Weekly Manhattan & Brooklyn Market: 9/12

As expected, a significant amount of new forsale inventory came to market last week as the fall market officially began. Overall supply rose 4% in Manhattan as 479 new listings came to market and rose 1% in Brooklyn with 240 new listings. Buyers had been eagerly awaiting this new wave of inventory and can expect more new inventory to flow on the market over the next few weeks. Given Labor Day, contract activity declined compared to the prior week and is expected to reaccelerate through September and into October as buyers return to the market and pursue new inventory.

Manhattan Supply increased 4% this week to 6,645 units as 479 new listings came to market, which is 235% more than last week, and 20% less than the same week in 2019.

Brooklyn Supply increased 1.4% to 3,230 units as 240 new listings came to market, 74% more than last week and 9% less than the same week in 2019.

Manhattan Pending Sales decreased 3% to 3,297 this week.

Brooklyn Pending Sales decreased 3% to 2,376 this week.

Manhattan Contracts Signed- 118 contracts were signed this week. This represents a 39% decrease from last week and a 15% decrease from the same week in 2019.

Brooklyn Contracts Signed — 110 contracts were signed this week. This represents a 20% decrease from last week and a 9% decrease from the same week in 2019.

New Development Insights

As reported by Marketproof, this week, 46 new development contracts were reported across 37 buildings. The following were the top selling new developments of the week:

• 208 Delancey on the Lower East Side
• 1901 Ocean Avenue in Midwood
• One Essex Crossing on the Lower East Side
• 611 West 56th Street in Midtown West

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.