Weekly Manhattan & Brooklyn Market Update: 10/21
Manhattan & Brooklyn Experience an Unexpected Surge in Supply and Demand
This week brought an unexpected uptick in new supply and contract signings across Manhattan and Brooklyn. In Manhattan, 428 new listings hit the market—a 59% jump from last week, though slightly below the post-Labor Day surge seen in prior weeks. Brooklyn also saw a nearly 10% increase in new listings, with 196 properties entering the market, higher than recent weeks but still below the peak following Labor Day.
This increase in listings may be driven by sellers responding to heightened buyer activity, spurred by the Federal Reserve’s recent decision to lower the federal funds rate by 50 basis points earlier this fall. That decision seems to have shifted buyer sentiment, creating a sense of urgency despite a subsequent rise in mortgage rates by nearly 50 basis points in the last few weeks. Some buyers are looking to take advantage of current market conditions, hoping to secure favorable deals in a less competitive environment ahead of a potentially busier spring market while holding the option to refinance as rates are expected to trend lower.
Although the recent rise in interest rates has caused some buyers to pause, the impact hasn’t yet been reflected in contract signings. This week, Manhattan saw a surprising 29% jump in contracts signed, with 242 deals—the highest weekly number since May. Brooklyn followed suit, with contracts signed up by 19%, reaching 158—also the highest since May. This surge in buyer activity resulted in the Elegran | Forbes Global Properties Consumer Sentiment Index rising significantly from +20 to +44.
Manhattan Supply
Continuing its upward trend, inventory increased by 1% this week, reaching 6,825 units for sale. A total of 428 new properties came onto the market, marking a significant 59% jump from last week and a 9% year-over-year rise for the same period.
Data courtesy of UrbanDigs
Brooklyn Supply
Brooklyn’s housing inventory held steady at 3,430 units this week. Although 196 new listings hit the market—representing a 19% increase from the previous week—the rise in contracts signed and properties removed from the market kept the overall supply unchanged.
Data courtesy of UrbanDigs
Manhattan Pending Sales: Pending sales rose by 1.4%, reaching 2,690 units, continuing the upward momentum of the fall season.
Brooklyn Pending Sales: Pending sales increased by nearly 4% to 1,781 units.
Manhattan Consumer Sentiment
The number of signed Manhattan residential contracts increased by 30% both week-over-week and year-over-year, reaching 242. This rise significantly increased the Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index, which rose from -3 to +24.
Brooklyn Consumer Sentiment
Brooklyn's residential real estate market showed resilience this week, with a nearly 19% increase in contract signings totaling 158. This marks a substantial 35% increase compared to last year's period. Reflecting this positive trend, the Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index rose from +73 to +105, indicating increasing buyer interest in the market.
New Development Insights
Marketproof reported that 54 new development contracts were signed in 37 buildings this week. The following buildings were the top-selling new developments of the week:
- Bergen Brooklyn (Boerum Hill) signed 6 contracts
- The Cortland (West Chelsea) 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.
Recent Posts
Stay in the Know!
Sign up to receive our monthly newsletter
