Weekly Manhattan & Brooklyn Market Update: 12/02

Stronger-Than-Expected Thanksgiving Week Caps Off a Robust Fall Market Thanksgiving week saw the usual seasonal slowdown in Manhattan and Brooklyn, with fewer contracts signed and new listings hitting the market. Despite this, buyer demand was considerably higher than last year’s Thanksgiving week, up 48% in Manhattan and 59% in Brooklyn, while supply continued to tighten. On the mortgage front, a slight dip in rates—following nearly two months of increases—prompted more buyers to take action. This slight decline and rate stabilization have provided much-needed certainty for buyers and sellers, encouraging transactions and easing market gridlock. The Elegran | Forbes Global Properties Consumer Sentiment Index mirrored this momentum, shifting from +44 to +0, reflecting parity with the pre-pandemic seasonal average. Heading into winter, here’s some advice: - For Sellers: Price competitively to avoid lingering on the market during winter, as overpricing now risks deeper discounts later. - For Buyers: While buyers have lost some leverage over the last few months as demand has increased, buyers looking for a better deal should focus on long-listed or unrenovated properties for potential savings.  Additionally, buyers must be prepared to move quickly on well-priced, move-in-ready homes where competition remains high. Manhattan Supply The supply of Manhattan residential units dropped by 3.7% during Thanksgiving week, reaching 6,295 properties, reflecting typical seasonal trends. New listings also saw a sharp decline, falling 57% compared to the previous week and 22% year-over-year for the same Thanksgiving period. Data courtesy of UrbanDigs Brooklyn Supply The Brooklyn residential market followed a familiar seasonal pattern during Thanksgiving week, with supply declining by 2% to 3,167 available units, mirroring trends seen in Manhattan. This decrease was largely driven by a sharp drop in new listings, which fell 34% compared to the previous week. Additionally, new listings during this year’s Thanksgiving week were down 13% compared to Thanksgiving week last year. Data courtesy of UrbanDigs Manhattan Pending Sales: Pending sales rose 2.3%, reaching 2,986 units. Brooklyn Pending Sales: Pending sales increased by nearly 1.5% to 1,975 units. Manhattan Consumer Sentiment As expected during Thanksgiving week, the number of contracts signed in Manhattan declined, dropping 25% from the previous week to 184 contracts. The Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index also reflected this decrease, shifting from +26 to -5. Despite the week-over-week dip, the market remains strong, with this year’s Thanksgiving week showing an impressive 48% increase in signed contracts compared to last year's Thanksgiving week.    Brooklyn Consumer Sentiment Brooklyn experienced a typical dip in contract volume during Thanksgiving week, with 99 contracts signed—a 31% decline from the previous week. The Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index dropped from +86 to +28. More Importantly, year-over-year data paints a brighter picture, with contract signings for the Thanksgiving week up by 59%, reflecting a more positive long-term trend. New Development Insights  Marketproof reported that 36 new development contracts were signed in 30 buildings this week. The following buildings were the top-selling new developments of the week: - Monogram New York (Turtle Bay) signed 2 contracts - 1020 Hancock Street (Bushwick) 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: 11/25

Rihards Gederts - Elegran | Forbes Global Properties Manhattan Market Hits Fall High as Buyers Gain Confidence This week marked the strongest demand of the fall season in Manhattan, with contract signings reaching their highest weekly total since late May. In Brooklyn, while this wasn’t the strongest week of the season, activity remained solid, with an above-average number of contracts signed for the fall. The Elegran | Forbes Global Properties Consumer Sentiment Index mirrored this momentum, rising from +24 to +40. These trends suggest a promising winter market, as the uncertainty surrounding the election has subsided and interest rates have stabilized following the Fed’s latest guidance. This stability affords a sense of confidence, encouraging buyers and sellers to re-engage in the market. With Thanksgiving approaching, next week is expected to be quieter. Still, the strong late-season demand in Manhattan and steady performance in Brooklyn are bullish signals and hint that winter activity may exceed typical seasonal expectations. Manhattan Supply After reaching its seasonal peak in late October, overall supply continued to decline, slipping 1.3% to 6,540 properties. This week, 210 new listings hit the market, marking a 17% drop compared to the previous week. Data courtesy of UrbanDigs Brooklyn Supply Following its mid-October peak, Brooklyn’s overall supply continued its seasonal decline, dropping 1.6% to 3,233 properties. This week, 125 new listings were added, reflecting a 16% decrease from the previous week. Data courtesy of UrbanDigs Manhattan Pending Sales: Pending sales rose 1.4%, reaching 2,920 units. Brooklyn Pending Sales: Pending sales increased by 0.5% to 1,946 units. Manhattan Consumer Sentiment This week, Manhattan’s residential real estate market experienced more activity, with contract signings rising 17.7% to 246—the highest weekly total of the fall season and the most since late May. Consequently, the Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index climbed from +7 to +26. Brooklyn Consumer Sentiment Brooklyn’s residential real estate market saw a 4% uptick in contract signings this week, with 143 contracts signed—an above-average performance for the fall season. As a result, the Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index increased from +78 to +86.   New Development Insights  Marketproof reported that 45 new development contracts were signed in 34 buildings this week. The following buildings were the top-selling new developments of the week: - 255 East 77th Street (Upper East Side) signed 5 contracts - 520 Fifth Avenue (Midtown) 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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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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