Weekly Manhattan & Brooklyn Market Update: 11/18

Rihards Gederts - Elegran | Forbes Global Properties Consumer Sentiment Dips, But Year-Over-Year Activity Surpasses 2023 The Manhattan and Brooklyn residential real estate markets experienced a slight slowdown in contract signings. Despite this easing, both markets remain more active than they were at this time last year, highlighting continued buyer interest as we approach the holiday season. The Elegran | Forbes Global Properties Consumer Sentiment Index decreased from +44 to +21, reflecting this shift in momentum. On the supply side, new listings have tapered off, leading to a modest reduction in overall inventory. This tightening supply amid steady demand suggests a balanced market. This decline in consumer sentiment aligns with recent interest rate increases in 10-year treasury and mortgages. Despite the Federal Reserve’s 25-basis-point rate cut last week, the Fed signaled a more cautious approach to future cuts due to anticipated upward pressure on inflation from expected future economic policies. Expectations have shifted toward a higher-for-longer rate environment, resulting in stabilizing but elevated mortgage rates. Looking ahead to the next few weeks, the market will likely see continued seasonal slowing in both new listings and contract activity as the holidays near. However, stabilizing mortgage rates—even at higher levels—could instill confidence among buyers and sellers, encouraging them to proceed with transactions. The local market is expected to navigate seasonal patterns and economic shifts with underlying strength. Manhattan Supply New-to-market listings saw a 30% increase this week compared to the previous year; however, the overall trend showed a week-over-week decline, with a 5.2% drop as only 253 new listings were added. As a result, total supply fell by nearly 1%, bringing the total inventory to 6,626 units. Data courtesy of UrbanDigs Brooklyn Supply Supply decreased by 0.5% this week, bringing the total to 3,286 units, as only 149 new listings were added. This marks a 15% decline compared to the previous week but represents a 3% increase in new-to-market inventory year-over-year. Data courtesy of UrbanDigs Manhattan Pending Sales: Pending sales rose by 1.2%, reaching 2,879 units. Brooklyn Pending Sales: Pending sales increased by 0.8% to 1,935 units. Manhattan Consumer Sentiment This week, Manhattan’s residential real estate market experienced a slight slowdown, with contract signings declining by 6% to a total of 209 contracts. Despite this week-over-week dip, the market remains strong, recording 15% more contracts signed compared to the same week last year.  The Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index saw a modest contraction, decreasing from +14 to +7. Brooklyn Consumer Sentiment Brooklyn’s residential real estate market experienced a slowdown this week, with 137 contracts signed, marking an 11% decrease from the previous week but a 9% increase compared to the same period last year. The Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index declined from +100 to +78. New Development Insights  Marketproof reported that 41 new development contracts were signed in 31 buildings this week. The following buildings were the top-selling new developments of the week: - Bergen Brooklyn (Boerum Hill) signed 5 contracts - 520 Fifth Avenue (Midtown) signed 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.

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Weekly Manhattan & Brooklyn Market Update: 11/11

Rihards Gederts - Elegran | Forbes Global Properties Manhattan and Brooklyn Experience Declining Supply and Increased Contract Activity Amid Election Week Manhattan and Brooklyn saw overall supply drop by over 2.3% during the election week, even as new listings outpaced the previous week’s figures. The decline was driven by a rise in contract signings and a rise in sellers withdrawing their properties from the market ahead of the holiday season. Contract activity this week, which reflects deals negotiated one to two weeks ago, was notably strong. Manhattan reported 222 signed contracts—a 16% increase from the previous week and a 20% rise year-over-year, making it one of this fall’s best weeks based on the metric.  Brooklyn recorded 154 contracts signed, representing a 13% weekly and 21% annual increase, making it one of this fall’s best weeks for the borough. The Elegran | Forbes Global Properties Consumer Sentiment Index captured this positive momentum, climbing from +22 to +39. On the mortgage front, the Federal Reserve’s anticipated 25 basis point rate cut had limited immediate impact on mortgage rates. While rates have edged slightly lower following a spike above 7%, they remain nearly 90 basis points higher than their recent low. However, a gradual decline is expected in the weeks and months ahead. Manhattan Supply Supply decreased by over 2.3% this week to 6,684 units despite 266 new properties entering the market—a 10% increase compared to the previous week. This decline in total supply reflects heightened demand and nearly 250 additional properties taken off the market, effectively reducing overall inventory. Data courtesy of UrbanDigs Brooklyn Supply Brooklyn’s housing supply decreased by 2.3% this week, bringing the total to 3,304 units, despite 172 new listings—a notable 43% increase from the previous week. This decline of supply reflects increased contract activity, and nearly 100 additional properties taken off the market, further reducing available inventory. Data courtesy of UrbanDigs Manhattan Pending Sales: Pending sales rose by 1.2%, reaching 2,845 units, continuing the upward momentum of the fall season. Brooklyn Pending Sales: Pending sales increased by 2.6% to 1,920 units. Manhattan Consumer Sentiment Contract activity in Manhattan increased this week, with 222 contracts signed - a nearly 16% increase from the previous week. Year-over-year, contract signings have risen by 20%, indicating a strong upward trend. As a result, the Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index saw a significant improvement, increasing from -1 to +14 this week. Brooklyn Consumer Sentiment Brooklyn's activity picked up this week, with 154 contracts signed—a 13% increase from the previous week and a notable 21% rise compared to last year. The Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index also saw a boost, climbing from +77% to 100%, reflecting growing confidence in the market. New Development Insights  Marketproof reported that 66 new development contracts were signed in 50 buildings this week. The following buildings were the top-selling new developments of the week: - 108 Leonard Street (Civic Center), The Perrie (Turtle Bay), and The Huron (Greenpoint) each 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.   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.

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Weekly Manhattan & Brooklyn Market Update: 11/4

Rihards Gederts - Elegran | Forbes Global Properties Momentum Slows Amid Rising Rates and Election Uncertainty The Manhattan and Brooklyn real estate markets are facing headwinds as mortgage rates have again surpassed 7%, jumping nearly 80 basis points since mid-September. Coupled with the uncertainty surrounding the upcoming election, market activity has softened, with some buyers and sellers opting to pause their plans. In Manhattan, inventory decreased slightly, with 30% fewer new listings and 19% fewer signed contracts than the previous week. Brooklyn also experienced a downturn, with supply shrinking by over 1%, new listings dropping 30%, and signed contracts declining 14% week-over-week. Consumer sentiment cooled this week, as evidenced by the Elegran | Forbes Global Properties Consumer Sentiment Index, which fell from +48 to +20.  For the week ahead, expectations remain cautious, with the election expected to dominate public focus. Nevertheless, there is room for optimism: buyer activity will likely rebound as the political landscape settles and interest rates decline. However, with supply projected to remain tight through the winter, the early spring market may become more competitive, driven by a rise in demand outpacing the replenishment of inventory. Manhattan Supply Manhattan saw a slight decrease in supply this week, with 6,846 units currently available for sale. Only 241 new listings were introduced, causing overall inventory to decrease by 0.2% compared to last week. New listings also sharply declined, dropping 30% from the prior week and 32% year-over-year.  Data courtesy of UrbanDigs Brooklyn Supply Brooklyn’s supply also contracted this week, with 3,383 units currently available for sale, marking a 1.3% decrease from the previous week. Only 121 new listings came onto the market, reflecting a 30% drop from last week and an even steeper 49% decline compared to the same period last year. Data courtesy of UrbanDigs Manhattan Pending Sales: Pending sales rose by 1.8%, reaching 2,810 units, continuing the upward momentum of the fall season. Brooklyn Pending Sales: Pending sales increased by 1.9% to 1,872 units. Manhattan Consumer Sentiment Contract activity in Manhattan slowed this week, with only 192 contracts signed—a nearly 20% decline from the previous week. Despite this drop, the number of contracts signed still represents a 28% increase compared to the same week last year. The Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index declined from +21 to -1 this week. Brooklyn Consumer Sentiment Brooklyn saw a slowdown in contract activity this week, with only 136 contracts signed, marking a 14% decrease from the previous week. However, this figure is still 11% higher than the same week last year. The Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index fell from +105 to 77%. New Development Insights  Marketproof reported that 54 new development contracts were signed in 41 buildings this week. The following buildings were the top-selling new developments of the week: - The Huron (Greenpoint) signed 5 contracts - One Wall Street (Financial District) and Monogram New York (Turtle Bay) each 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.   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.

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