The crosswinds of economic volatility swept through New York City’s residential market. With interest rates spiking, stock markets swinging, and global trade tensions escalating, some buyers and sellers are taking a moment to pause. But the market isn’t standing still—especially not during the heart of the busiest season of the year.

In Manhattan, contract activity pulled back—down 17% week-over-week to 233 signed contracts, a modest 3% decline from the same time last year. Meanwhile, Brooklyn saw 147 contracts signed, a 14% jump from the previous week and 17% ahead of last year. This shift is reflected in the Elegran | Forbes Global Properties NYC Consumer Sentiment Index, which dipped from +50 to +16.

This divergence highlights a larger truth: uncertainty breeds hesitation, especially around high-stakes decisions like buying or selling a home. But if history is any guide, moments of disruption are often when the best opportunities emerge.

Stocks swing. Yields spike. Headlines shift by the hour. Real estate doesn’t. It’s steady, tangible, and grounded in utility. Your home doesn’t flash a price every few seconds—and that quiet is powerful. In times like these, it’s that absence of volatility that makes real estate so compelling. Especially in New York, where value is built over time—not overnight—real estate offers something rare: stability you can live in.

Manhattan Supply

Manhattan’s residential inventory climbed again this week, hitting 6,812 active listings—a 2.17% increase. While the 493 new listings mark a dip from last week (down 6%), they still reflect strong momentum: new listings have averaged 13% higher over the past six weeks compared to the same time in 2024.

Despite the recent surge, overall inventory remains just under 1% above last year’s levels—suggesting that while supply is building, it’s doing so at a measured pace. The market remains active but not oversaturated with available inventory.

Brooklyn Supply

Brooklyn’s active listings increased to 3,313 this week—a 1.5% gain—while 218 new properties hit the market. That’s a notable 25% drop in new listings compared to last week’s spike, bringing fresh inventory back down to the lower end of the recent weekly range.

While overall supply is still growing, the pullback in new listings suggests a cooling pace of seller activity—something to watch closely in the weeks ahead.

Manhattan Pending Sales: Pending sales increased by nearly 2.5% to 3,173. 

Brooklyn Pending Sales: Pending sales increased by 2.3% to 1,911.

Manhattan Consumer Sentiment

Contract activity in Manhattan slowed this week, with 233 contracts signed—down 17% from last week and 3% below the same period last year. This pullback has pushed the Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index from +39 to -5%, reflecting a negative shift in buyer confidence.

This hints at the first clear sign that recent economic volatility is starting to weigh on buyer confidence, even during peak season. While uncertainty may cause some to hesitate on major purchases, real estate continues to offer a unique sense of stability—a tangible, long-term asset that hedges against inflation and shields investors from the emotional swings of daily market noise.

Brooklyn Consumer Sentiment

Brooklyn saw 147 contracts signed—a 14% increase from the week prior and 17% higher than the same period in 2024. This lifted the Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index from +74 to +78.

Transaction volume broke above Brooklyn’s typical 120–130 contract range, marking a standout start to April. 

However, with rising mortgage rates and stock market volatility, the momentum could face headwinds in the coming weeks.

New Development Insights 

Marketproof reported that 36 new development contracts were signed in 34 buildings this week. The following buildings were the top-selling new developments of the week:

- The Ainsley (Park Slope) signed four contracts.

- The Broad Exchange Building (Financial Exchange) signed three 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.