Weekly Manhattan & Brooklyn Market: 8/8

Week of 08/08/2022

In the first week of August, overall supply, new-to-market supply and contracts signed all decreased compared to last week in Manhattan and Brooklyn. In Manhattan, supply has decreased for the last seven weeks and last week’s new-to-market supply was the lowest level yet this year. In Brooklyn, supply has decreased each of the last three weeks. More sellers in both boroughs are taking their homes off the market, potentially a signal they’re unable to achieve their desired asking price, and may re-list (and possibly at a discount) after Labor Day.

Buyers in the market now will see limited new-to-market inventory and fewer choices overall, but may experience the sellers still on the market to be more receptive to negotiating. Sellers who are considering coming to market could benefit by listing before Labor Day and stand out to active buyers eager for fresh inventory.

Manhattan Supply decreased 2.6% this week to 7,072 units as 219 new listings came to market, which is 8% less than last week, and 1% more than the same week in 2019.

Brooklyn Supply decreased nearly 3% to 3,435 units as 178 new listings came to market, 12% less than last week and 75% more than the same week in 2019.

Manhattan Pending Sales decreased 2.7% to 3,908 this week.

Brooklyn Pending Sales decreased 1.5% to 2,722 this week.

Manhattan Contracts Signed- 187 contracts were signed this week. This represents a 7% decrease from last week and a 4% decrease from the same week in 2019.

Brooklyn Contracts Signed — 132 contracts were signed this week. This represents a 10% decrease from last week and a 76% increase from the same week in 2019.

New Development Insights

As reported by Marketproof, last week, 55 new development contracts were reported across 41 buildings. The following were the top selling new developments of the week:

• The Narrows in Fort Hamilton
• Manor 82 in Yorkville
• Selene in Midtown
• Greenwich West in Soho

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.