Weekly Manhattan & Brooklyn Market: 8/1

Week of 08/01/22

As the real estate market closes out July, there is a sense of increased activity in the market compared to earlier in the month. Have we seen the seasonal low in terms of buyer demand and market activity? It’s too early to know for certain, and we will continue to monitor and report on the activity, trends and data heading into the final weeks of summer.

Manhattan Supply: Last week 238 new listings came to market in Manhattan, a decrease of 13% compared to last week and 4% less than the same week in 2019. This is the fewest number of new-to-market listings in a week so far this year.

Brooklyn Supply: Last week 202 new listings came to market in Brooklyn, an increase of 6% compared to last week and 117% more than the same week in 2019.

Manhattan Contracts Signed — 200 contracts were signed this week. This represents a 5% increase from last week and an 8% increase from the same week in 2019.

Brooklyn Contracts Signed — 147 contracts were signed this week. This represents a 3% increase from last week and an 86% increase from the same week in 2019.

New Development Insights

As reported by Marketproof, this week, 44 new development contracts were reported across 33 buildings. The following were the top selling new developments of the week:

• 111 Montgomery in Crown Heights
• 130 William Street in Fulton Seaport
• Madison House in NoMad
• The Huxley in East Harlem

*Programming Note: Urban Digs, Elegran’s data partner and the source of the market data Elegran reports on, has made an update this week on how they treat supply in response to changes made by REBNY, the local MLS.

THE EFFECT OF THESE CHANGES ARE:

• Active Supply is now HIGHER as this will now count listings that are potentially stale and un-updated listings
• Pending Sales is now LOWER as Urban Digs optimized some data merge with ACRIS data to solve for some data irregularities
• Market Pulse is now LOWER as supply increased and pending sales decreased.

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.