Weekly Manhattan & Brooklyn Market: 2/21

by Elegran | Forbes Global Properties

Week of 02/21/22

In Manhattan, inventory rose again while pending sales increased for the first time in nine weeks as contract activity exceeded 300 for the first time in ten weeks. In Brooklyn, supply and pending sales also rose while contract activity remained consistent with the prior week.

Manhattan Supply increased by 2% this week, the fourth week in a row supply increased, bringing the total supply to 5,193 homes for sale. This week, 403 new listings came to market, an 8% increase compared to last week and 18% more than the same week last year.

Brooklyn Supply increased nearly 3% to 2,448 units for sale this week. This week 229 new listings came to market, a decrease of 4% from last week and 10% less than the same week last year.

Manhattan Pending Sales increased 1% to 4,097 this week, the first increase in nine weeks.

Brooklyn Pending Sales increased 1% to 2,740 this week.

Manhattan Pending Sales

Brooklyn Pending Sales

Manhattan Contracts Signed — 303 contracts were signed this week, a 7% increase from last week and a 12% increase from the same week last year.

Brooklyn Contracts Signed — 187 contracts were signed this week, a 1% decrease from last week and a 2% 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 $1,333, (b) the median price was $1.35M and © the median size was 1,300 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 $822, (b) the median price was $984K and © the median size was 1,200 square feet.

New Development Insights

This week, 99 new development contracts were reported within 71 buildings, a 6% increase from the 93 new development contracts reported last week. Brooklyn remained strong this week, accounting for more than half of the contract volume.