Elegran Insights: Weekly Manhattan Market Data For The Week of 2/22/21
Manhattan’s Market Pulse reached 0.50 this week, the highest level since January 2018, as overall supply continues to decline and pending sales rises. Additionally, the median days on market [DOM] for listings has been declining and is currently below the 6-year median for all Manhattan neighborhoods.
Supply decreased 1% this week to 7,146 and the lowest level since early July 2020. This week 338 new listings came on the market, 3% higher than the same week last year and the first time this year that weekly new supply outpaced last year.
New Inventory is coming to market, but eager buyers are pouncing on the inventory. As such, median DOM is declining and the market pulse continues to increase. Overall supply is currently 10% higher than last year, but given the contract activity, inventory is not expected to balloon to levels seen in the fall when buyer activity was less robust. On a rolling 30-day basis, new supply is tracking to be above average for the month of February over the last 9-years.
Pending Sales jumped 4% this week to 3,582 which is 42% higher than the same time last year.
Contracts Signed - 272 contracts were signed this week, a slight decrease from last week, but 55% higher than the same week last year. Overall, contract activity is trending higher. On a rolling 30-day basis, contract activity is tracking to be well above average for the month of February over the last 9-years.
Weekly Contract Activity Analysis - Of the contracts signed this week, and based on the last asking price the median price was $1.25M and the median size was 1,200 square feet. The contracted median price [based on last asking price] continues to trend higher indicating increasing transaction volume in higher price points.
The Weekly Market Pulse decreased from 0.93 last week to 0.80 this week, which is still comparably high. In 2021, the weekly market pulse continued to outpace last year, highlighting the continued strength of the Manhattan market. By comparison, the market pulse the same week last year was 0.53.
The Manhattan Rental Market is seeing supply stabilize, as overall supply is virtually unchanged over the last two weeks. This week 708 new listings came on the market and 486 leases were signed. Compared to the same week last year, there was 52% more new supply and 55% more leases were signed this year. The delta in the weekly market pulse between 2020 and 2021 continued to narrow this week.
New Development Insights
As reported by Marketproof, contract activity in the new development market dropped from last week as 42 new contracts were signed this week down from 62 the prior week. Manhattan and Brooklyn each accounted for 48% of the contracts signed this week while Queens accounted for 4%.
The top selling new development buildings of the week were:
- Lantern House in West Chelsea reported 3 new contracts signed.
- 130 William Street in the Financial District reported another 3 new contracts.
- One United Nations Park in Murray Hill reported 2 new contracts.
- Austin Nichols House in Williamsburg reported 2 new contracts.
- 650 Metropolitan Avenue in East Williamsburg reported 2 new contracts.
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. If you are interested in learning more about what is possible in today’s market and what the data means for you, I am available for a confidential complimentary assessment and consultation