Weekly Manhattan & Brooklyn Market: 7/18

Week of 07/18/22

Last week, market activity in Manhattan and Brooklyn rebounded after slowing down right before and after the July 4th holiday weekend. Supply increased 3% in Manhattan and 4% in Brooklyn and contract activity increased 14% in Manhattan and increased 30% in Brooklyn compared to the prior week. The Market Pulse in both boroughs remains stable, with a Market Pulse of 0.7 in Manhattan and 1.18 in Brooklyn.

Manhattan Supply increased 3.5% this week to 6,215 units as 315 new listings came to market, 1% more than last week, and 18% more than the same week in 2019.

Brooklyn Supply also increased 4% to 2,638 units as 263 new listings came to market, 55% more than last week and 78% more than the same week in 2019.

Manhattan Pending Sales increased 2% to 4,376 this week.

Manhattan Pending Sales

Brooklyn Pending Sales increased 3% to 3,101 this week.

Brooklyn Pending Sales

Manhattan Contracts Signed — 203 contracts were signed this week. This represents a 14% increase from last week and a 10% increase from the same week in 2019.

Brooklyn Contracts Signed — 140 contracts were signed this week. This represents a 29% increase from last week and a 46% increase from the same week in 2019.

New Development Insights

As reported by Marketproof, this week, 40 new development contracts were reported across 27 buildings. The following were the top selling new developments of the week:

• Nova in Long Island City
• One Manhattan Square in the Lower East Side
• Maverick in Chelsea

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.