Weekly Manhattan & Brooklyn Market: 6/6

Week of 06/06/2021

The week of Memorial Day saw an uptick in new-to-market inventory while contract volumes decreased with the shortened week. Overall supply in Manhattan decreased by 2%, while Brooklyn supply remained stable. Contract activity has declined in Manhattan and Brooklyn over the last few weeks. This downshift is the market returning to a more normal level of activity. Contract activity is noticeably below 2021 levels, but importantly, remains above 2019 levels.

It was never a question of if, rather of when, the market would decline from the off-the-chart levels which persisted for nearly 18 months. The market appears to be returning to seasonal patterns, which, compounded by higher interest rates, signal lower expected buyer demand during the summer months. These conditions have the potential to create a window of opportunity for buyers this summer with reduced competition and perhaps some increased negotiability, especially for homes that have been on the market for more than 60 days.

Brooklyn Supply remained flat this week with 2,775 units for sale, as 250 new listings came to market, 17% more than last week and 31% less than the same week last year.

Manhattan Pending Sales decreased half of a percent this week to 4,774.

Manhattan Pending Sales

Brooklyn Pending Sales remained flat this week at 3,425.

Brooklyn Pending Sales

Manhattan Contracts Signed — 257 contracts were signed this week, the third week in a row contract activity was below 300. This represents a 2% decrease from last week and a 20% decrease from the same week last year. This is the third week in a row where contract volume is more than 20% lower this year compared to last year.

Brooklyn Contracts Signed — 168 contracts were signed this week, the second week in a row that contract volume fell below 200 per week. This represents an 11% decrease from last week and a 24% decrease from the same week last year. This is the second week in a row where contract volume is more than 20% lower this year compared to last year.

New Development Insights

As reported by Marketproof, this week, 70 new development contracts were reported across 47 buildings. The following were the top selling new developments of the week:

• Skyline Tower in Long Island City
• The Edison in Gramercy Park
• The Lexi in Kips Bay
• 11 Hoyt Street in Downtown Brooklyn

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.