Weekly Manhattan & Brooklyn Market Update: 1/22

Chilly Temperatures & Snow Ushered in a Quieter Week for NYC Real Estate

The Elegran | Forbes Global Properties NYC Consumer Sentiment Index decreased from -6 to -19 amid the cold snap, signaling a -19% dip in current consumer sentiment compared to the pre-pandemic average (January 5, 2015, and February 29, 2020).

Although there was a notable increase in new inventory hitting the market in Manhattan and Brooklyn, contract activity saw a decline this week compared to the previous months. However, the outlook is promising, with expectations of contract activity picking up later this month and into February as buyers explore the fresh listings.

If you're in search of a deal, now might be the ideal moment to identify motivated sellers who've been on the market through the holidays and have adjusted their prices.

Manhattan Supply

As we would expect from analyzing the repetitive pattern of the chart below, supply will grow for the next few months as we near spring listing season.  This week, 242 new listings came to market, bringing the total supply to 5,790 units for sale in Manhattan.

Brooklyn Supply

As we would expect from analyzing the repetitive pattern of the chart below, supply will grow for the next few months as we near spring listing season.  This week, 181 new listings came to market, bringing the total supply to 2,880 units for sale in Brooklyn.

Manhattan Pending Sales: After declining for each of the last four weeks, pending sales increased this week to  2,443 units.  Expect pending sales to stay relatively flat for the next few weeks and then increase as we near Spring. 

Brooklyn Pending Sales: Pending sales declined again this week to 1,788 units.  However, the metric should stay relatively flat through the remainder of the Winter season.

Manhattan Consumer Sentiment

This week, Manhattan’s score on the Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index decreased from –23 to –30 as 136 contracts were signed this week compared to 154 last week.

Brooklyn Consumer Sentiment

This week, Brooklyn’s score on the Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index (below) decreased from +39 to +14 as 83 contracts were signed this week versus 106 last week.

New Development Insights 

Marketproof reported that 25 new development contracts were signed in 19 buildings this week.  The following buildings were the top-selling new developments of the week:

• Claremont Hall (Morningside Heights) reported 3 contracts
• 235 N Henry St (Greenpoint) reported 2 contracts.

If you would like to chat about the most recent market activity, feel free to contact us at info@elegran.com or connect with one of our Advisors.

About Us

Welcome to Elegran | Forbes Global Properties, where our mission is to revolutionize the world of real estate. Founded in 2008 by Michael Rossi, our journey began with an unwavering drive for motivation, innovation, and a genuine care for our clients.

As an independently owned brokerage, we pride ourselves on our elite team of "advisors," offering a personalized touch that goes above and beyond the traditional real estate experience. Armed with robust data insights, we empower our clients to make informed decisions that lead to success.

Distinguished as the exclusive member of the invitation-only Forbes Global Properties network in NYC, Elegran proudly stands at the forefront of excellence. This exclusive partnership broadens our horizons, enabling us to connect buyers, sellers, and investors with extraordinary luxury properties not only in New York City but across the globe.

Our passion lies in turning your real estate dreams into reality, and we are committed to providing exceptional service at every step of the journey.

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