Elegran Insights: Weekly Manhattan & Brooklyn Market Data For The Week of 06/07/21
Given the shortened week with Memorial Day, the volume of contracts signed this week declined about 20% compared to last week, no surprise given the loss of one of the five business days. Overall supply dropped about 2.5% in both boroughs this week. The Market Pulse increased from 0.75 to 0.77 in Manhattan and from 1.03 to 1.07 in Brooklyn.
Manhattan Supply decreased by 2.4% to 6,993 units breaking below 7k for the first time in just over a month. This week 382 new listings came to market, a 2% decrease from last week and a 7% decrease from the same week in 2019. Based on the market factors including demand and seasonality, it is conceivable that supply, after increasing for the last month, will continue declining from its peak in October 2020 at 9,600 units.
Brooklyn Supply decreased 2.5% to 3,267 units for sale. This week 315 new listings came to market, a 23% increase from last week and 73% more than the same week in 2019. Over the last 45-days, Brooklyn supply has remained in a narrow range between 3,200 and 3,400 units.
Manhattan Pending Sales increased another 1% to 5,406. Pending sales notches another record and has increased by over 500 in the last month.
Brooklyn Pending Sales increased another 1.5% to 3,502.
Manhattan Contracts Signed - 295 contracts were signed this week, a 22% decrease from last week and 36% more than the same week in 2019. The decline this week was expected given Memorial Day, and proportional to the decrease in the workweek. Keep an eye on contract activity this coming week.
Brooklyn Contracts Signed - 211 contracts were signed this week, a 20% decrease from last week and 92% 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 $1.05M and the median size was 1,007 square feet. Compared to prior weeks, this week the median prices and size decreased.
Brooklyn Weekly Contract Activity Analysis - Of the contracts signed this week, and based on the last asking price, the median price was $1.13M and the median size was 1,298 square feet.
New Development Insights
As reported by Marketproof, in May, a total of 477 new development deals were reported, with 47% in Brooklyn, 40% in Manhattan and 13% in Queens. Throughout May, 2-bedrooms led the way, with 38% of the reported contracts followed by 35% for 1-bedrooms, 17% for 3-bedrooms and 5% for both studios and 4+ bedrooms apartments.
Given the shortened week with Memorial Day, 55 new contracts were reported this week, with 55% of them in Brooklyn and 36% in Manhattan. This week studios were unusually popular, accounting for 15% of the contract volume.
The following were the top selling new developments in May:
- 5 Court Square in Long Island City reported 19 new contracts.
- 11 Hoyt in Downtown Brooklyn reported 18 new contracts.
- 130 William Street in the Financial District reported 14 new contracts.
- 111 Montgomery in Crown Heights Brooklyn reported 12 new contracts.
- Madison House in NoMad reported 10 new contracts.
- One Essex Crossing in the Lower East Side reported 10 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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