Weekly Manhattan & Brooklyn Market: 2/14

Week of 02/14/22

Manhattan inventory increased for the third week in a row while pending sales decreased, resulting in the Market Pulse declining slightly to 0.8. Compared to last week in Manhattan, fewer new listings came to market and more contracts were signed. In Brooklyn, overall supply decreased compared to last week despite more new listings coming to market since contract activity increased substantially, driving the Market Pulse higher to 1.15.

Manhattan Supply increased less than 1% this week, the third week in a row supply has increased. There are now 5,072 homes for sale. This week, 374 new listings came to market, a 4% decrease compared to last week and 17% more than the same week last year.

Brooklyn Supply increased nearly 2% to 2,371 units for sale this week. This week 239 new listings came to market, an increase of 22% from last week and 27% more than the same week last year.

Manhattan Pending Sales decreased less than 1% to 4,073 this week.

Brooklyn Pending Sales decreased nearly 1% to 2,723 this week.

Manhattan Pending Sales

Brooklyn Pending Sales

Manhattan Contracts Signed — 283 contracts were signed this week, a 5% increase from last week and a 5% decrease from the same week last year. For the last 5 weeks, contract activity has mirrored the activity during the same period of 2021.

Brooklyn Contracts Signed — 189 contracts were signed this week, a 19% increase from last week and a 6% increase from the same week last year. Contract activity this year continues to lead the same period of 2021.

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 $1,442, (b) the median price was $1.15M and © the median size was 1,253 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 $875, (b) the median price was $1.20M and © the median size was 1,324 square feet.

New Development Insights

This week, 93 new development contracts were reported within 72 buildings, a 9% increase from the 85 new development contracts reported last week. Manhattan’s new development contract activity decreased to 41% this week, while Brooklyn’s increased to 56%, making up more than half of the contract volume within the three boroughs. Queen’s contract volume decreased to 3% compared to last week.

The following were the top selling new developments this week:

• One Manhattan Square in Two Bridges reported 3 new contracts.
• The Board Exchange Building in the Financial District reported 3 new contracts.
• Two Waterline Square in Lincoln Square reported 3 new contracts.
• 186 Huron in Greenpoint reported 3 new contracts.
• 11 Hoyt Street in Downtown Brooklyn reported 3 new contracts.
• Olympia Dumbo in Dumbo reported 3 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.