Week of 12/4

Expected Post-Thanksgiving Surge in Consumer Confidence

In this week's market update, we observe a post-Thanksgiving rebound in consumer sentiment. The Elegran | Forbes Global Properties NYC Consumer Sentiment Index moved from –31 during the week of Thanksgiving to –3 this week. 

Despite ongoing challenges such as high interest rates, steep rental costs, and limited inventory, consumer confidence is still near par with the pre-pandemic benchmark (The average consumer sentiment registered between January 5, 2015, and February 29, 2020.) Demand for resale inventory is actually stronger than for new development, and demand for Brooklyn residential real estate is stronger than for Manhattan apartments.

Manhattan Supply

As expected, October marked the second peak in supply for the year and is expected to decline through the end of the year. Unlike many national markets where limited supply inflates prices, Manhattan presents an abundance of options with 6,759 units available compared to just 145 units in demand.

Brooklyn Supply

The metric is in decline, as expected, and should continue to retreat for the remainder of 2023.

Currently, the borough boasts 3,247 units of supply, significantly outnumbering the week's demand of just 120 units.

Manhattan Pending Sales

Later than history would suggest, but as predicted, the metric began to decline this week and should continue to retreat into February next year. This week, there were 2,421 units.

Brooklyn Pending Sales

Later than usual, but as predicted, pending sales in Brooklyn began to decline this week and should continue to do so through the Winter season. This week, there were 1,783 units.

Manhattan Consumer Sentiment

Manhattan’s score on the Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index increased from –35 to –24. 145 contracts were signed this week compared to 124 last week. The borough has experienced fluctuations in consumer sentiment throughout the year, spending roughly equal time above and below its pre-pandemic levels.

Brooklyn Consumer Sentiment

Brooklyn's consumer sentiment has experienced a significant uplift this week. The Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index score leaped from –14 to +57, indicating a post-holiday boost in consumer confidence. 120 contracts were signed compared to 62 the previous week.

New Development Insights

Marketproof reported that 39 new development contracts were signed in 31 buildings this week.  The following buildings were the top-selling new developments of the week:

• THE SOLAIRE (Battery Park City) and 
• THE HURON (Greenpoint) 

Each reported 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, 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.