Elegran Insights: Weekly Manhattan & Brooklyn Market Data For The Week of 05/17/21
Contract activity remained elevated while new supply decreased in both Manhattan and Brooklyn this week. Manhattan pending sales now exceeds 5,000, setting a new record. Manhattan’s market pulse increased from 0.68 to 0.72 while Brooklyn’s increased from 0.96 to 1.0, indicating leverage is favoring the seller in both boroughs. If you are a seller and not receiving any showings or offers, the market is telling you that you are priced too high. Buyers looking to negotiate a good deal should look for homes that have been on the market for 5+ months and have had price reductions.
Manhattan Supply decreased by 3% after increasing the last 2 weeks. Supply is now at 7,067 and 414 new listings came to market this week, a 25% decrease from last week and a 17% decrease compared to the same week in 2019.
Brooklyn Supply also decreased this week, down 1.3% after increasing for the last 4 weeks. Brooklyn supply now stands at 3,308 as 283 new listings came to market, a decrease of 20% from last week and an increase of 41% compared to the same week in 2019.
Manhattan Pending Sales increased 4% this week to 5,121 setting a new record.
Brooklyn Pending Sales increased 3% to 3,320.
Manhattan Contracts Signed - 393 contracts were signed this week, a 4% decrease from last week and a 66% increase from the same week in 2019. Manhattan contract activity continues at unprecedented levels for this length of time.
Brooklyn Contracts Signed - 250 contracts were signed this week, an 11% decrease from last week and a 131% 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 1,145 square feet.
Brooklyn Weekly Contract Activity Analysis - Of the contracts signed this week, and based on the last asking price, the median price was $975K and the median size was 1,249 square feet.
New Development Insights - As reported by Marketproof, 81 new development contracts were reported this week. Brooklyn was busy, accounting for 48% of this week's contracts, while Manhattan accounted for only 37%. In a departure from last week, when more contracts were signed for larger units, this week 41% of the contract activity was for 2-bedroom, 36% were for 1-bedroom apartments and only 15% were for 3-bedroom apartments.
The following were the top selling new developments this week:
- Hero in Long Island City reported 7 new contracts signed.
- 11 Hoyt Street in Downtown Brooklyn reported 6 new contracts.
- 130 William Street in the Financial District reported 3 new contracts.
- The Q in Midwood reported 3 new contracts.
- 567 Ocean Avenue in Flatbush 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.