Weekly Manhattan & Brooklyn Market: 4/18

Week of 04/18/22

This week, the Manhattan and Brooklyn market performed as one would expect for a prime spring season week. Contract activity and supply remained relatively stable compared to the prior week while the Market Pulse increased 0.02 in both boroughs. Manhattan’s Market Pulse is currently 0.76 and Brooklyn’s is 1.24. In both boroughs, new-to-market supply decreased by nearly 25% compared to last week, despite a relatively high-number of new listings that did come to market this week. Contract activity remained elevated in both boroughs as buyers are eagerly pursuing homes in the face of rising interest rates.

Manhattan Supply increased by half a percent this week to 5,922 units, continuing the trend of increasing supply which began in February. This week 437 new listings came to market, 23% fewer than last week and 10% fewer than the same week last year.

Brooklyn Supply remained flat this week with 2,612 units, as 235 new listings came to market, a 22% decrease from last week and 31% less than the same week last year.

Manhattan Pending Sales increased 2.5% to 4,493

Brooklyn Pending Sales increased 1% to 3,227.

Manhattan Contracts Signed — 342 contracts were signed this week, continuing the trend of more than 300 contracts signed in a week. This represents a 1% decrease from last week and a 4% increase from the same week last year. Overall, this year’s contract activity is closely matching last year’s.

Brooklyn Contracts Signed — 225 contracts were signed this week, continuing the trend of more than 200 contracts signed in a week. This represents a 4% decrease from last week and a 4% increase from the same week last year. Overall, this year’s contract activity is closely matching last year’s.

New Development Insights

As reported by Marketproof, this week, 110 new development contracts were reported across 72 buildings. The following were the top selling new developments of the week:

• The Solaire in Battery Park City
• Forena in Flatiron
• Greenwich West in Soho
• The Broad Exchange Building in the Financial District
• The Edison in Gramercy Park

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.