Weekly Manhattan & Brooklyn Market Update: 2/3

Manhattan Supply

This week, 279 new listings hit the Manhattan market—a 23% drop from last week. However, recent data reporting glitches make week-over-week comparisons less reliable. Taking a broader view, the three-week average of 290 new listings suggests a slight increase over last year. Total inventory grew by 1.84% to 5,539 active listings, though overall supply remains 5% lower than this time last year.

Brooklyn Supply

This week, Brooklyn saw 176 new listings hit the market, a 7% decline from last week. However, recent data reporting glitches have impacted week-over-week comparisons. Looking at the bigger picture, the three-week average of 176 new listings is slightly above last year’s levels. Overall inventory in Brooklyn increased by 1% to 2,895 active listings, holding steady with last year’s supply levels.

Manhattan Pending Sales: Pending sales increased by 0.3% to 2,938.

Brooklyn Pending Sales: Pending sales increased by one unit to 1,834.

Manhattan Consumer Sentiment 

This week, 165 signed contracts were reported in Manhattan—a 16% decline from last week. However, recent data reporting glitches make week-over-week comparisons less reliable. Looking at the broader trend, the three-week average of 164 signed contracts sits slightly below last year’s levels. After a strong close to 2024, January has been relatively quiet in terms of contract velocity. However, early-stage buyer activity remains robust, suggesting a likely uptick in contract volume in the coming weeks. For now, the Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index fell from -2 to -18 this week—marking the sixth consecutive week of below-average sentiment. 

Brooklyn Consumer Sentiment

Brooklyn saw 125 signed contracts this week, a 25% increase from last week. However, recent data reporting glitches make week-over-week comparisons less reliable. Taking a broader view, the three-week average of 101 signed contracts aligns with last year’s levels. While contract volume remains slightly below where it was at the end of 2024, strong early-stage buyer activity suggests an upcoming increase in signed contracts. Reflecting this shift, the Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index rose from +36 to +69, driven by the uptick in reported contract activity.

New Development Insights 

Marketproof reported that 32 new development contracts were signed in 29 buildings this week. The following buildings were the top-selling new developments of the week:

• One11 Residences (Midtown), The Rennie (Harlem), and 1048 Flushing Ave (Bushwick) each signed two 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.