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