Elegran Insights: Weekly Manhattan & Brooklyn Market Data For The Week of 05/31/21
Manhattan and Brooklyn remained active heading into the Memorial Day Weekend. While new listing supply dropped, contract activity was consistent with the previous weeks in both boroughs and the Market Pulse increased. The Manhattan Market Pulse is currently 0.75 and Brooklyn’s is 1.03, and both continue to trend higher.
Manhattan Supply decreased by 3% to 7,168 units for sale. Given Memorial Day Weekend, this week only 388 new listings came to market, a 39% decrease from last week and a 7% decrease from the same week in 2019.
Brooklyn Supply decreased by half a percent to 3,353 units for sale. This week 257 new listings came to market, a 28% decrease from last week and a 27% increase from the same week in 2019.
Manhattan Pending Sales increased 2% to 5,356 notching yet another record.
Brooklyn Pending Sales increased nearly 3% to 3,450 and continues to trend higher.
Manhattan Contracts Signed - 378 contracts were signed this week, 4% fewer than last week and 93% more than the same week in 2019.
Brooklyn Contracts Signed - 264 contracts were signed this week, a 10% increase from last week and 187% more than 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 $1.25M and the median size was 1,260 square feet.
Brooklyn Weekly Contract Activity Analysis - Of the contracts signed this week, and based on the last asking price, the median price was $949K and the median size was 1,140 square feet.
Manhattan Discounts are decreasing as we head through Spring and the decrease corresponds with the uptick in buyer activity. Additionally, there is a notable trend in April where negotiability decreased substantially. Based on the most recent data, if a seller is priced at $1M, they are likely to sell at $950K. Based on the data, and in that example, there would be an average of a 3% price reduction and then an additional 2% in negotiation off that newly reduced price. PS, there are no more COVID discounts.
New Development Insights
As reported by Marketproof, 100 new development contracts were reported this week: 49 in Manhattan, 40 in Brooklyn and 11 in Queens. By bedroom size, 2-bedroom apartments accounted for 40% and 1-bedrooms accounted for 35% of this week’s contract activity.
The following were the top selling new developments this week:
- One Essex Crossing on the Lower East Side reported 9 new contracts.
- Maverick in Chelsea reported 4 new contracts.
- Vu in Kips Bay reported 4 new contracts.
- Brooklyn Point in Downtown Brooklyn reported 3 new contracts.
- 11 Hoyt Street in Downtown Brooklyn reported 3 new contracts.
- 168 Plymouth in Dumbo 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.