Elegran Insights: Weekly Manhattan & Brooklyn Market Data For The Week of 07/12/21
After the shortened holiday week, overall supply and weekly contract volume decreased in both Manhattan and Brooklyn. As supply declines and pending sales remain elevated, Manhattan’s Market Pulse increased to 0.79 and Brooklyn’s increased to 1.12 and both boroughs remain solidly in a sellers market domain.
Manhattan Supply continues to decrease, down 2% to 6,933 units for sale this week, falling below 7k once again. This week 347 new listings came to market, an increase of 23% from last week and a decrease of 44% from the same week last year.
Brooklyn Supply decreased 2% to 3,235 units for sale. This week 243 new listings came to market, a decrease of 12.5% from last week and 43% less than the same week last year.
Manhattan Pending Sales increased 1% to 5,477 this week. After pending sales decreased last week for the first time since September 2020, we will continue to monitor where pending sales goes from here heading through July.
Brooklyn Pending Sales increased 1% to 3,622 this week.
Manhattan Contracts Signed - 263 contracts were signed this week, a 15% decrease from last week and a 281% increase from the same week last year. Contract activity remains significantly higher than is seasonally normal.
Brooklyn Contracts Signed - 156 contracts were signed this week, a 33% decrease from last week and a 136% increase from the same week last year.
Manhattan 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 1,094 square feet.
Brooklyn Weekly Contract Activity Analysis - Of the contracts signed this week, and based on the last asking price, the median price was $1.16M and the median size was 1,350 square feet.
New Development Insights
As reported by Marketproof, 75 new development contracts were reported this week in 52 buildings, a slight decline from the 82 contracts reported the prior week. Manhattan continues to flourish, accounting for 55% of the contract volume, while Brooklyn has been a bit quieter this last week, accounting for only 36% of the contract volume. This week 2-bedrooms were in-demand, accounting for 37% of the contract volume.
The following were the top selling new developments this week:
- 130 William Street in the Financial District reported 6 new contracts.
- One Manhattan Square in Two Bridges reported 6 new contracts.
- 11 Hoyt in Downtown Brooklyn reported 5 new contracts.
- Madison House in Midtown South reported 3 new contracts.
- 300 West in Harlem reported 3 new contracts.
- One Essex Crossing in the Lower East Side 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.