Week of 09/19/2022

Supply continues to rise notably in Manhattan as 569 new listings came to market increasing total Manhattan supply above 7,000 where it stood in early August. Contract activity in Manhattan rebounded last week, rising 42%. Manhattan’s Market Pulse continues to decline as supply rises and now stands at 0.46, down from 0.5 the prior week.

In Brooklyn supply is increasing as well, but not as significantly in Manhattan. Brooklyn supply increased nearly 3% in the past week and contract activity increased by 5% compared to the prior week. Brooklyn’s Market Pulse is also declining and is currently 0.7, down from 0.74 the prior week.

Manhattan Supply increased 5.5% this week to 7,011 units as 569 new listings came to market, which is 19% more than last week, and 23% more than the same week in 2019. Supply now exceeds 7,000 units for the first time since early August and this week brings the most new inventory since the first week of April.

Brooklyn Supply increased nearly 3% to 3,323 units as 232 new listings came to market, 3% less than last week and 21% more than the same week in 2019.

Manhattan Pending Sales decreased 3% to 3,198 this week.

Brooklyn Pending Sales decreased 2% to 2,322 this week.

Manhattan Contracts Signed- 167 contracts were signed this week. This represents a 42% increase from last week and a 25% increase from the same week in 2019.

Brooklyn Contracts Signed — 116 contracts were signed this week. This represents a 5% increase from last week and a 55% increase from the same week in 2019.

New Development Insights

As reported by Marketproof, this week, 38 new development contracts were reported across 30 buildings. The following were the top selling new developments of the week:

Skyline Tower in Long Island City
The Solaire in Battery Park City
The Tower @ Gramercy Square in Gramercy Park
111 Montgomery in Crown Heights

Please contact me if you would like to learn more about these, or other new developments.

We will continue sharing the Elegran Insights data analysis with you every week.