Weekly Manhattan & Brooklyn Market: 10/24

Week of 10/24/22

For the past few weeks, our message has been consistent: despite numerous national and international headwinds, NYC residential real estate is a case study in asset stability. After a record setting 18-months for contract activity, which ended abruptly in May, contract activity did not, as the proverbial pendulum would dictate, fall below the average (“average” being the period 5 Jan 2015–29 Feb 2020).

Instead, weekly contract volume has been on par with that average. This week, 333 contracts were signed, a +16% increase over the average of 286. In Manhattan specifically, contract activity increased nearly 50% compared to the prior week and the most contracts were signed in a week since the end of June.

Manhattan Supply increased modestly this week to 7,748 units as 395 new listings came to market, +13% more than last week and 29% more than the same week in 2019.

Brooklyn Supply this week is 3,504 units for sale, a negligible increase over last week and attributable to the decrease in new listings. Those new listings, 174, are –20% lower than last week but +6% higher than the same week in 2019.

Manhattan Pending Sales decreased 2% again this week to 2,714, the lowest level since January 8, 2021.

Brooklyn Pending Sales decreased by –5% this week to 1,962, lower by –29% from this time last year.

Manhattan Contracts Signed — 215 contracts were signed this week making this the week with the most contracts signed since the end of June. This week is a +48% bump from last week’s number and +8% higher than the same week in 2019.

Brooklyn Contracts Signed — 118 contracts were signed this week, an +11% increase from last week and a 51% increase from the same week in 2019.

New Development Insights

As reported by Marketproof, this week, 33 new development contracts were reported across 26 buildings. The following were the top selling new developments of the week:

• 208 Delancey St on the Lower East Side
• 212 West 72nd St in Lincoln Square
• Brooklyn Point in Downtown Brooklyn
• 567 Ocean Avenue in Flatbush

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.