Week of 1/10/22

Overall supply and pending sales decreased this week in Manhattan and Brooklyn. As supply declines sharply, and pending sales stay relatively flat, Manhattan’s Market Pulse rose to 0.9 and Brooklyn’s remained at a record high of 1.37 for the second week in a row. The Market Pulse should begin to decrease as new inventory comes to market, increasing supply. This week, new supply in both Manhattan and Brooklyn increased as sellers began listing their homes with the holiday season behind us.

Manhattan Supply decreased 2.5% this week to 4,837 units for sale, remaining below the 5,000 mark for the second week in a row. This week, 296 new listings came to market, a 419% increase compared to last week [a holiday week] and a 1% decrease from last year. Based on seasonal trends, new inventory is poised to begin to list in the coming weeks, which should start to reverse the downward trend in supply.

Brooklyn Supply decreased 2% to 2,139 units for sale. This week 226 new listings came to market, an increase of 296% from last week and 17% more than the same week last year.

Manhattan Pending Sales increased 1% to 4,361 this week.

Brooklyn Pending Sales decreased 2% to 2,931 this week.

Manhattan Pending Sales

Brooklyn Pending Sales

Manhattan Contracts Signed — 195 contracts were signed this week, a 1% increase from last week and a 16% decrease from last year.

Brooklyn Contracts Signed — 148 contracts were signed this week, a 23% decrease from last week and a 3% decrease from the same week last year.

Manhattan Weekly Contract Analysis — Of the contracts signed this week, and based on the last asking price, the (a) median price per square foot was $1,227, (b) the median price was $1.10M and © the median size was 1,087 square feet.

Brooklyn Weekly Contract Analysis — Of the contracts signed this week, and based on the last asking price, the (a) median price per square foot was $699, (b) the median price was $895K and © the median size was 1,102 square feet.

New Development Insights

This week, 58 new development contracts were reported within 36 buildings. Manhattan’s new development contract activity continued to account for more than half of the volume within the three boroughs, while Brooklyn’s contract volume increased to 41% and Queen’s contract volume decreased to 16% compared to last week.

The following were the top selling new developments this week:

• Park West in Prospect Park South reported 8 new contracts.
• One Manhattan Square in Two Bridges reported 5 new contracts.
• 130 William Street in the Financial District reported 3 new contracts.
• Vu in Kips Bay reported 3 new contracts.
• 108 Leonard Street in Tribeca reported 2 new contracts.
• 109 East 79 on the Upper East Side reported 2 new contracts.

Please contact me if you would like to learn more about these, or other new developments.

We will continue sharing the Elegran Insights data analysis with you every week.