Manhattan and Brooklyn saw overall supply drop by over 2.3% during the election week, even as new listings outpaced the previous week’s figures. The decline was driven by a rise in contract signings and a rise in sellers withdrawing their properties from the market ahead of the holiday season.

Contract activity this week, which reflects deals negotiated one to two weeks ago, was notably strong. Manhattan reported 222 signed contracts—a 16% increase from the previous week and a 20% rise year-over-year, making it one of this fall’s best weeks based on the metric.  Brooklyn recorded 154 contracts signed, representing a 13% weekly and 21% annual increase, making it one of this fall’s best weeks for the borough. The Elegran | Forbes Global Properties Consumer Sentiment Index captured this positive momentum, climbing from +22 to +39.

On the mortgage front, the Federal Reserve’s anticipated 25 basis point rate cut had limited immediate impact on mortgage rates. While rates have edged slightly lower following a spike above 7%, they remain nearly 90 basis points higher than their recent low. However, a gradual decline is expected in the weeks and months ahead.

Manhattan Supply

Supply decreased by over 2.3% this week to 6,684 units despite 266 new properties entering the market—a 10% increase compared to the previous week. This decline in total supply reflects heightened demand and nearly 250 additional properties taken off the market, effectively reducing overall inventory.

Brooklyn Supply

Brooklyn’s housing supply decreased by 2.3% this week, bringing the total to 3,304 units, despite 172 new listings—a notable 43% increase from the previous week. This decline of supply reflects increased contract activity, and nearly 100 additional properties taken off the market, further reducing available inventory.

Manhattan Pending Sales: Pending sales rose by 1.2%, reaching 2,845 units, continuing the upward momentum of the fall season.

Brooklyn Pending Sales: Pending sales increased by 2.6% to 1,920 units.

Manhattan Consumer Sentiment

Contract activity in Manhattan increased this week, with 222 contracts signed - a nearly 16% increase from the previous week. Year-over-year, contract signings have risen by 20%, indicating a strong upward trend. As a result, the Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index saw a significant improvement, increasing from -1 to +14 this week.

Brooklyn Consumer Sentiment

Brooklyn's activity picked up this week, with 154 contracts signed—a 13% increase from the previous week and a notable 21% rise compared to last year. The Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index also saw a boost, climbing from +77% to 100%, reflecting growing confidence in the market.

New Development Insights 

Marketproof reported that 66 new development contracts were signed in 50 buildings this week. The following buildings were the top-selling new developments of the week:

- 108 Leonard Street (Civic Center), The Perrie (Turtle Bay), and The Huron (Greenpoint) each 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.

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