Weekly Manhattan & Brooklyn Market: 3/14

Week of 03/14/22

Spring has sprung! This week overall supply, pending sales and contract volume rose in Manhattan and Brooklyn. In the last week, Manhattan supply rose 5% and Brooklyn supply rose 3%, as 536 new listings came to market in Manhattan and 281 in Brooklyn. More listings came to market this week in Manhattan than in any week in the last 6-months. Buyers are moving quickly with 336 contracts signed in Manhattan and 226 in Brooklyn. Manhattan’s Market Pulse decreased slightly from 0.8 to 0.76 while Brooklyn’s increased from 1.37 to 1.38 in the last week.

Manhattan Supply increased by 5% this week to 5,517 units, the largest week-over-week percentage increase in six months with more supply coming on the market each week. This week, 536 new listings came to market, a 10% increase compared to last week and 35% more than the same week last year.

Brooklyn Supply increased nearly 3% to 2,461 units for sale this week. This week 281 new listings came to market, an increase of 9% from last week and 4% more than the same week last year.

Manhattan Pending Sales increased 1% this week to 4,218 this week.

Brooklyn Pending Sales increased 4% to 3,390 this week, the fourth weekly increase in a row.

Manhattan Contracts Signed — 336 contracts were signed this week, a 9% increase from last week and 12% increase from the same week last year.

Brooklyn Contracts Signed — 226 contracts were signed this week, a 14% increase from last week and 18% more than 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 $1,456, (b) the median price was $1.28M and © the median size was 1,182 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 $802, (b) the median price was $907K and © the median size was 1,187 square feet.

New Development Insights As reported by Marketproof, this week, 96 new development contracts were reported across 71 buildings. The following were the top selling new developments of the week:

• 200 East 83rd Street on the Upper East Side
• Skyline Tower in Long Island City
• 11 Hoyt Street in downtown Brooklyn
• The Broad Exchange Building in the Financial District
• 300 West in Harlem

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.