Weekly Manhattan & Brooklyn Market: 5/16

Week of 05/16/22

After falling last week, Manhattan supply rebounded and increased this week by more than 3% and, for the eleventh week in a row, more than 300 contracts were signed. Brooklyn’s supply also rose by nearly 2% as more than 200 contracts were signed for the tenth week in a row. Both Manhattan and Brooklyn continue to remain a seller’s market despite the increase in supply, and Manhattan’s Market Pulse decreased from 0.78 to 0.75 and Brooklyn’s decreased from 1.28 to 1.26 this week.

Manhattan’s rental market supply increased and rose above 3,000 units for the first time since last December. As Manhattan enters the start of the traditionally busy summer rental market, the pace of both new rental listings and lease signings have accelerated over the last three weeks. While supply is increasing, so too is demand from tenants either moving to NYC or in the need of a new apartment as many leases end in the summer months. Renters should continue to expect a competitive market, speak with their real estate advisor to devise a strategy and be prepared to move quickly.

Manhattan Supply increased by 3.5% this week to 6,294 units, bringing supply to a level not seen since the middle of November 2021. This week 514 new listings came to market, 9% less than last week and 1% more compared to the same week last year.

Brooklyn Supply increased by nearly 2% this week to 2,680 units, as 315 new listings came to market, a nearly 6% increase from last week and 12% less than the same week last year.

Manhattan Pending Sales remained flat this week at 4,714.

Brooklyn Pending Sales also remained flat this week at 3,378.

Manhattan Contracts Signed — 349 contracts were signed this week, the eleventh week in a row that more than 300 contracts were signed. This represents a 1% decrease from last week and a 17% decrease from the same week last year. This is the fourth week in a row where this year’s contract activity fell below the volume of the same week last year.

Brooklyn Contracts Signed — 211 contracts were signed this week, the tenth week in a row with more than 200 contracts signed. This represents a 1% decrease from last week and a 17% decrease from the same week last year.

New Development Insights

As reported by Marketproof, this week, 121 new development contracts were reported across 58 buildings. The following were the top selling new developments of the week:

• The Edison in Gramercy Park
• 58 Saint Marks Place in Boerum Hill
• Flatiron House in Nomas
• 15 Hudson Yards in Hudson Yards
• Novo LIC 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.