Elegran Insights: Weekly Manhattan & Brooklyn Market Data For The Week of 06/28/21
As Q2 draws to a close, it’s been a record setting quarter in terms of contract and sales volume in Manhattan with nearly 4,500 contracts signed for a total of over $9B in sales volume. Q2 also set a record for new supply in Manhattan, while it didn’t feel like it given the strong buyer demand, and overall supply remained relatively flat. The median price in Manhattan is back to late 2018 / early 2019 levels and trending upwards.
Manhattan Supply increased nearly 6% to 7,198. This was the first weekly increase in supply in nearly a month. This week 375 new listings came to market, an increase of 2% from last week and 32% from the same week in 2019.
Brooklyn Supply remained virtually unchanged over the last week with 3,392 units for sale. This week, 259 units came to market, a decrease of 5% from last week and 112% more than the same week in 2019.
Manhattan Pending Sales increased another 1% this week to 5,541 setting yet another record.
Brooklyn Pending Sales, after decreasing the prior week, increased slightly to 3,551 this week.
Manhattan Contracts Signed - 353 contracts were signed this week, a 6% increase from last week and a 67% increase from the same week in 2019.
Brooklyn Contracts Signed - 229 contracts were signed this week, a 5% decrease from last week and a 108% 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 $1.2M 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 $1.09M and the median size was 1,280 square feet.
The Manhattan Rental Market continues to improve as tenants return to the city. The rental market started to accelerate in mid-April and has ramped up further since then. Total supply continues to decline and currently stands at ~5,800 units for rent, a decrease of nearly 1,000 since last month. Compared to 2019, an average of nearly 50% more apartments are being rented each week while an average of 40% fewer apartments are coming to market. Taken together, we are seeing declining inventory, decreasing concessions and rising rents as the balance of power is shifting back towards the landlord.
New Development Insights
As reported by Marketproof, 89 new development contracts were reported this week, an uptick from the 60 contracts reported last week. Volume in Manhattan continues to be strong, accounting for 43% of the contracts. By bedroom size, 1-bedrooms accounted for most volume, 46% of the contracts.
The following were the top selling new developments this week:
- Rego Tower in Forest Hills reported 10 new contracts.
- Vu in Kips Bay reported 5 new contracts.
- Lantern House in West Chelsea reported 3 new contracts.
- The Q in Midwood 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.