After last week’s unexpected dip, inventory in Manhattan and Brooklyn rebounded to follow their seasonal upward trend. Manhattan’s supply increased by 2.7% to 6,756 units, while Brooklyn’s rose by 1.7% to 3,429 units. New listings showed mixed results compared to the previous week, with Manhattan experiencing a 9% decline while Brooklyn posted a nearly 6% gain. Year-over-year, Manhattan’s inventory is down 5%, whereas Brooklyn’s is up nearly 9%, showing different market patterns in each borough.

Overall, buyer demand continues to show resilience despite some shifts in contract activity. Manhattan saw a 5% decrease in contract signings this past week, totaling 187, though this still represents a 24% increase from last year. Meanwhile, Brooklyn’s contract volume remained at 133, reflecting a 12% year-over-year gain. The recent rise in pending sales across both boroughs marks the first significant week-over-week increase since early July, indicating that the market may have reached its seasonal low, with contract activity beginning to build momentum.

The Elegran | Forbes Global Properties Consumer Sentiment Index declined, reflecting the shift from summer to fall adjustments. As the new seasonal adjustment took effect and contract volumes were factored in, the index fell from +31 to +15. Despite this dip in sentiment, the return to an upward supply trend and growing pending sales suggest that the market is adjusting to seasonal patterns while still showing signs of underlying strength.

Manhattan Supply

After a brief dip last week, inventory rebounded by 2.7%, reaching 6,756 units for sale. This week saw 270 new properties hit the market, marking a 9% drop from the previous week and a 20% decline compared to last year. Overall, Manhattan’s supply has shrunk by 5% year-over-year.

Brooklyn Supply

Like Manhattan, Brooklyn’s inventory increased by 1.7% to 3,429 units for sale following an unexpected dip last week. However, unlike Manhattan, the number of new listings grew by nearly 6% from the previous week, with 179 units coming on the market. While this week’s new listings are still down 12% from last year, Brooklyn’s overall supply remains nearly 9% higher than in 2023.

Manhattan Pending Sales: Pending sales climbed 4.3% to 2,653 units, marking the first significant week-over-week increase since early July. This uptick suggests that pending sales may have reached their seasonal low for the fall and are poised to trend upward as contract activity picks up momentum.

Brooklyn Pending Sales: Pending sales increased by 3.2% to 1,716 units, marking the first week-over-week gain since early July. This rise likely signals that pending sales have reached their fall low and are set to trend upward as contract activity gains momentum.

Manhattan Consumer Sentiment

The number of signed contracts in Manhattan dropped by 5% over the past week, totaling 187. Despite the decline, this represents a 24% increase compared to last year.  As a result, the Eegran | Forbes Global Properties Manhattan Consumer Sentiment Index declined from +10 to -3.

Brooklyn Consumer Sentiment

Brooklyn’s residential real estate market held steady this week, with 133 contract signings, unchanged from the previous week. This marks a 12% increase from the same period last year. However, the Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index decreased from +82 to +73, reflecting a shift in the index’s seasonal adjustment from summer to fall.  

New Development Insights 

Marketproof reported that 48 new development contracts were signed in 34 buildings this week. The following buildings were the top-selling new developments of the week:

- Mason LIC (Long Island City) signed 4 contracts

- Govley Condominium (Columbia Waterfront) signed 3 contracts.

If you would like to chat about the most recent market activity, feel free to contact us at info@elegran.com or connect with one of our Advisors.

About Us

Welcome to Elegran | Forbes Global Properties, where our mission is to revolutionize the world of real estate. Founded in 2008 by Michael Rossi, our journey began with an unwavering drive for motivation, innovation, and a genuine care for our clients.

As an independently owned brokerage, we pride ourselves on our elite team of "advisors," offering a personalized touch that goes above and beyond the traditional real estate experience. Armed with robust data insights, we empower our clients to make informed decisions that lead to success.

Distinguished as the exclusive member of the invitation-only Forbes Global Properties network in NYC, Elegran proudly stands at the forefront of excellence. This exclusive partnership broadens our horizons, enabling us to connect buyers, sellers, and investors with extraordinary luxury properties not only in New York City but across the globe.

Our passion lies in turning your real estate dreams into reality, and we are committed to providing exceptional service at every step of the journey.

Are you ready to experience the Elegran difference? Dive into the possibilities at www.elegran.com and embark on an unforgettable real estate adventure with us.