Weekly Manhattan & Brooklyn Market Update: 2/26

Demand [Expectedly] Dips Slightly Amid Shortened Holiday Week

Contract activity saw a slight decline during the shortened holiday week. Nevertheless, per the Elegran | Forbes Global Properties NYC Consumer Sentiment Index, demand remains steady, slightly surpassing the pre-pandemic average at +16. This week, Manhattan saw 198 contracts signed, while Brooklyn recorded 118.

Meanwhile, supply faces downward pressure as we enter the traditionally busy spring listing season. With supply hovering at the lower end of a four-year range, the balance of leverage tilts from buyers towards sellers as the local real estate market heats up heading into spring.

Manhattan Supply

As we would expect from analyzing the repetitive pattern of the chart below, supply should grow for the next few months as we enter the spring listing season. This week, 318 new listings came to market, and supply increased by nearly 1% to 5,943 units for sale.

Brooklyn Supply

As we would expect from analyzing the repetitive pattern of the chart below, supply should grow for the next few months as we enter the spring listing season.  This week, 140 new listings came to market, and supply increased slightly to 2,829 units for sale. 

Manhattan Pending Sales: Pending sales decreased by 3% to 2,443 units this week.

Brooklyn Pending Sales: Pending sales decreased by half a percent to 1,653 units this week.

Manhattan Consumer Sentiment

This week, Manhattan’s score on the Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index decreased from +17% to -1%, as 198 contracts were signed, 28 less than last week. Although this week marks a decrease in contract activity, the forecast for the upcoming weeks is still optimistic toward growth. 

Brooklyn Consumer Sentiment

This week, Brooklyn’s score on the Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index decreased from +74% to +58%, as 118 contracts were signed this week versus 124 last week.

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:

• 134-16 35th Ave (Flushing) reported 6 contracts

• 650 Greene Ave (Bedford Stuyvesant) reported 5 contracts

• 200 East 20th St (Gramercy Park) and Tribeca Green (Battery Park City) each reported 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.

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