209 total), and Brooklyn saw a 1% increase in signed contracts (126 total). Overall, the Elegran | Forbes Global Properties NYC Consumer Sentiment Index increased from +7 to +22.  What does this mean for you? With inventory expanding and buyers re-engaging, this is a prime moment to assess your strategy before the market gains further momentum. Let's discuss your next move.  Manhattan Supply This week, 338 new listings came on the market in Manhattan's residential real estate market, a 21% increase from the previous week. This brought the total active inventory to 5,575 (+0.65% week over week). Data courtesy of UrbanDigs Brooklyn Supply Brooklyn saw 185 new listings hit the market this week—a 5.1% increase from the previous period. However, despite these latest listings, total active inventory dipped slightly to 2,888 listings (-0.2% WoW), an unusual trend for this time of year. Data courtesy of UrbanDigs Manhattan Pending Sales: Pending sales decreased by 6.6% to 2,745 as recent contract activity has not kept pace with recent closings.  This is seasonally normal.  Brooklyn Pending Sales: Pending sales decreased by 3.6% to 1,767 as recent contract activity has not kept pace with recent closings.  This is seasonally normal.  Manhattan Consumer Sentiment Manhattan’s residential market saw a 27% jump in signed contracts this week (209 total), pushing the Elegran | Forbes Global Properties Consumer Sentiment Index from -18 to +3—its first positive reading after six consecutive below-average weeks. Brooklyn Consumer Sentiment This week, 126 contracts were signed in Brooklyn, a 1% increase from the previous period. This increased the Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index slightly from +69 to +70. New Development Insights  Marketproof reported that 54 new development contracts were signed in 40 buildings this week. The following buildings were the top-selling new developments of the week: - The Austin (Forest Hills) signed eight contracts - 50 West 66th Street (Lincoln Square) signed four contracts. If you would like to chat about the most recent market activity, feel free to contact us at info@elegran.com or  connect with one of our Advisors. About Us Welcome to Elegran | Forbes Global Properties, where our mission is to revolutionize the world of real estate. Founded in 2008 by Michael Rossi, our journey began with an unwavering drive for motivation, innovation, and a genuine care for our clients. As an independently owned brokerage, we pride ourselves on our elite team of "advisors," offering a personalized touch that goes above and beyond the traditional real estate experience. Armed with robust data insights, we empower our clients to make informed decisions that lead to success. Distinguished as the exclusive member of the invitation-only Forbes Global Properties network in NYC, Elegran proudly stands at the forefront of excellence. This exclusive partnership broadens our horizons, enabling us to connect buyers, sellers, and investors with extraordinary luxury properties not only in New York City but across the globe. Our passion lies in turning your real estate dreams into reality, and we are committed to providing exceptional service at every step of the journey. Are you ready to experience the Elegran difference? Dive into the possibilities at www.elegran.com and embark on an unforgettable real estate adventure with us.

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