Equities Market and NYC Contract Activity Rebounds

Following a down week, both the equities and real estate markets rebounded. Although Manhattan's contract volume was lighter than the same week last year, Brooklyn saw an increase. Mortgage rates dipped slightly, and rising rents are prompting potential buyers to carefully consider the rent-vs.-buy decision.

Key developments this week include:

• Manhattan: Contract volume rose by 15% from the previous week. Inventory levels continue to climb, surpassing 7,000 units for the third consecutive week. While this growth reflects an expansion of available properties, inventory remains below levels from May last year.

• Brooklyn: Contract volume increased by 18%, while inventory increased by 1%, though inventory remains approximately 4% lower than in May 2023.

• Consumer Sentiment: The Elegran | Forbes Global Properties NYC Consumer Sentiment Index scored +19.

The market's recovery in contract activity thus far during May aligns with last year's pattern and indicates a potential rise in activity compared to April.

Manhattan Supply

Inventory in Manhattan increased to 7,323 units as 424 new listings came to market.  While there's been a fresh wave of listings, overall supply is still down about 1% year-over-year.

Brooklyn Supply

Inventory level increased to 3,177 units as 217 new listings came to market. While there's been a fresh wave of listings, overall supply is still down about 4% year-over-year. 

Manhattan Pending Sales: Pending sales increased by 1.5% to 2,982 units this week.

Brooklyn Pending Sales: Pending sales increased by 2.8% to 1,949 units this week.

Manhattan Consumer Sentiment

This week, Manhattan’s score on the Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index increased from -21 to -6, as 232 contracts were signed, a 15% increase from last week. The Sentiment Index continues to be in negative territory for the fifth week as contract activity is comparably light for the spring season. 

Brooklyn Consumer Sentiment

This week, Brooklyn’s score on the Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index increased from +63 to +94, as 159 contracts were signed, an 18% increase from last week. 

New Development Insights 

Marketproof reported that 48 new development contracts were signed in 33 buildings this week. The following buildings were the top-selling new developments of the week:

• The Centrale (Turtle Bay), Monogram New York (Turtle Bay), The Lexi (Kips Bay), The 74 (Upper East Side), The Cortland (West Chelsea), Claremont Hall (Morningside Heights), and 1064 Hancock St (Bushwick) each reported 2 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.