Weekly Manhattan & Brooklyn Market: 2/7

Week of 02/07/22

Manhattan inventory increased for the second week in a row after bottoming in mid-January and contract activity increased compared to the prior week. In Brooklyn, supply also increased while contract activity declined compared to last week. Pending sales have been decreasing in both boroughs as deals are closing faster than new contracts are signed.

As a result of the increasing supply and declining number of pending sales, the market pulse has declined in recent weeks. Contract activity and pending sales are expected to begin increasing again in the next 4–6 weeks, which will lead the market pulse higher again. Despite the recent increases in supply, on the aggregate, the market remains supply constrained with decreasing negotiability and rising prices.

Manhattan Supply increased 2% this week for the second time in 13 weeks to 5,041 units for sale, as supply rose above 5,000 units for the first time since Christmas. This week, 389 new listings came to market, an 8% decrease compared to last week and 28% more than the same week last year.

Brooklyn Supply increased 3% to 2,413 units for sale this week, the fourth week in a row supply has increased after eleven weeks of declining supply. This week, 196 new listings came to market, a decrease of 9% from last week and 5% more than the same week last year.

Manhattan Pending Sales decreased 2% to 4,095 this week.

Brooklyn Pending Sales decreased 2% to 4,095 this week.

Manhattan Contracts Signed — 269 contracts were signed this week, a 5% 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 — 159 contracts were signed this week, a 19% decrease from last week and a 11% 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 $1,491, (b) the median price was $1.15M and © the median size was 1,250 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 $880, (b) the median price was $1.20M and © the median size was 1,241 square feet.

New Development Insights

This week, 85 new development contracts were reported within 62 buildings, a 47% increase from the 58 new development contracts reported last week. Manhattan’s and Brooklyn’s new development contract activity both increased to 46% of the contract volume while Queen’s contract volume decreased to 8% compared to last week.

The following were the top selling new developments this week:

• One Manhattan Square in Two Bridges reported 6 new contracts.
• 81 India Street in Greenpoint reported 3 new contracts.
• The 101 in East Village reported 2 new contracts.
• Eastlight in Kips Bay reported 2 new contracts.
• 200 East 59th Street in Midtown reported 2 new contracts.
• 25 Park Row in Fulton Seaport 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.