Weekly Manhattan & Brooklyn Market: 1/31

by Elegran | Forbes Global Properties

Week of 1/31/22

The bottom in supply has likely occurred for the season, as new inventory is coming on the market and overall supply increased for the first time in weeks. The “spring” listing wave has begun earlier than is seasonally normal as sellers take advantage of the robust buyer demand. Manhattan for-sale inventory increased for the first time in 13 weeks and Manhattan for-rent inventory rose for the first time in 10 weeks.

Brooklyn for-sale inventory has increased each of the last 3 weeks. Contract activity increased 43% compared to last week in Manhattan and decreased by 2.5% in Brooklyn over the same period. Although the Market Pulse is declining as new inventory comes to market, it remains high in both boroughs, at 0.85 in Manhattan and 1.22 in Brooklyn.

Manhattan Supply increased 5% this week for the first time in 13 weeks to 4,943 units for sale. This week, 424 new listings came to market, a 45% increase compared to last week and 34% more than the same week last year. Supply had recently bottomed out at 4,700 units for sale. More new listings came to market this week than in any week since late October.

Brooklyn Supply increased 4% to 2,332 units for sale this week, the third week in a row supply has increased after eleven weeks of declining supply. This week 215 new listings came to market, a decrease of 17% from last week and 3% less than the same week last year. Supply had recently bottomed out at 2,100 units for sale.

Manhattan Pending Sales decreased 2% to 4,181 this week.

Brooklyn Pending Sales decreased 2% to 2,850 this week.

Manhattan Contracts Signed — 256 contracts were signed this week, a 43% increase from last week and the same as last year. For the last five weeks, the contract activity pattern in Manhattan is very similar to that of a year ago.

Brooklyn Contracts Signed — 197 contracts were signed this week, a 3% decrease from last week and a 29% increase 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 $1,595, (b) the median price was $1.25M and © the median size was 1,199 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 $876, (b) the median price was $860K and © the median size was 1,213 square feet.

New Development Insights

This week, 58 new development contracts were reported within 47 buildings, a 26% decrease from the 78 new development contracts reported last week. Manhattan’s new development contract activity decreased to 43% of the contract volume within the three boroughs, while Brooklyn’s contract volume increased to 45% and Queen’s contract volume increased to 12% compared to last week.