Weekly Manhattan & Brooklyn Market Data For The Week of 07/05/21
Heading into the July 4th Weekend, supply in both Manhattan and Brooklyn decreased. Contract volume declined in Manhattan and increased slightly in Brooklyn when compared week over week. In both boroughs, more listings went into contract than came to market this week, contributing to the overall decline in listing supply.
Programming note, as It is now more than 1-year since the COVID shutdown ended in NYC, the year-over-year comparisons will resume comparing against 2020. The weekly new supply and contract graphs will compare 2021 vs 2020 on a weekly basis moving forward. The graphs will resume being included in this update once 4-weeks of data is available.
Manhattan Supply decreased 1.5% to 7,080 units for sale. After increasing nearly 6% last week, this week resumes the decline in supply the market has seen for the last 6-weeks. This week 281 new listings came to market, a decrease of 25% from last week and a decrease of 35% from the same week last year.
Brooklyn Supply decreased 2% to 3,312 units for sale. This week 216 new listings came to market, a decrease of 16% from last week and 36% less than the same week last year.
Manhattan Pending Sales decreased 2% to 5,423 this week. This is the first time that pending sales has decreased since September 2020 and it appears pending sales may have peaked heading into July.
Brooklyn Pending Sales increased 1% to 3,591 this week.
Manhattan Contracts Signed - 281 contracts were signed this week, a 25% decrease from last week and a 452% increase from the same week last year.
Brooklyn Contracts Signed - 234 contracts were signed this week, a 2% increase from last week and a 500% 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 $1.15M and the median size was 1,100 square feet.
Brooklyn Weekly Contract Activity Analysis - Of the contracts signed this week, and based on the last asking price, the median price was $959K and the median size was 1,250 square feet.
New Development Insights
As reported by Marketproof, in June, 381 new contracts were reported, lower than March, April and May when 386, 460 and 475 new contracts were reported, significantly higher than February when only 242 were reported. Although the contract volume on a monthly level is trending down, the total number of contracts signed is significantly higher [nearly double] than any other month in the last 5+ years, indicating that buyer demand for these new developments is still very strong.
Throughout June, Manhattan accounted for 40%, Brooklyn for 47% and Queens for 13% of the contract volume. By bedroom size during the same time period, 1-bedrooms accounted for 35%, 2-bedrooms for 38%, 3-bedrooms for 17%, and both studios and 4+ bedrooms accounted for 5% of the contract volume.
This week, 82 new developer contracts were reported this week, a slight decline from the 89 contracts reported the prior week. Manhattan continues to be strong, accounting for 54% of the contract volume, while Brooklyn has been a bit quieter this last week, accounting for only 38% of the contract volume. This week 2-bedrooms were in-demand, accounting for nearly 50% of the contract volume.
Monthly New Development Contract Activity
Chart courtesy of Marketproof
The following were the top selling new developments in June:
- 11 Hoyt in Downtown Brooklyn reported 25 new contracts.
- 300 West in Harlem reported 18 new contracts.
- 130 William Street in the Financial District reported 13 new contracts.
- Rego Tower in Forest Hills reported 10 new contracts.
- One Manhattan Square in Two Bridges reported 8 new contracts.
- Front & York - Front Tower in Dumbo reported 8 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.
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