Weekly Manhattan & Brooklyn Market: 4/25

Week of 04/25/22

This week ample new supply came to market and contract activity remained strong with more than 300 contracts signed in Manhattan and more than 200 signed in Brooklyn. This is the first week that contract activity fell significantly behind the volume when compared to the same week last year in Manhattan, and the second such week in Brooklyn.

While by all accounts contract volume remains well above normal, the market may be seeing initial signs that Q2’s contract activity may not hold pace with the record setting volume of Q2 2021. Will this trend continue? We will monitor closely and report our findings. Manhattan’s Market Pulse remained stable at 0.76 and Brooklyn’s increased from 1.24 to 1.28 this week.

Manhattan Supply increased by 1% this week to 5,989 units, almost cresting 6,000 units for the first time since Thanksgiving. This week 507 new listings came to market, 16% more than last week and 5% fewer than the same week last year.

Brooklyn Supply decreased by 2% this week to 2,550 units, as 266 new listings came to market, a 13% increase from last week and 14% less than the same week last year.

Manhattan Pending Sales increased 1% to 4,535.

Brooklyn Pending Sales increased 1% to 3,263.

Manhattan Contracts Signed — 309 contracts were signed this week, the eighth week in a row that more than 300 contracts were signed. This represents a 10% decrease from last week and a 23% decrease from the same week last year. This is the first week where this year’s contract activity fell substantially below the volume of the same week last year.

Brooklyn Contracts Signed — 220 contracts were signed this week, the seventh week in a row with more than 200 contracts signed. This represents a 2% decrease from last week and a 11% decrease from the same week last year.

New Development Insights

As reported by Marketproof, this week, 94 new development contracts were reported across 54 buildings. The following were the top selling new developments of the week:

• Forena in Flatiron
• The Solaire in Battery Park City
• 111 Montgomery in Crown Heights
• Lantern House in West Chelsea
• 10 Quincy Street in Clinton Hill

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.