Manhattan and Brooklyn See Steady Supply Growth, Uptick in Contract Activity Signals Renewed Buyer Confidence

Manhattan’s inventory grew by 2.4% this week to 6,781 units, though overall supply remains 2.2% lower than last year. Brooklyn’s available units rose by 1.5% to 3,457; however, the total supply in Brooklyn is 10% higher year-over-year.

Contract activity increased in both boroughs, with Manhattan seeing an 11% increase, totaling 188 contracts signed—36% higher than the same week last year. Brooklyn followed suit with a 10% rise, with 112 contracts signed—23% higher than last year.

Potential buyers' interest has increased, boosted by the Fed’s recent 50 basis point rate cut. This renewed confidence should continue driving contract activity this fall, as reflected in the Elegran | Forbes Global Properties Consumer Sentiment Index, which rose from +13 to +20 in the last week.

Manhattan Supply

The number of available properties for sale in Manhattan increased by 2.4% this week, bringing the total to 6,781 units, with 399 new listings added to the market. While this week’s new inventory aligns with last year’s levels, overall supply is still about 2.2% lower compared to the same time last year.

Brooklyn Supply

Brooklyn now has 3,457 apartments available for sale, reflecting a 1.5% increase from last week. However, the number of new listings dropped sharply, with 193 units hitting the market—a nearly 29% decline compared to the previous week. While this week’s new inventory is comparable to the same period last year, overall supply in Brooklyn is notably 10% higher than this time last year.

Manhattan Pending Sales: Pending sales declined by 0.2% to 2,662 units, a lower decline than the last few weeks and indicating that pending sales are likely reaching the seasonal low. 

Brooklyn Pending Sales: Pending sales declined by 0.6% to 1,687 units, a lower decline than the last few weeks and indicating that pending sales are likely reaching the seasonal low. 

Manhattan Consumer Sentiment

Contract activity in Manhattan saw an uptick this week, with 188 contracts signed—an 11% increase from the previous week. This steady rise in activity suggests that the upward trend will likely continue through October. The Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index also improved, moving from -4 to +1, marking a return to positive territory after a month of negative sentiment. Notably, contract activity was 36% higher than the same week last year and 13% higher than the same period in 2019.  Additionally, the Fed’s recent 50 basis point rate cut has sparked increased buyer interest, which is expected to further boost demand moving forward.

Brooklyn Consumer Sentiment

Brooklyn’s residential real estate market mirrored Manhattan’s momentum, with contract activity rising 10% this week, totaling 112 signed contracts. This marks a 23% increase compared to the same period last year and an 18% jump from 2019. Reflecting this positive trend, the Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index climbed from +42 to +55. Like in Manhattan, the Fed’s recent 50 basis point rate cut has sparked greater consumer interest, further driving demand.

New Development Insights 

Marketproof reported that 58 new development contracts were signed in 42 buildings this week. The following buildings were the top-selling new developments of the week:

• The Henry (Upper West Side) and Bergen Brooklyn (Boerum Hill) each signed 8 contracts

• The Broad Exchange Building (Financial District) signed 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.

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