Weekly Manhattan & Brooklyn Market: 1/17

by Elegran | Forbes Global Properties

Week of 1/17/22

Overall supply declined for the twelfth week in a row in Manhattan, while supply increased in Brooklyn last week for the first time in twelve weeks. Demand, as measured by contracts signed, remains robust and is at levels comparable to this time last year. Both boroughs saw a slight decrease in pending sales and Market Pulse in Manhattan increased slightly while Brooklyn’s Market Pulse decreased for the first time since late October.

Manhattan Supply decreased 2% this week to 4,757 units for sale, even as new inventory came to market, making this the twelfth week in a row that supply has decreased. This week, 294 new listings came to market, a 1% decrease compared to last week and the same amount as came to market last year.

Brooklyn Supply increased 3% to 2,208 units for sale, making this the first week supply has increased in twelve weeks. This week 177 new listings came to market, a decrease of 22% from last week and 27% less than the same week last year.

Manhattan Pending Sales decreased 1% to 4,307 this week.

Brooklyn Pending Sales decreased 3% to 2,850 this week.

Manhattan Pending Sales

Brooklyn Pending Sales

Manhattan Contracts Signed — 233 contracts were signed this week, a 19% increase from last week and the identical number that were signed last year.

Brooklyn Contracts Signed — 125 contracts were signed this week, a 32% increase from last week and a 28% decrease from the same week last year.

Manhattan Weekly Contract Analysis — Of the contracts signed this week, and based on the last asking price, the (a) median price per square foot was $1,490, (b) the median price was $1.25M and © the median size was 1,200 square feet.

Brooklyn Weekly Contract Analysis — Of the contracts signed this week, and based on the last asking price, the (a) median price per square foot was $752, (b) the median price was $1.05M and © the median size was 1,483 square feet.

New Development Insights

This week, 82 new development contracts were reported within 62 buildings, a 41% increase from the 58 new development contracts reported last week. Manhattan’s new development contract activity continued to account for more than half of the volume within the three boroughs, while Brooklyn’s contract volume decreased to 38% and Queen’s contract volume decreased to 10% compared to last week.