Elegran Insights: Weekly Manhattan & Brooklyn Market Data For The Week of 07/12/21

Written By Jared Antin | July 12, 2021 | Published in Urban Design, Elegran Insider
2021%2f07%2f12%2f16%2f32%2f43%2f3da6a15b 7657 4ea5 8294 a27a3fff455a%2fcover

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.

Blog Archive

 

This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. © 2021 REBNY Listing Service, Inc. All rights reserved. RLS IDX Data display by Elegran LLC. IDX information is provided exclusively for consumers’ personal, non- commercial use and that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

Elegran LLC may or may not be the exclusive listing agent of the properties being displayed on Elegran.com. All data displayed on Elegran.com is presented for informational purposes only and should be independently confirmed by all customers. All Information is compiled from both public and private sources including, but not limited to the RLS, MLS and ACRIS; each of which is assumed to be reliable. All information displayed is subject to errors and omissions regarding apartment specifications and final sale prices, and further, any unit listed may have had its listing withdrawn without notice subsequent to such information being compiled. No representation is made as to the accuracy of any description (ie: listing, close sale data, and/or building description) of any building or individual unit. All measurements and square footage are approximate and all information herein should be confirmed by customer and/or their attorney. Elegran LLC, its members, affiliates, and contributors adhere to New Your City, New York State, and United States Fair Housing Laws.