Weekly Manhattan & Brooklyn Market: 3/7

Week of 03/07/22

In Manhattan, supply increased 3% and contract activity increased 8% compared to last week as more than 300 contracts were signed this week. More contracts were signed this week than in any week in nearly the last 3-months and contract activity continues to outpace supply. In Brooklyn, supply decreased nearly 2% and contract activity increased nearly 12% compared to last week with 199 contracts signed .

Manhattan Supply increased by 3% this week to 5,234 units, resuming its slow crawl higher. Supply has increased slightly from its low of 4,700 units in late January. This week, 488 new listings came to market, a 9% increase compared to last week and 20% more than the same week last year.

Brooklyn Supply decreased nearly 2% to 2,384 units for sale this week. Supply has been remaining relatively flat since mid-December. This week 258 new listings came to market, an increase of 26% from last week and 17% less than the same week last year.

Manhattan Pending Sales remained relatively unchanged this week at 4,171 this week.

Brooklyn Pending Sales increased 4% to 3,262 this week, the third weekly increase in a row.

Manhattan Pending Sales

Brooklyn Pending Sales

Manhattan Contracts Signed — 309 contracts were signed this week, an 8% increase from last week and 3% decrease from the same week last year.

Brooklyn Contracts Signed — 199 contracts were signed this week, a 12% increase from last week and a 6% 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 $1,445, (b) the median price was $1.23M and © the median size was 1,201 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 $833, (b) the median price was $995K and © the median size was 1,173 square feet.

New Development Insights

As reported by Marketproof, this week, 106 new development contracts were reported across 67 buildings. The following were the top selling new developments of the week:

• Greenwich West in Soho
• 300 West in Harlem
• The Wales in Carnegie Hill
• 11 Hoyt in Downtown Brooklyn
• Skyline Tower in Long Island City

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.