Weekly Manhattan & Brooklyn Market: 5/2

Week of 05/02/22

This week a significant amount of new supply came to market and contract activity remained strong as more than 300 signed in Manhattan and more than 200 signed in Brooklyn. While demand remains well above average, the market (as measured by contract volume) is slowing down compared to the off-the-charts levels seen last spring. Contract volume in Manhattan and Brooklyn have begun to fall behind pace when compared with the same period in 2021.

While bidding wars remain common, buyers are beginning to get some reprieve as inventory rises once again. Supply has crested above 6,000 units for sale in Manhattan for the first time since Thanksgiving and is reflective of a more historically normal level of supply. Manhattan’s Market Pulse decreased slightly from 0.76 to 0.75 and Brooklyn’s decreased from 1.28 to 1.26.

Manhattan Supply increased by nearly 2.5% this week to 6,135 units. This week 555 new listings came to market, 9% more than last week and the same as last year.

Brooklyn Supply increased by 3% this week to 2,626 units, as 300 new listings came to market, a 13% increase from last week and 19% less than the same week last year.

Manhattan Pending Sales increased 2% to 4,627

Brooklyn Pending Sales increased 1% to 3,301.

Manhattan Contracts Signed — 330 contracts were signed this week, the ninth week in a row that more than 300 contracts were signed. This represents a 7% increase from last week and a 16% decrease from the same week last year. This is the second week in a row where this year’s contract activity fell substantially below the volume of the same week last year.

Brooklyn Contracts Signed — 210 contracts were signed this week, the eighth week in a row with more than 200 contracts signed. This represents a 4.5% decrease from last week and a 10% decrease from the same week last year.

New Development Insights

As reported by Marketproof, this week, 82 new development contracts were reported across 52 buildings. The following were the top selling new developments of the week:

• The Solaire in Battery Park City
• One Wall Street in the Financial District
• The Edison in Gramercy Park
• 10 Quincy Street in Clinton Hill
• 11 Hoyt Street in Downtown Brooklyn
• 689 Quincy Street in Bed-Stuy

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.