Weekly Manhattan & Brooklyn Market Update: 3/4

Contract Activity Rebounds Post-Holiday Week

Following the holiday week, contract activity rebounded, maintaining the upward trend seen in recent weeks as spring approaches. The latest Elegran | Forbes Global Properties NYC Consumer Sentiment Index data shows a positive sentiment of +19 this week. Notably, Manhattan witnessed the signing of 219 contracts, while Brooklyn recorded 121 contracts.

Supply in both boroughs experienced an uptick, with over 400 new listings coming to market in Manhattan, pushing supply above 6,000 units for the first time this year.  In Brooklyn, nearly 200 listings hit the market, a 40% increase from the previous week, bringing supply closer to the 3,000 mark.

Manhattan Supply

As we would expect from analyzing the repetitive pattern of the chart below, supply continues to grow, especially as we approach the spring listing season. This week, 409 new listings came to market, and supply increased to 6,038 units for sale. This marks the first week with more than 400 new-to-market listings since last September and brings supply to over 6,000 units for the first time this year. 

Brooklyn Supply

As we would expect from analyzing the repetitive pattern of the chart below, supply continues to grow, especially as we approach the spring listing season. This week, 196 new listings came to market, and supply increased slightly to 2,849 units for sale.

Manhattan Pending Sales: Pending sales increased to 2,490 units this week.

Brooklyn Pending Sales: Pending sales increased to 1,666 units this week. 

Manhattan Consumer Sentiment

This week, Manhattan’s score on the Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index increased from -2% to +9%, as 219 contracts were signed, continuing an upward trend heading into the spring.

Brooklyn Consumer Sentiment

This week, Brooklyn’s score on the Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index increased from +60% to +64%, as 121 contracts were signed this week versus 118 last week.

New Development Insights 

Marketproof reported that 53 new development contracts were signed in 40 buildings this week. The following buildings were the top-selling new developments of the week:

• The Huron (Greenpoint) reported 6 contracts, while both The Lumin (Greenpoint) and 9 Chapel Street (Downtown Brooklyn) reported 3 contracts each

• Lucent 33 (LIC) reported 3 contracts, while both Fifteen (UWS) and One High Line (West Chelsea) reported 2 contracts each.

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.

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