Elegran Insights: Weekly Manhattan & Brooklyn Market Data For The Week of 04/19/21
Manhattan is officially a Sellers Market again, as the Market Pulse rose to 0.65. This week, 347 Manhattan contracts were signed, setting a record for the most weekly contracts since 2015. There have now been seven weeks in a row with more than 300 contracts signed in Manhattan.
Brooklyn’s Market Pulse is 0.94, indicating a very strong seller’s market. The borough, whose market bounced back quicker than Manhattan, has been a Seller’s Market since December.
Manhattan Market Pulse
Brooklyn Market Pulse
Manhattan Supply decreased by half a percent to 6,942 units as 492 new listings came to market this week, an increase of 59% compared to the same week in 2019. Supply remains under 7K and has remained relatively stable as we head through the spring market.
Brooklyn Supply currently stands at 3,194 as 310 new listings came to the market this week.
Manhattan Pending Sales increased another 4% to 4,502, setting yet another record for the fourth week in a row and 21% higher than a month ago.
Brooklyn Pending Sales currently stands at 3,004, 22% higher than last month.
Source: Urban Digs
Manhattan Contracts Signed - 347 contracts were signed this week, a 3% increase from last week and a 64% increase from the same week in 2019.
Brooklyn Contract Signed - 200 contracts were signed this week, a 44% 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 $1.32M and the median size was 1,100 square feet.
Brooklyn Weekly Contract Activity Analysis - Of the contracts signed this week, and based on the last asking price, the median price was $927K and the median size was 1,206 square feet.
New Development Insights
As reported by Marketproof, 95 new development contracts were signed this week, an increase from last week. Manhattan had a strong week, accounting for 58% of the signed contracts, a sizable increase from March’s average. Additionally, contract activity skewed toward larger apartments this week, as 2-bedroom apartments accounted for 45% of the contract activity while studio and 1-bedrooms reported contract activity below the average In March.
The following were the top selling new developments in March:
- 300 West in Harlem reported 13 new contracts signed.
- One United Nations Park in Murray Hill reported 4 new contracts.
- VU in Kips Bay reported 4 new contracts.
- 277 Fifth Avenue in Nomad reported 3 new contracts.
- The Brooklyn Grove in Downtown Brooklyn reported 3 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.