Elegran Insights: Weekly Manhattan & Brooklyn Market Data For The Week of 04/26/21

Written By Jared Antin | April 26, 2021 | Published in NYC Lifestyle, Real Estate Market Trends, Elegran Insider
2021%2f04%2f26%2f15%2f44%2f44%2f8ebaa752 56b5 451f a8e9 1146743ccaaf%2fcover

____________________________________________________________________

This week, 382 contracts were signed in Manhattan, exceeding last week and setting a new record for the most contracts signed in a week since 2015. There have now been eight weeks in a row with more than 300 contracts signed in Manhattan.

____________________________________________________________________

The Market Pulse for Manhattan and Brooklyn remained stable this week at 0.66 and 0.94 respectively.

Manhattan Supply decreased to 6,891 units as 548 new listings came on the market this week, a 5% increase from the same week in 2019. Despite the ample new supply coming to market, overall supply remains relatively stable given the sustained level of demand from buyers. As the market nears the end of the spring listing season, supply is poised to continue declining over the coming weeks and into the summer.

Brooklyn Supply increased to 3,220 as 311 new units came to market, an increase of 66% from the same week in 2019.

Manhattan Pending Sales increased by less than half a percent, to 4,519 this week. While pending sales has set yet another record, this week’s percentage increase is the smallest in seven months, indicating pending sales may be nearing its peak.

Brooklyn Pending Sales increased to 3,025.

Manhattan Pending Sales


Source: Urban Digs

Brooklyn Pending Sales


Source: Urban Digs

____________________________________________________________________

Manhattan Contracts Signed - 382 contracts were signed this week, a 10% increase from last week and a 43% increase from the same week in 2019. Of the top 10 weeks with the most contract activity since 2015, six of them are in 2021 and are consecutive weeks. Demand sustained for multiple weeks at this level is something not previously seen in recent memory in Manhattan.

Brooklyn Contract Signed - 229 contracts were signed this week, a 14% increase from last week and a 152% increase from the same week in 2019.

____________________________________________________________________

Manhattan Weekly Contract Activity Analysis - Of the contracts signed this week, and based on the last asking price, the median price was $1.3M and the median size was 1,200 square feet.

Brooklyn Weekly Contract Activity Analysis - Of the contracts signed this week, and based on the last asking price, the median price was $944K and the median size was 1,175 square feet.


____________________________________________________________________

New Development Insights

As reported by Marketproof, contract activity for new developments was sharply higher this week with 141 new development contracts signed, a 40% increase from the last several weeks. While Queens was a bit less frenzied, Manhattan and Brooklyn were very active, accounting for 48% and 50% of this week's contract activity respectively. Contract activity was also higher for larger apartments, including 3 and 4+ bedroom apartments.


The following were the top selling new developments in March:

  • 567 Ocean Avenue in Flatbush reported 24 new contracts signed.
  • 300 West in Harlem reported 8 new contracts.
  • 378 West End Avenue on the Upper West Side reported 8 new contracts.
  • 49 Chambers Street in Tribeca reported 6 new contracts.
  • 40 Bleecker Street in Noho reported 4 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.

Blog Archive

 

This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. © 2021 REBNY Listing Service, Inc. All rights reserved. RLS IDX Data display by Elegran LLC. IDX information is provided exclusively for consumers’ personal, non- commercial use and that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

Elegran LLC may or may not be the exclusive listing agent of the properties being displayed on Elegran.com. All data displayed on Elegran.com is presented for informational purposes only and should be independently confirmed by all customers. All Information is compiled from both public and private sources including, but not limited to the RLS, MLS and ACRIS; each of which is assumed to be reliable. All information displayed is subject to errors and omissions regarding apartment specifications and final sale prices, and further, any unit listed may have had its listing withdrawn without notice subsequent to such information being compiled. No representation is made as to the accuracy of any description (ie: listing, close sale data, and/or building description) of any building or individual unit. All measurements and square footage are approximate and all information herein should be confirmed by customer and/or their attorney. Elegran LLC, its members, affiliates, and contributors adhere to New Your City, New York State, and United States Fair Housing Laws.