Weekly Manhattan & Brooklyn Market Update: 2/19

Manhattan Real Estate Sustains Three Consecutive Weeks of Robust Demand

Manhattan's real estate market has demonstrated remarkable resilience over the past three weeks, with [comparatively] robust demand driving contract activity. This week, 226 contracts were signed, marking the third consecutive week with over 200 contracts. Despite an uptick in new listings, overall supply remains somewhat constrained, exerting pressure on the market.

As Manhattan's real estate market sustains three consecutive weeks of robust demand, the Elegran | Forbes Global Properties NYC Consumer Sentiment Index held steady at +27, indicating a 27% increase in current consumer sentiment compared to the pre-pandemic average (from January 5, 2015, to February 29, 2020). 

Meanwhile, Brooklyn's real estate market continues to show resilience, with demand consistently surpassing pre-COVID levels. However, Brooklyn has not experienced the same pronounced spike in contract activity witnessed in Manhattan over the past few weeks, and supply dynamics remain slightly subdued compared to Manhattan, with both new supply and overall inventory levels remaining flat.

Manhattan Supply

As we would expect from analyzing the repetitive pattern of the chart below, supply should grow for the next few months as we near spring listing season. This week, 348 new listings came to market, the most in a week since the fall, and supply increased by 1% to 5,895 units for sale.

Brooklyn Supply

As we would expect from analyzing the repetitive pattern of the chart below, supply should grow for the next few months as we near spring listing season.  This week, 166 new listings came to market, but given the consistently strong demand, supply stayed essentially unchanged at 2,808 units for sale.

Manhattan Pending Sales: Pending sales increased by 5% to 2,519 units this week.

Brooklyn Pending Sales: Pending sales increased by 3% to 1,661 units this week. 

Manhattan Consumer Sentiment

This week, Manhattan’s score on the Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index increased from +9% to +15%, as 226 contracts were signed, 13 more than last week. This marks the first occurrence of three weeks in a row with over 200 contracts signed since June 2023 and the most contracts signed in a week since the end of June 2023.

Brooklyn Consumer Sentiment

This week, Brooklyn’s score on the Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index decreased from +82% to +66%, as 124 contracts were signed this week versus 133 last week.

New Development Insights

Marketproof reported that 44 new development contracts were signed in 32 buildings this week. The following buildings were the top-selling new developments of the week:

• The Solaire (Battery Park City) reported 3 contracts

• 11 Hoyt St (Downtown Brooklyn) reported 3 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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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.

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