Weekly Manhattan & Brooklyn Market Update: 10/28

Rihards Gederts - Elegran | Forbes Global Properties Manhattan and Brooklyn Show Seasonal Strength Amid Slower Inventory Growth Despite a slight dip in new listings and signed contracts this week, Manhattan’s real estate market activity remains above levels seen since the end of spring, aligning with the expected seasonal upswing this fall. Inventory rose modestly in Manhattan, with 342 new properties entering the market. However, the pace has slowed, reflecting a 22% drop in new listings from the previous week. Signed contracts in Manhattan fell by 2% to 237 but still represent the second-highest weekly total since the end of June, indicating solid buyer interest. Brooklyn, too, is seeing a similar trend. The pace of new inventory additions has tempered following months of rising inventory, but buyer demand is on the upswing. Signed contracts held steady at 158, an 18% increase year-over-year, mirroring Manhattan’s fall market resilience.  Overall, the Elegran | Forbes Global Properties Consumer Sentiment Index decreased from +46 to +43 this week.   While some buyers remain on the sidelines as mortgage rates have increased by roughly 70 basis points over the past month, more are expected to reenter the market after the upcoming election. Sentiment remains cautiously optimistic, with expectations for a robust winter market as some current uncertainties settle. Manhattan Supply Manhattan’s residential inventory continued to rise this week, with 6,857 units now available for sale—up by 0.5% from last week. Although 342 new properties entered the market, this reflects a significant 22% drop from the previous week and a 3% decline compared to last year. Data courtesy of UrbanDigs Brooklyn Supply Brooklyn’s housing inventory remained stable this week at 3,429 units, even as 171 new listings hit the market. This influx represents a 15% decrease from the previous week and a substantial 31% decline year-over-year. Data courtesy of UrbanDigs Manhattan Pending Sales: Pending sales rose by 2.6%, reaching 2,761 units, continuing the upward momentum of the fall season. Brooklyn Pending Sales: Pending sales increased by 3.1% to 1,837 units. Manhattan Consumer Sentiment The number of signed residential contracts in Manhattan dipped by 2% this week to 237. While slightly down from last week, it still marks the second-highest weekly contract total since late June. Notably, contracts are up 13% compared to last year's week. This week, the Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index decreased from +24 to +21. Brooklyn Consumer Sentiment Brooklyn’s residential real estate market held steady this week with 158 contracts signed, matching last week’s total and marking an 18% increase year-over-year. The Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index remained stable at +105. New Development Insights  Marketproof reported that 60 new development contracts were signed in 42 buildings this week. The following buildings were the top-selling new developments of the week: - The Perrie (Turtle Bay) signed 4 contracts - Park Lee Fulton (Bedford Stuyvesant) 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: 10/21

Rihards Gederts - Elegran | Forbes Global Properties Manhattan & Brooklyn Experience an Unexpected Surge in Supply and Demand This week brought an unexpected uptick in new supply and contract signings across Manhattan and Brooklyn. In Manhattan, 428 new listings hit the market—a 59% jump from last week, though slightly below the post-Labor Day surge seen in prior weeks. Brooklyn also saw a nearly 10% increase in new listings, with 196 properties entering the market, higher than recent weeks but still below the peak following Labor Day. This increase in listings may be driven by sellers responding to heightened buyer activity, spurred by the Federal Reserve’s recent decision to lower the federal funds rate by 50 basis points earlier this fall. That decision seems to have shifted buyer sentiment, creating a sense of urgency despite a subsequent rise in mortgage rates by nearly 50 basis points in the last few weeks. Some buyers are looking to take advantage of current market conditions, hoping to secure favorable deals in a less competitive environment ahead of a potentially busier spring market while holding the option to refinance as rates are expected to trend lower. Although the recent rise in interest rates has caused some buyers to pause, the impact hasn’t yet been reflected in contract signings. This week, Manhattan saw a surprising 29% jump in contracts signed, with 242 deals—the highest weekly number since May. Brooklyn followed suit, with contracts signed up by 19%, reaching 158—also the highest since May. This surge in buyer activity resulted in the Elegran | Forbes Global Properties Consumer Sentiment Index rising significantly from +20 to +44.  Manhattan Supply Continuing its upward trend, inventory increased by 1% this week, reaching 6,825 units for sale. A total of 428 new properties came onto the market, marking a significant 59% jump from last week and a 9% year-over-year rise for the same period. Data courtesy of UrbanDigs Brooklyn Supply Brooklyn’s housing inventory held steady at 3,430 units this week. Although 196 new listings hit the market—representing a 19% increase from the previous week—the rise in contracts signed and properties removed from the market kept the overall supply unchanged. Data courtesy of UrbanDigs Manhattan Pending Sales: Pending sales rose by 1.4%, reaching 2,690 units, continuing the upward momentum of the fall season. Brooklyn Pending Sales: Pending sales increased by nearly 4% to 1,781 units. Manhattan Consumer Sentiment The number of signed Manhattan residential contracts increased by 30% both week-over-week and year-over-year, reaching 242. This rise significantly increased the Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index, which rose from -3 to +24. Brooklyn Consumer Sentiment Brooklyn's residential real estate market showed resilience this week, with a nearly 19% increase in contract signings totaling 158. This marks a substantial 35% increase compared to last year's period. Reflecting this positive trend, the Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index rose from +73 to +105, indicating increasing buyer interest in the market.   New Development Insights  Marketproof reported that 54 new development contracts were signed in 37 buildings this week. The following buildings were the top-selling new developments of the week: - Bergen Brooklyn (Boerum Hill) signed 6 contracts - The Cortland (West Chelsea) 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: 10/14

Rihards Gederts - Elegran | Forbes Global Properties Supply Returns to Seasonal Uptrend  After last week’s unexpected dip, inventory in Manhattan and Brooklyn rebounded to follow their seasonal upward trend. Manhattan’s supply increased by 2.7% to 6,756 units, while Brooklyn’s rose by 1.7% to 3,429 units. New listings showed mixed results compared to the previous week, with Manhattan experiencing a 9% decline while Brooklyn posted a nearly 6% gain. Year-over-year, Manhattan’s inventory is down 5%, whereas Brooklyn’s is up nearly 9%, showing different market patterns in each borough. Overall, buyer demand continues to show resilience despite some shifts in contract activity. Manhattan saw a 5% decrease in contract signings this past week, totaling 187, though this still represents a 24% increase from last year. Meanwhile, Brooklyn’s contract volume remained at 133, reflecting a 12% year-over-year gain. The recent rise in pending sales across both boroughs marks the first significant week-over-week increase since early July, indicating that the market may have reached its seasonal low, with contract activity beginning to build momentum. The Elegran | Forbes Global Properties Consumer Sentiment Index declined, reflecting the shift from summer to fall adjustments. As the new seasonal adjustment took effect and contract volumes were factored in, the index fell from +31 to +15. Despite this dip in sentiment, the return to an upward supply trend and growing pending sales suggest that the market is adjusting to seasonal patterns while still showing signs of underlying strength. Manhattan Supply After a brief dip last week, inventory rebounded by 2.7%, reaching 6,756 units for sale. This week saw 270 new properties hit the market, marking a 9% drop from the previous week and a 20% decline compared to last year. Overall, Manhattan’s supply has shrunk by 5% year-over-year. Data courtesy of UrbanDigs Brooklyn Supply Like Manhattan, Brooklyn’s inventory increased by 1.7% to 3,429 units for sale following an unexpected dip last week. However, unlike Manhattan, the number of new listings grew by nearly 6% from the previous week, with 179 units coming on the market. While this week’s new listings are still down 12% from last year, Brooklyn’s overall supply remains nearly 9% higher than in 2023. Data courtesy of UrbanDigs Manhattan Pending Sales: Pending sales climbed 4.3% to 2,653 units, marking the first significant week-over-week increase since early July. This uptick suggests that pending sales may have reached their seasonal low for the fall and are poised to trend upward as contract activity picks up momentum. Brooklyn Pending Sales: Pending sales increased by 3.2% to 1,716 units, marking the first week-over-week gain since early July. This rise likely signals that pending sales have reached their fall low and are set to trend upward as contract activity gains momentum. Manhattan Consumer Sentiment The number of signed contracts in Manhattan dropped by 5% over the past week, totaling 187. Despite the decline, this represents a 24% increase compared to last year.  As a result, the Eegran | Forbes Global Properties Manhattan Consumer Sentiment Index declined from +10 to -3. Brooklyn Consumer Sentiment Brooklyn’s residential real estate market held steady this week, with 133 contract signings, unchanged from the previous week. This marks a 12% increase from the same period last year. However, the Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index decreased from +82 to +73, reflecting a shift in the index’s seasonal adjustment from summer to fall.   New Development Insights  Marketproof reported that 48 new development contracts were signed in 34 buildings this week. The following buildings were the top-selling new developments of the week: - Mason LIC (Long Island City) signed 4 contracts - Govley Condominium (Columbia Waterfront) 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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