Elegran Insights: Weekly Manhattan & Brooklyn Market Data For The Week of 06/21/21
Heading into the summer market, supply is decreasing in both Manhattan and Brooklyn. Additionally, the pace of contract activity is slowing as well, although it remains considerably higher than the seasonal average. The Market Pulse (a ratio of Pending Sales to Supply), rose in both boroughs and is currently 0.81 in Manhattan and 1.05 in Brooklyn. This tells us that Manhattan is very active and Brooklyn is on fire, with buyers in both boroughs outnumbering sellers leading to frequent bidding wars.
Manhattan Supply decreased by 1.5% to 6,800 units as supply continues its downward trend heading into the summer. Supply is now at its lowest level since July 2020. This week 369 new units came to market, 13% fewer than last week and 11% more than the same week in 2019.
Brooklyn Supply decreased slightly to 3,376 units for sale as 273 new units came to market this week, a 5% decrease from last week and 117% more than the same week in 2019.
Manhattan Pending Sales increased 15% to 5,483 continuing to notch a new record week after week. Pending sales have increased every week since September 2020.
Brooklyn Pending Sales was virtually unchanged, decreasing by three units to 3,536. This is the first time pending sales decreased since we’ve been tracking the data starting in mid-April.
Manhattan Contracts Signed - 334 new contracts were signed this week, a 5% decrease from last week and a 46% increase from the same week in 2019. The pace of contract activity has slowed from the peak activity level seen in May, and is currently consistent with the volume the market saw in March and April. The current pace remains well above the seasonal average as we head into the summer market.
Brooklyn Contracts Signed - 240 contracts were signed this week, a 3% decrease from last week and 167% 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 $968K 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 $904K and the median size was 1,275 square feet.
New Development Insights
As reported by Marketproof, 60 new development contracts were reported this week, nearly the same as were reported the prior week. Of the contracts signed, 43% were in Brooklyn, 35% in Manhattan and 22% in Queens. By size, 1-bedroom apartments accounted for 43% of the week’s contract volume, above May’s average, while 3-bedrooms accounted for 17% and 4+ bedrooms accounted for 5%, both consistent with their respective average in the month of May.
The following were the top selling new developments this week:
- Rego Tower 64th Road Condominium in Forest Hills reported 10 new contracts.
- The Avant in the East Village reported 2 new contracts.
- 565 Broome in Soho reported 2 new contracts.
- 151 Quincy Street in Bed-Stuy reported 2 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.