Christmas in New York Brings Higher Contract Activity Compared to Last Year

The Manhattan and Brooklyn residential markets experienced a predictable holiday slowdown during the Christmas week. Fewer properties came to market and the number of signed contracts dipped compared to the prior week. New listings declined year-over-year, continuing the long-term trend of constrained supply. Manhattan’s inventory fell nearly 5% to 5,371 units, while Brooklyn’s inventory decreased by 4.3% to 2,832 properties, highlighting the persistent supply challenges.

Despite the seasonal pause, demand was comparatively strong. Manhattan and Brooklyn saw year-over-year increases in signed contracts—27% and 10%, respectively—highlighting continued buyer interest even during the holidays. This showcases the market’s resilience and steady performance heading into winter, with buyers seizing opportunities despite the limited inventory. The Elegran | Forbes Global Properties Consumer Sentiment Index dropped from +21 to -24, a shift attributed to holiday patterns rather than a fundamental market change.

This performance underscores the strength of New York City’s market as it builds momentum into the new year. While activity slowed in line with seasonal expectations, the year-over-year growth in contract activity affirms sustained demand. Buyers and sellers alike should remain confident in the market’s continued vitality.

Manhattan Supply

As expected during the holiday season, Manhattan’s residential inventory dipped by nearly 5%, leaving just 5,371 units on the market. New listings saw a substantial 74% week-over-week decline during the Christmas week and were down 23% compared to the same time last year. This reflects broader supply constraints, with 474 fewer properties available than this time last year.

Brooklyn Supply

Brooklyn’s residential inventory followed typical holiday patterns, dipping 4.3% to 2,832 properties. New listings decreased 59% week-over-week to just 42 units during the Christmas week, reflecting seasonal expectations. Year-over-year, new listings are down 16%, with overall supply trailing last year’s levels by 79 properties.

Manhattan Pending Sales: Pending sales edged up 0.4% to 3,017, defying seasonal norms and underscoring the strength of Manhattan’s market demand. Typically, pending sales decline during the holidays as new contracts fail to outpace closings. However, this year’s accelerated contract activity has bucked the trend, driving pending sales to continue their upward trajectory—further evidence of a resilient and active market. 

Brooklyn Pending Sales: Pending sales dipped 3.1% to 1,962, raising questions about whether this marks a seasonal peak or a temporary slowdown. While contract volume in Brooklyn has outpaced last year, it has lagged behind Manhattan’s stronger performance this fall.

Manhattan Consumer Sentiment

The Manhattan residential market demonstrated resilience with a 27% year-over-year surge in signed sales contracts, underscoring robust demand. However, week-over-week signed contracts fell 34% to 141, reflecting the anticipated Christmas week slowdown. The Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index dropped from +10 to -26, a shift attributed to seasonal patterns rather than a fundamental market shift. This reflects a temporary pause in activity, consistent with holiday trends.

Brooklyn Consumer Sentiment: Brooklyn’s residential market experienced a 27% week-over-week drop in signed contracts, totaling 86, marking the second consecutive decline in line with holiday seasonality. The Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index fell from +54 to +11, reflecting this expected slowdown. Despite these short-term declines, the market remains strong, with signed contracts up 10% year-over-year, highlighting sustained demand compared to the same period in 2023.

New Development Insights 

Marketproof reported that 27 new development contracts were signed in 22 buildings this week. The following buildings were the top-selling new developments of the week:

- Vela (Astoria) signed 3 contracts

- 255 E 77th St (Upper East Side) and The Parisa Condominium (Windsor Terrace) signed 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.

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