Weekly Manhattan & Brooklyn Market: 8/15

Week of 08/15/2022

Contact activity in Manhattan and Brooklyn picked up last week, with Manhattan inking more than 200 contracts for the first time in four weeks and Brooklyn notching the most contracts signed in eight weeks. Buyers continue to face a dwindling level of listings, as overall supply ticks down amidst rising contract activity, more apartments being taken off the market and fewer new-to-market properties (which is seasonally normal for August). Manhattan supply is now below 7,000 units for sale for the first time in late April and Brooklyn’s overall supply is at the lowest level since late March.

A window of opportunity exists today for sellers to come to market ahead of Labor Day and stand out to buyers, who are eager for new inventory — and compete with fewer new-to-market sellers. Seasonal norms lead us to expect a surge of new inventory in the days and weeks immediately following Labor Day.

Manhattan Supply decreased 2.6% this week to 6,883 units as 228 new listings came to market, which is 4% more than last week, and 18% more than the same week in 2019. Supply is trending lower as more homes are taken off-market as sellers possibly hold with the intent to re-list in the fall market, and perhaps at a lower price.

Brooklyn Supply decreased 1% to 3,398 units as 169 new listings came to market, 5% less than last week and 76% more than the same week in 2019.

Manhattan Pending Sales decreased 1.4% to 3,853 last week.

Manhattan Contracts Signed- 205 contracts were signed last week. This represents a 10% increase from last week and a 29% increase from the same week in 2019. This is the first week in four weeks that contract volume exceeded 200 in a week, and has increased above 2019’s levels.

Brooklyn Contracts Signed — 157 contracts were signed last week. This represents a 19% increase from last week and a 74% increase from the same week in 2019.

New Development Insights

As reported by Marketproof, last week, 37 new development contracts were reported across 30 buildings. The following were the top selling new developments of the week:

• 11 Hoyt in Downtown Brooklyn
• The Solaire in Battery Park City
• 208 Delancey on the Lower East Side
• Forena in Flatiron

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.