Week of 12/11

An Uneven Return to Positive Territory 

This week, the Elegran | Forbes Global Properties NYC Consumer Sentiment Index returned to positive territory. Measuring +12 this week, consumer sentiment has shown a notable recovery, increasing from last week's score of -3 and significantly up from the -31 score seen during Thanksgiving week.

However, it remains an uneven market. Compared to their individual pre-pandemic benchmarks, demand for resale apartments is stronger than for new development, and demand for Brooklyn is stronger than for Manhattan.

Manhattan Supply

Manhattan’s supply reached its second peak of the year in October and is expected to decrease by the end of the year. In many places, low supply can lead to unmet demand and higher prices. However, in New York City, there's much more supply than demand. Currently, Manhattan has 6,537 units available compared to a demand for only 172 units.

Brooklyn Supply

As we would expect given the chart below, the metric is in decline and should continue to retreat for the remainder of 2023. The 3,149 units available are far more than are necessary to satisfy this week’s demand of 133 units.

Manhattan Pending Sales

Manhattan Pending Sales unexpectedly increased this week, but should reverse course next week and continue to retreat into February next year. This week, there were 2,454 units pending sale.

Brooklyn Pending Sales

Unexpectedly, pending sales in Brooklyn also climbed marginally this week. We should begin to decline again next week and do so through the Winter season. This week, there were 1,785 units pending sale.

Manhattan Consumer Sentiment

This week, Manhattan’s score on the Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index increased from –24 to –11. As we learn from the chart below, the borough has spent roughly half the year above its pre-pandemic benchmark and the other half below it. 172 contracts were signed this week compared to 145 last week. 

Brooklyn Consumer Sentiment

This week, Brooklyn’s score on the Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index jumped again from +57 to +80. 133 contracts were signed this week compared to 120 last week.

New Development Insights

Marketproof reported that 40 new development contracts were signed in 29 buildings this week.  The following buildings were the top-selling new developments of the week: 

• FOUR FIFTY GRAND (Clinton Hill) 
• THE HURON (Greenpoint, last week’s leader) 

 Each reported four contracts.

If you would like to chat about the most recent market activity, feel free to contact us at info@elegran.com or connect with one of our Advisors.

About Us

Welcome to Elegran, where our mission is to revolutionize the world of real estate. Founded in 2008 by Michael Rossi, our journey began with an unwavering drive for motivation, innovation, and a genuine care for our clients.

As an independently owned brokerage, we pride ourselves on our elite team of "advisors," offering a personalized touch that goes above and beyond the traditional real estate experience. Armed with robust data insights, we empower our clients to make informed decisions that lead to success.

Distinguished as the exclusive member of the invitation-only Forbes Global Properties network in NYC, Elegran proudly stands at the forefront of excellence. This exclusive partnership broadens our horizons, enabling us to connect buyers, sellers, and investors with extraordinary luxury properties not only in New York City but across the globe.

Our passion lies in turning your real estate dreams into reality, and we are committed to providing exceptional service at every step of the journey.

Are you ready to experience the Elegran difference? Dive into the possibilities at www.elegran.com and embark on an unforgettable real estate adventure with us.