Elegran Insights: Weekly Manhattan & Brooklyn Market Data For The Week of 07/19/21
Compared to last week, supply decreased another 1% and contract volume increased 7% in Manhattan this week. In Brooklyn, supply increased 1% and contract volume increased 41% compared to last week. The ratio between pending sales and supply, or Market Pulse, in both boroughs held steady while Manhattan and Brooklyn continue to be very active, which creates a favorable environment for sellers.
Manhattan Supply continues to decrease, down 1.2% to 6,850 units for sale this week, remaining below 7k. This week 334 new listings came to market, a decrease of 4% from last week and a decrease of 38% from the same week last year.
Brooklyn Supply decreased 1% to 3,265 units for sale. This week 242 new listings came to market, a slight decrease from last week and 29% less than the same week last year.
Manhattan Pending Sales remained flat at 5,475 this week, a sign that pending sales are likely peaking as the pace of closings is accelerating, resulting in units exiting pending sales [pending sales is a pipeline number, units enter pending sales when they enter contract and leave pending sales when they close] at an increasing rate while the number of new contracts has declined from the record highs seen in late April and early May.
Brooklyn Pending Sales increased slightly to 3,637 this week.
Manhattan Contracts Signed - 282 contracts were signed this week, a 7% increase from last week and a 119% increase from the same week last year. Contract activity remains significantly higher than seasonal average.
Brooklyn Contracts Signed - 220 contracts were signed this week, a 41% increase from last week and a 134% 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 $1.25M and the median size was 1,089 square feet.
Brooklyn Weekly Contract Activity Analysis - Of the contracts signed this week, and based on the last asking price, the median price was $1M and the median size was 1,173 square feet.
New Development Insights
As reported by Marketproof, this week, 86 new development contracts were reported within 52 buildings, an increase from the 75 contracts reported the prior week. Manhattan continues to perform well, accounting for 52% of the contract volume, while Brooklyn has been a bit quieter this last week, accounting for only 38% of the contract volume. This week, both studios and 3-bedroom apartments accounted for a higher percentage of the transaction volume than their average in June.
The following were the top selling new developments this week:
- Graydon Chelsea reported 7 new contracts.
- One Manhattan Square in Two Bridges reported 6 new contracts.
- 567 Ocean Avenue in Flatbush Brooklyn reported 5 new contracts.
- 300 West in Harlem reported 3 new contracts.
- Lantern House in Chelsea 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.