Weekly Manhattan & Brooklyn Market Update: 2/10
Buyer Confidence Rises as New Inventory Hits the Market
This week, both Manhattan and Brooklyn saw an increase in new-to-market listings. Manhattan saw 21% more new listings this week (338 new listings), and Brooklyn saw 5.1% more (185 new listings). However, despite the uptick in new inventory, Brooklyn’s total active listings dipped slightly (-0.2%), an unusual trend for this time of year, which signals strong absorption and steady buyer demand.
Pending sales declined in both boroughs—down 6.6% in Manhattan (2,745 total) and 3.6% in Brooklyn (1,767 total)—as contract activity hasn’t kept pace with closings, a seasonally expected trend.
The standout data point? Buyer sentiment is shifting upward. Manhattan saw a 27% increase in signed contracts (209 total), and Brooklyn saw a 1% increase in signed contracts (126 total). Overall, the Elegran | Forbes Global Properties NYC Consumer Sentiment Index increased from +7 to +22.
What does this mean for you? With inventory expanding and buyers re-engaging, this is a prime moment to assess your strategy before the market gains further momentum. Let's discuss your next move.
Manhattan Supply
This week, 338 new listings came on the market in Manhattan's residential real estate market, a 21% increase from the previous week. This brought the total active inventory to 5,575 (+0.65% week over week).
Data courtesy of UrbanDigs
Brooklyn Supply
Brooklyn saw 185 new listings hit the market this week—a 5.1% increase from the previous period. However, despite these latest listings, total active inventory dipped slightly to 2,888 listings (-0.2% WoW), an unusual trend for this time of year.
Manhattan Pending Sales: Pending sales decreased by 6.6% to 2,745 as recent contract activity has not kept pace with recent closings. This is seasonally normal.
Brooklyn Pending Sales: Pending sales decreased by 3.6% to 1,767 as recent contract activity has not kept pace with recent closings. This is seasonally normal.
Manhattan Consumer Sentiment
Manhattan’s residential market saw a 27% jump in signed contracts this week (209 total), pushing the Elegran | Forbes Global Properties Consumer Sentiment Index from -18 to +3—its first positive reading after six consecutive below-average weeks.
Brooklyn Consumer Sentiment
This week, 126 contracts were signed in Brooklyn, a 1% increase from the previous period. This increased the Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index slightly from +69 to +70.
New Development Insights
Marketproof reported that 54 new development contracts were signed in 40 buildings this week. The following buildings were the top-selling new developments of the week:
- The Austin (Forest Hills) signed eight contracts
- 50 West 66th Street (Lincoln Square) signed four 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.
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